隨著經濟全球化發展、工業及商業活動日益興盛，逐漸受到各界重視，關於
勞資衝突、環境衝擊等議題也不斷浮現，迫使人們開始反思，企業除了追求股東
利益，也應考量對利害關係人的影響，包括員工、消費者、供應商、社區、媒
體、政府等團體或個人，當今政府要求企業除了獲利以也需對社會善盡企業社會
責任（Corporate Social Responsibility簡稱CSR）。
為瞭解現今企業投入企業社會責任後，對其經營績效影響的研究，本研究是
以天下雜誌對企業社會責任分為公司治理、企業承諾、社會參與、環境保護等四
項評選天下企業公民之企業為研究對象，樣本選擇為106年~108年共三年所公布
天下企業公民之企業，共有93家企業279筆資料，分為金融業、傳產業、服務
業、科技業等四種產業別。
研究實施企業社會責任對經營績效影響，經營績效以帳面價值及市場價值分
析，研究方法為採用SPSS迴歸模型分析，研究結果為企業社會責任對帳面價值
及市場價值的影響均有正相關及負相關的影響。

With the development of economic globalization and the prosperity of industrial and
commercial activities﹐it has gradually attracted attentions about the issues﹐such as labor
disputes, environment protections﹒ That makes us start to reflect, in addition to pursuing
shareholders' interests﹐companies should also consider the benefits of all the related
parties﹐including employees﹐consumers﹐suppliers﹐communities﹐ medias﹐
government and other groups or individuals﹒The government requests all the listed
companies to perform corporate social responsibility (CSR) in addition to the
business profit﹒
In order to understand the business implications from corporate social
responsibility﹐ the sample data in this study includes 93 companies (covering Financial﹐
traditional industry, service industry and technology industry but excluding foreign
companies) and the sample data is from year 2017 to 2019. The selected companies are
those companies rewarded by “Common Wealth Magazine” in the area of four categories：
corporate governance﹐corporate commitment﹐social participation﹐and environmental
protection﹒
On this study of business implication from corporate social responsibility﹐ business
performance is based on book value and market value, the research method is SPSS
regression model﹒The research result is to present the positive and negative impact
on book value and market value from corporate social responsibility.

目錄
論文審定書 ………………………………………………………………………i
公開授權書
誌謝 …………………………………………………………………..………………ii
摘要 ……………………………………………………………………....…………iii
Abstract ……………………………………………………….………………iv
目錄 ………………………………………………………………………...………v
圖目錄 …………………………………………………………………....………vi
表目錄 ……………………………………………………………………....…vii
第一章 緒論 ………………………………………………………………………1
第一節 研究背景與動機 ……………………………………………………1
第二節 研究目的 ………………………………………………………………6
第三節 研究流程 ………………………………………………………………7
第四節 研究範圍與限制 ………………………………………………8
第二章 文獻探討 …………………………………………………………9
第一節 企業社會責任 ……………………………………………………9
第二節 企業社會責任與企業經營績效 …………………………12
第三章 研究方法 ……………………………………………………………15
第一節 研究架構 ……………………………………………………………15
第二節 研究假設 ……………………………………………………………16
第三節 研究模型 ……………………………………………………………17
第四章 實證結果 ……………………………………………………………21
第一節 樣本選取與資料來源 …………………………………………21
第二節 敘述性統計量 ……………………………………………………22
第三節 企業社會責任實證模型 ……………………………………25
第五章 研究結論與建議 ………………………………………………51
第一節 研究結論 ……………………………………………………………51
第二節 研究建議 ……………………………………………………………60

參考文獻 ‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥.‥‥.‥‥‥‥‥‥‥61
附錄一 本研究樣本公司 ‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥65
附錄二 元大ESG永續ETF基金持股公司及比重 ‥‥‥‥66

