企業社會責任與市場評價關聯性之研究

隨著環保意識的覺醒，國際社會已將企業社會責任列為全球公共政策的重要議題之一。我國經濟部投資業務處有鑑於此，為促進國內企業對於社會責任的重視，於2002年開始進行企業社會責任相關議題的推動。天下雜誌於2006年進行「企業公民調查」，並揭露相關企業社會責任的資訊，本研究以天下雜誌2008年評選結果的公司作為研究樣本。實證結果顯示，在比較得獎組和未得獎組公司相關的屬性和財務指標時，發現在公司規模、大股東持股比率、營業利益率與股東權益報酬率等有顯著差異。換言之，CSR得獎公司有較大的公司規模，高的大股東持股比率、較佳的營業利益率以及股東權益報酬率。從產業別分析可以看出，歷經3屆「企業公民調查」的選拔，發現半導體業連續3年都排名第一。迴歸分析結果發現，企業投入較多的社會責任，市場給予的評價也相對較高。換言之，擁有較高社會責任等級的企業，致力於公司治理、環境保護、企業參與與關心員工福祉，有助於企業社會責任形象的提升，增加投資人對企業的信心與認同，進而提升企業的價值。本研究結果可以鼓勵企業善盡社會責任，不僅提升企業形象與市場價值，也讓社會結構更加的完善。

關鍵字

企業社會責任；公司治理；市場價值

並列摘要

Under the environment consciousness, International Society has already listed Corporate Social Responsibility (CSR) as one of important issues about global community policies. In order to improve firm’s society Responsibility, Department of Investment Services Ministry of economic Affairs has launched several issues related to CSR since 2002. In 2006, Common Wealth Magazine has surveyed CSR and disclosed Firm’s ranking score. Companies be evaluated by Common Wealth Magazine in 2008 will be selected as the research sample. According to the empirical results, In comparison with the companies’ related attributes and financial indicators between the group with prize and the one without prize, the results indicated that there are some significant differences in firm’s size, the percentage of large shareholders, operating profit and return on equity. In other words, Companies received CSR award have larger size, higher percentage of large shareholders, better operating profit and return on equity. According to the industry analysis, the semiconductor industry have got the top one ranking for the three years CSR survey by Common Wealth Magazine. On the other hand, the results of regression analysis show the higher the ranking of CSR, the more market value company is. In other words, companies with higher society responsibility usually devote to corporate governance, environmental protection, corporate participation and consideration of employs’ benefit. Above these can promote firm’s reputation and increase investors’ reliance and recognition of company. Therefore, add firm’s market value. The results of this study can encourage company to do their best in Corporate Social Responsibility. CSR not only promote firm’s reputation and market value but also make our society much better.

並列關鍵字

Corporate Social Responsibility ； Corporate Governance ； Market Value

參考文獻

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企業社會責任與市場評價關聯性之研究

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