本研究主要為探討企業社會責任是否影響企業財務績效，分別以國內及國外企業社會責任指標做為評估標準，參考天下雜誌所公布的「CSR天下企業公民」之評分做為國內CSR之環境維護、社會參與、公司治理及企業承諾等四大面向及綜合評分的衡量標準， 以Eikon資料庫的Thomson Reuters ESG Scores內三大面向Environmental(E)、Social(S)、Governance(G)以及調整後的綜合分數做為國外CSR評比的衡量標準，並以資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)作為財務績效之代表變數，應用追蹤資料分析法的固定效果模型進行估計與檢定。 以2007至2016年間臺灣50指數成分股企業為研究對象，實證結果發現，在國內CSR變數方面，社會參與、公司治理、企業承諾與財務績效ROA與ROE有顯著正相關，環境維護和綜合評分則與財務績效無顯著關係。而國外CSR變數方面，環境維護、社會參與、公司治理、綜合評分及調整後綜合評分項目對財務績效EPS有顯著負向影響。因此，依據本研究之實證結果認為企業從事企業社會責任行為對於企業財務績效是有影響性的，但正向或負向的影響則受國內及國外企業社會責任指標評估標準影響，仍有待再檢視。 ;This research aims to analyze the effects of Corporate Social Responsibility (CSR) on companies’ financial performance. CSR ratings of Journal of Common Wealth and Environmental, Social, and Governance (ESG) scores of Thomson Reuters in Eikon database are used to represent the domestic and foreign CSR index, respectively. We consider three financial performance indicators which are Returns on Asset (ROA), Returns on Equity (ROE), and Earnings per Share (EPS). The fixed effect model based on Panel Data Analysis is employed in the empirical study. We examine the companies included in the FTSE TWSE Taiwan 50 Index from the period of 2007 to 2016. The empirical results show that the domestic CSR indexes in social responsibility, corporate governance and corporate commitment criteria are found significantly positively related to ROA and ROE. However, no evidence supports that domestic CSR index in environmental criteria and the overall ratings are significantly related to financial performance. The foreign CSR index of environmental, social, and governance criteria and the overall scores are found to be significantly negatively related to EPS. The empirical results above indicate that CSR does have the impact on the firm performance but the positive or negative effect depends on the CSR index and the performance measure.
