企業社會責任與財務積效—臺灣的實證研究

Abstract

我們以遠見雜誌於2006年公佈的企業社會責任調查為基礎，將衡量企業社會責任績效的三個層面─社區參與、環境保護與財務透明，透過投資組合分析與迴歸分析來評估公司承擔社會責任與財務績效之間的關係。實證結果發現，首先，平均來說，公司的社會責任評分愈高，在評比結果公布後的股票報酬愈低，兩者之間呈現負向關係；第二，公司在不同層面的社會責任行為對於股價報酬的影響具有差異性。第三、透過公司的長期財務資料發現，社會責任評分高的公司其長期平均會計績效相對較佳，但長期平均的股票報酬相對較低，表示社會責任型公司不一定是一個好的投資標的。最後，我們找不到支持社會責任行為可以做為公司績效保險的證據。本文使用各別層面的評比指標可更廣泛地評估社會責任行為對財務績效的影響，改進既有文獻中僅使用單一指標的不足之處。

Using a set of disaggregated social performance indicators for community participation, environmental protection and financial transparency from the Global Views Monthly, this paper examines the relationship between corporate social responsibility (CSR) and financial performance of 312 listing companies of Taiwan Stock Exchange. The main results show that first, scores on composite social performance indicator are negatively related to stock returns and this relationship cannot be rationalized by multi-factor models for explaining the cross-sectional variation in stock returns. Second, the effects of three disaggregated social performance indicators on stock returns are different among industries. Third, aggregated social performance indicator are positively related to long-term accounting performance but negatively related to long-term market performance, and thus implies that good companies are good in books, but not good investments. Finally, firms with high CSR ratings exhibit larger decline of their financial performance and thus does not support the view that CSR is an insurance of financial performance.