企業社會責任表現和財務績效對於企業價值之影響： 天下永續公民獎評選之實證

Abstract

傳統上企業的首要經營目標為利潤極大化，並對股東負責，然而企業社會責任提出企業在經營過程中，需與不同利害關係人進行互動，包含：環境、顧客、員工等，並滿足各個利害關係人的期待。本研究擬衡量企業的社會責任表現與企業價值之關係，並衡量企業財務表現對企業價值之影響，藉此探究企業達成社會適配和經濟適配對於企業價值的影響效果。企業社會責任表現之衡量以天下永續公民獎評比作為依據，財務指標則蒐集TEJ資料庫的財報資訊，衡量兩者對於企業價值-Tobin’s Q之影響效果，實證結果發現企業社會責任表現良好對於企業價值並無顯著影響，而優異的財務表現則能正向影響企業價值，可知經濟適配對於企業價值有更直接的正面影響。本研究亦發現當外部產業環境較競爭時，可加強財務表現對企業價值的正向影響；而企業內部若擁有較高的寬裕資源，可增進企業社會責任表現與財務表現對企業價值的正向影響。故企業經營應同時考量外部產業環境和組織內部資源，藉此達成提升企業價值的目標。

Traditionally, the primary objective of businesses has been to maximize profits and be accountable to shareholders. However, the concept of corporate social responsibility (CSR) proposes that businesses should interact with various stakeholders during their operations, including the environment, customers, employees, and others, and meet the expectations of these stakeholders. This study aims to measure the relationship between a company's social responsibility performance and its firm value, as well as the impact of financial performance on firm value. By doing so, the study intends to explore the effects of achieving social fit and economic fit on firm value. The measurement of CSR performance is based on the evaluation criteria of the "CommonWealth Magazine Citizens Award", while financial indicators are collected from the TEJ database to measure their effects on firm value, specifically Tobin's Q. The empirical results reveal that good CSR performance does not have a significant impact on firm value, whereas excellent financial performance can positively influence firm value. This suggests that economic fit has a more direct positive impact on firm value. The study also found that when the external industry environment is more competitive, strengthening financial performance can enhance its positive impact on firm value. Additionally, if a company has higher slack resources internally, it can enhance the positive impact of both CSR and financial performance on firm value. Therefore, in business operations, consideration should be given to both the external industry environment and internal organizational resources in order to achieve the goal of enhancing firm value.