美國製造業之企業綠色社會責任與其長期財務績效關聯性分析—以無形資產為中介變數

Abstract

自工業革命以來，為了追求經濟發展，企業對自然資源的巧取豪奪，雖然換得了舒適便利的科技生活，同時全人類正準備為此付出極大的代價。企業是這場災禍的病因，也是解藥，解套方式須仰賴企業推動各種創新，以降低能源消耗、減輕環境汙染。本研究採用Newsweek二零一一年美國前五百大企業綠色資料庫中的製造業廠商做為研究樣本，探討其企業綠色社會責任表現與長期財務績效間之關聯性；佐以自然資源基礎觀點，將無形資產納入模型，作為中介變數，以了解無形資產於兩者間之中介效果。本研究之實證結果發現，企業綠色社會責任表現與長期財務績效間存在雙向的良性循環關係，且無形資產能強化此迴圈的正向關係；除此之外，經過本研究更進一步分析後發現：「企業對環境的友善程度」是左右企業綠色社會責任表現與長期財務績效間關聯性的重要因素。

Since the Industrial Revolution, companies over the world have depleted the natural resources extravagantly to make a more convenient life as well as more economic profit. Such behavior has caused catastrophic damages to the environment in recent years; fortunately, companies could also play an important role to solve the mess. To alleviate natural pollutions, we could rely on the innovation of technologies and business models to reduce, reuse, and recycle natural resources and materials. This research explores the relationship between corporate social responsibilities and financial performance. This research adopts the Green Rankings of 500 U.S. companies from the Newsweek as the proxy variables of corporate social responsibilities. The empirical results show that the relationship between corporate social responsibilities and corporate financial performance, namely Tobin's Q, is a “virtuous cycle.” And, intangible asset play a mediator role to reinforce their relationship. In addition, whether a company is friendly to environment or not plays the most important role in this relationship.