永續獎項對於中小企業的財務績效影響— 以天下永續公民獎為實證

Abstract

本文以台灣之永續獎項—天下雜誌永續公民獎在 2007 年至 2024 年的初次獲獎公司為樣本，並特別以中小企業為研究對象，分析獲得永續獎項對於企業在短期是否存在異常報酬，並以事件研究法分析。此外也進行長期的財務績效分析，主要以 DID 雙重差分法，研究獲獎前後以及獲獎與否對於財務績效的影響，藉此探討在台灣行之有年的永續獎項，是否對於企業存在實質性意義。 實證結果發現，在短期的股價報酬上，特定的事件期區間才存在異常報酬，但異常報酬無明顯趨勢，反映出獲獎對於股票報酬影響不顯著，並進一步以財務指標解釋異常報酬，結果顯示公司成長機會與異常報酬顯示顯著負相關，可能原因為資本市場中對於成長機會高的公司落實企業社會責任早已定價，因此異常報酬更不顯著。 長期績效部分，則分為股票報酬、 ROA 以及資產成長率討論。股票報酬部分，得獎公司與篩選出的對照樣本在三年報酬率上沒有顯著差異； ROA 部分，得獎公司在獲獎前已經顯著優於未獲獎公司，反映出獲獎公司可能是因為優異的 財務績效才能夠獲獎而非獲獎改善財務績效；資產成長率部分，則與股票報酬相同，獲獎與否與資產成長率不存在明顯相關性，且資產成長率明顯在獲獎後下滑，反映企業的積極財務表現可能才是獲獎的主因。 透過實證並分析多種財務因子，本文認為永續獎項屬於企業在財務治理上努力的獎勵，但並不會讓企業在長期的財務績效表現更優異。

This study examines companies that won the CommonWealth Magazine's Corporate Sustainability Awards in Taiwan from 2007 to 2024, focusing on small and medium-sized enterprises （SMEs）. It analyzes whether winning a sustainability award impacts short-term abnormal returns using the event study methodology and long-term financial performance using the Difference-in-Differences approach. The findings suggest that abnormal returns are observed within certain short-term event windows but lack consistent patterns, indicating that winning an award does not have a significant impact on stock returns. Additional examination highlights a notable negative correlation between the company growth opportunities and abnormal returns. The possible reason is that the capital market has already priced in the corporate social responsibility efforts of companies with high growth opportunities, thus making the abnormal returns less significant. In terms of long-term performance, the study finds no significant difference in three-year stock returns between award-winning and non-winning companies. Award-winning companies already had superior Return on Assets （ROA） before receiving the award, implying that superior financial performance might lead to winning rather than the award improving performance. Additionally, there is no significant correlation between winning an award and asset growth rate, and asset growth rate declines after winning, suggesting proactive financial performance drives the award. Through empirical analysis and consideration of various financial factors, this study concludes that sustainability awards recognize a company's efforts in financial governance but do not lead to superior long-term financial performance.