參考文獻
一、 中文文獻
CSRone永續報告平台，2019，CSRone，臺灣暨亞洲永續報告現況與趨勢。
李秀英、劉俊儒、楊筱翎，2011，東海管理評論，企業社會責任與公司治理之關聯
性。
張育琳、劉俊儒，2018，「低水電有助於公司績效嗎」，管理學報，35卷1期：103~136。
張麗娟、晁罡、詹芷樺，2016，中華管理評論，公司治理對期間報酬、經營績效之
影響：以台灣「公司治理評量制度」授證公司為例。
陳振遠、王健聰、洪世偉，中山管理評論，第二十五卷，2017，公司治理對於企業
社會責任、公司價值之影響。
二、 英文文獻
Alexander, G. and Bucholtz, R.: 1978, 'Corporate Social Responsibility and Stock Market
Performance', Academy of Management Journal 21, pp. 479-86.
Arrow, Kenneth J.（1973）, “Social Responsibility and Economic Efficiency”, Public
Policy，XXI，pp.303-17.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between
shareholders. Journal of business ethics, 97(1), 71-86.
Bowman, E., & Haire, M. 1975. A strategic posture towards CSR. California Management
Review, 18(2): 49-58.
Bragdon, J. H., & Marlin, J. 1972. Is pollution profitable? Risk Management, 19(4): 9-18.
Chang, Y. L. and Liu, C. J., 2018, “Do Lower Water Consumption and Electricity
Consumption Contribute to Firm’s Performance,” Journal of Management,Vol. 35,
No. 1, 103-136.
Chih, H. L., Chih, H. H., & Chen, T. Y. (2010). On the determinants of corporate social
responsibility: International evidence on the financial industry. Journal of Business
Ethics, 93(1), 115-135.
Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial
performance. Academy of management Journal, 27(1), 42-56.
Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate
finance. Financial management, 5-14.
Friedman, M., 1970, “The Social Responsibility of Business is to Increase its Profits,”
New York Times Magazine, Vol. 13, No. 1, 122-126.
Garriga, E., & Mele, D. (2004). Corporate social responsibility theories: mapping the
territory. Journal of Business Ethics, 53, 51–71.
Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2011). The economic value of
corporate eco‐efficiency. European Financial Management, 17(4), 679-704.
McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility
and firm financial performance. Academy of management Journal, 31(4), 854-872.
McWilliams, A., and D. S. Siegel, 2001. Corporate Social Responsibility: A Theory of the
Firm Perspective, Academy of Management Review, 26(1), 117-127.
Moskowitz, M. R. "Choosing Socially Responsible Stocks," Business and Society Review,
Vol. 1 (1972), 71-75.
Moussavi, F., & Evans, D. (1986). An attributional approach to measuring corporate
social performance. In Academy of management meetings, San Diego.
Parker, R. and Eibert, H.: 1975, 'Social Responsibility: the Underlying Factors', Business
Horizons 18, pp. 5-10.
Parsons, T. (1961). An outline of the social system. In T. Parsons, E. Shils, K. Naegle, &
J. Pitts (Eds.), Theories of society. New York: Free Press.
Soloman, R., & Hansen, K. 1985. It's good business. New York: Atheneum.
Soyka, P. A. and Powers, J. R., 2002, “Can Energy Efficiency Meaningfully Improve
Corporate Profitability?” Proceedings of the 5th Electric Utility Environmental
Conference, Tucson, Arizona.
Spicer, B. H. (1978). Investors, corporate social performance and information disclosure:
An empirical study. Accounting Review, 94-111.
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and
organizational attractiveness to prospective employees. Academy of management
journal, 40(3), 658-672.
Vance, S. 1975. Are socially responsible firms good investment risks? Management
Review, 64: 18-24.
Votaw, D. (1972). Genius becomes rare: A comment on the doctrine of social
responsibility Pt. I. California management review, 15(2), 25-31.
三、 網絡資料
陳慧珊，2017，【天下企業公民獎解析】社會參與：緊扣社會脈動，做出「深、廣、
高」影響力，
https://csr.cw.com.tw/article/39998
CSR天下企業公民獎評選指標，
http://topic.cw.com.tw/csr/rules-5.aspx
陳慧珊，2017，【天下企業公民獎解析】公司治理：董事會質量兼顧，超越法令規
範，
https://csr.cw.com.tw/article/40002(2017-08-21)
熊毅晰，2018，【天下企業公民獎評審解析】給不給人看清楚？優良公司治理的關
鍵https://csr.cw.com.tw/article/40548
陳慧珊，2017，【天下企業公民獎解析】企業承諾：傾聽員工意見　替人才打造下
一個十年競爭力，
https://csr.cw.com.tw/article/40032
熊毅晰，2018，【天下企業公民獎評審解析】企業行善要讓人有感的公益6大招，
https://csr.cw.com.tw/article/40546
顏和正，2017，一例一休修法吵不完　這家公司卻多給十天假，
https://csr.cw.com.tw/article/40154?utm_source=csr&utm_medium=album&utm_c
ampaign=workplace
公開資訊觀測站，
https://mops.twse.com.tw/mops/web/t116sb01
台灣證券交易所官方網站，
https://www.twse.com.tw/zh/page/trading/exchange/FMNPTK.html
證券櫃檯台買賣中心官方網站，
https://www.tpex.org.tw/web/stock/statistics/monthly/st42.php?l=zh-tw
劉光瑩，2017-08-16，【2017天下企業公民獎】台灣賓士總裁帶頭種樹，復
育台灣森林，
https://csr.cw.com.tw/article/39997?from=search
元大ESG永續ETF基金2020/3月持股公司及比重
https://www.yuantafunds.com/myfund/information/1198(20200525)