企業社會責任績效與財務績效及無形資產價值之相關性研究-以台灣資訊電子產業為例

Abstract

本研究欲探討善盡企業社會責任的公司在短期財務績效與長期無形資產價值表現上是否較佳。本研究採用天下雜誌公佈的企業社會責任分數為企業社會責任績效代理變數，建立迴歸模型來了解企業社會責任績效與財務績效、無形資產價值的關聯性。分兩階段實證研究，第一階段針對台灣上市資訊電子業，第二階段針對天下雜誌企業社會責任調查入榜資訊電子業。第一階段研究結果發現企業社會責任績效與ROA、VAIC顯著正相關；第二階段研究結果發現企業社會責任績效與ROE、ROA、MV/BV、Tobin’s q顯著正相關。由第一階段結果可知，企業社會責任績效表現較佳的公司其與資產運用效率相關的ROA與VAIC亦較高，而與其他三個變數(ROE、MV/BV、Tobin’s q)不顯著相關的原因應為樣本間變異數過大，導致其正相關但不顯著。第二階段將樣本縮小至企業社會責任表現皆佳的企業時，企業社會責任績效則與ROE、ROA、MV/BV、Tobin’s q四個變數顯著正相關，故可證明本研究假說，企業社會責任表現較好公司其在短期的財務績效與長期的無形資產價值表現上亦較好。企業應投入心力在企業社會責任上，促進企業文化的累積為公司帶來長期的競爭力。

Recently, more and more negative news reported corporate scandals such as the China toxic powdered milk in 2008, global financial crisis and China Rebar Group of Taiwan embezzlement in 2007 and Enron bankruptcy in 2001. The news of embezzlement and lack of corporate ethics shocked our society. People lost confidence in corporate and the corporate social responsibility (CSR) became an important issue. This research is to explore the relationship between corporate social performance and short-term financial performance as well as long-term intangible assets. We intend to verify the hypothesis that the greater CSR is, the higher profitability will be in a corporate. Our research constructs regression models to explore these relationships by using Common Wealth Magazine corporate social responsibility (CSR) survey scores as the corporate social performance proxy variable. There are two stages in this research. The first stage focuses on Taiwan electronic industry, followed by the next stage in which the electronic companies selected by the CSR survey are further investigated. The results of the first stage show that corporate social performance (CSP) is positively related with ROA and VAIC; the second stage shows that CSP is positively related with ROE, ROA, MV/BV and Tobin’s q. Because of the large sample variance in the first stage, the relationship between CSP and dependent variables is positive- related but not significantly. However, the result is not completely consistent with our expectation. We can infer that the best CSR group has better asset efficiency than the lower CSR group. The second stage results can precisely support our hypothesis that the greater CSR is, the higher profitability is. If companies concentrate on CSR combined with corporate strategies, CSR can bring benefit to companies and strengthen corporate core competences in the long run.