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Author: 李紀蓁
Chi-Chen Lee
Thesis Title: 企業永續報告書、企業社會責任與企業財務績效之關聯性-以臺灣上市電子業為例
The Association between CSR Reports, Corporate Social Responsibility, and Financial Performance: A Case Study of the Taiwanese Electronics Industry
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 陳俊男
Chun-Nan Chen
鄭仁偉
Jen-Wei Cheng
林軒竹
Hsuan-Chu Lin
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2023
Graduation Academic Year: 111
Language: 中文
Pages: 44
Keywords (in Chinese): 企業社會責任永續報告書第三方驗證企業財務績效臺灣經濟新報TESG資料庫
Keywords (in other languages): Corporate Social Responsibility(CSR), CSR reports, Third-party Certification, Corporate Financial Performance, TESG Database
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  • 隨著永續觀念的發展與演進,企業不再只是追求實質上的短期獲利,而是越來越關注其在社會和環境方面的影響力,並將永續的目標納入經營決策中。透過各界不斷的努力,臺灣企業逐漸在永續領域有所成果,政府與民間機構也發展出一系列永續獎項,旨在鼓勵企業落實社會責任。

    過去許多文獻以得獎企業做為基準進行研究,探討獲得永續獎項之企業與非得獎企業在財務績效面的差異,進而證實企業落實社會責任會對企業財務績效帶來正向影響,然而,多數獎項採取報名制,意味著難免有遺珠或是企業未參與競賽之情事發生,因此,本研究以臺灣經濟新報(TEJ)所建構之永續資料庫(TESG 永續資料庫)做為基準,從公正第三方的角度探討企業善盡社會責任與其財務績效的關聯,並將TEJ獨家發展出的分數評級納為變數,以驗證該資料庫是否有助於投資者及金融機構做為參考。

    本研究以臺灣上市電子業為樣本,首先將探討永續報告書的編制與驗證是否對財務績效有顯著影響,其次探討TESG分數對財務績效是否具有顯著影響,實證結果為企業發行永續報告書且經過第三方驗證對資產報酬率(ROA)有正向顯著相關,對股東權益報酬率(ROE)雖為正向相關,但並無顯著關聯性;而TESG之
    分數與資產報酬率(ROA)為正相關,與股東權益報酬率(ROE)為負相關,不過皆並不具有顯著水準,表示 TESG分數的高低並不能代表該企業是否落實企業社會責任,進而影響企業的財務績效。


    With the development and evolution of sustainability concepts, companies not only
    have to focus on making profits but are also concerned about their impact on society and the environment, therefore, they have to integrate sustainability goals into their business policies. As many companies gradually achieved accomplishment in the field of sustainability, the government and private organizations have also established a series of sustainability awards to encourage companies to fulfill their social responsibilities.

    Previous studies have used award-winning companies as a benchmark to explore the differences in financial performance between award-winning and non-award-winning companies, thereby confirming the positive impact of corporate social responsibility on financial performance. However, most awards have an application-based system, which inevitably leads to the possibility of overlooking certain companies or companies not participating in the competition. Therefore, this study utilizes the TESG Database developed by Taiwan Economic Journal (TEJ) to investigate the relationship between companies' social responsibilities and financial performance.

    The study focuses on the Taiwanese-listed electronics industry as the sample. First,
    it explores whether the publication and certification of CSR report significantly impact financial performance. Second, it examines whether TESG scores have a significant influence on financial performance. The empirical results show that companies that issued CSR reports and certificated by third-party certification had better performance on Return on Assets (ROA), however, although the issuance and certificate of CSR reports has a positive correlation with Return on Equity (ROE), the correlation is not statistically significant. As for TESG scores, they are positively correlated with ROA but negatively correlated with ROE, but both correlations are not statistically significant.

    中文摘要 I Abstract II 誌謝 III 目錄 IV 圖表目錄 V 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 論文架構與流程 2 第二章 文獻探討 4 第一節 永續報告書之編列與驗證 4 第二節 企業社會責任與企業財務績效之相關性探討 12 第三節 研究貢獻 15 第三章 研究設計 16 第一節 研究假說 16 第二節 變數衡量 17 第三節 研究方法 21 第四節 樣本選取與樣本資料來源 22 第四章 實證結果與分析 25 第一節 樣本敘述 25 第二節 永續報告書之發行和驗證與財務績效之影響分析 30 第三節 TESG 分數與財務績效之相關性分析 32 第五章 結論與建議 34 第一節 研究結論 34 第二節 研究限制與未來研究建議 34 參考文獻 35

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