企業社會責任對企業財務績效影響之分析

Abstract

本研究的目標為探討投入企業社會活動是否可以為企業帶來價值，於是以(一) 會計績效與(二) 股價報酬率之波動度，二方面探討投入企業社會活動與企業財務績效之相關性： (一) 投入企業社會責任與企業財務績效間之相關係較為複雜 一、 投入企業社會活動與反應經營能力的會計績效指標(股東權益報酬率、已動用資本回報率、稅後淨利率及每股盈餘)無顯著相關； 二、 投入企業社會活動與反應生產效率的會計績效指標(員工平均銷售)顯著正相關； 三、 投入企業社會活動與反應股東價值增加(普通股每股現金股利)的會計績效指標顯著正相關。 (二) 投入企業社會責任企業之股價報酬波動度較小，顯示以投資於投入企業社會活動企業股票的風險較低。 (三) 以2007年至2010年獲選天下公民企業為股票投資組合之組成，持有一年、二年、三年、四年及五年之平均累積報酬分別為2.45%、4.47%、4.08%、7.47%及17.2%，均優於大盤的表現。

The objective of this study is to explore whether investing in corporate social responsibility will add value for the enterprise, and this study focus on finding relationship between corporate social responsibility and (a) accounting performance and (b) the volatility of stock returns： (A) the correlation between investment in corporate social responsibility and corporate financial performance is more complex： First, with accounting performance indexes which indicate management capacity (ex, return on equity, return on capital rate, the after-tax net profit margin and earnings per share), there is no significant correlation with investing in CSR; Second, accounting performance index which indicates productivity (average sales per employee) marked a significant positive correlation with investing in CSR; Third, accounting performance indexes which indicate increasing shareholder value (per common share cash dividend), there is a significant positive correlation with investing in CSR. (B) Companies which indulge in CSR have smaller degree of corporate stock return volatility, showing a lower risk of investing in these stocks. (C) Use the lists of 2007-2010 Excellence in Corporate Social Responsibility as equity portfolio and hold for one , two , three , four and five year, the average cumulative return of the portfolios are 2.45%, 4.47%, 4.08% , 7.47% and 17.2% respectively, all perform better than the market.