隨著企業社會責任(Corporate Social Responsibility, CSR)的概念日益受到重視，許多公司也紛紛起而從事社會責任行為，並希望藉此對外建立良好的形象，進一步提升公司的獲利。傳統論文中已有許多探討公司善盡社會責任對其財務績效之影響，結果顯示，企業社會責任與財務績效間的關係會因時、地與產業型態而有所差異，為進一步瞭解台灣大型企業的現況，本研究以Granger Causality test來探討企業社會責任與公司財務績效之間的領先與落後關係。本研究採用天下雜誌2007-2014年曾經獲獎之72間大型及中堅企業作為觀察樣本，利用資產報酬率及股東權益報酬率作為以會計為基礎之財務績效指標，並以股票報酬率作為以市場為基礎之財務績效指標進行實證研究。結果發現，在以會計為基礎的財務績效指標下，公司良好的財務績效將會Granger-Causes其積極投入社會責任活動，此隱含一般企業仍以獲利為首要目的，民眾也不會因為公司從事社會責任而增加對於該企業產品的購買意願，但在以市場為基礎所建立的財務指標下，由於社會責任對於財務績效具有顯著正向影響，表示投資人可能認為公司投入社會責任能增加民眾對公司的好感，並降低利害關係人的管理成本，與會計基礎下之結果有所牴觸，因此，這說明了政府除了監督企業從事社會責任外，更應該向大眾加強宣導企業社會責任之重要性，使民眾以企業是否從事社會責任作為挑選產品的標準之一，藉以增加企業從事社會責任之誘因並符合投資人的期望。

The concept of Corporate Social Responsibility has become more popular in recent years. Lots of companies begin to engage in activities of social responsibility and hope the positive image built upon the activities can bring corresponding profits. Previous studies that assess the relationship between Corporate Social Responsibility and Corporate Financial Performance show that the relationship between these two variables varies depending on firms’ location, type and size. This study uses the Granger Causality Test to clarify the causal relationship between Corporate Social Responsibility and Corporate Financial Performance for companies in Taiwan. Based on a sample of 72 Taiwanese firms, their CSR ranking provided by Common Wealth magazine from 2007 to 2014 and related measures of Corporate Financial Performance, the Granger Causality test shows a significant positive impact of Return on Asset and Return on Equity, that are accounting-based measures, on Corporate Social Responsibility. That is, a well performance on accounting-based measures of Corporate Financial Performance would precede their socially responsible investments. However, Corporate Social Responsibility has a significant positive impact on market return which is a market-based measure of Corporate Financial Performance. This means that investors may expect that firms will attain a good reputation from investing social responsibility activities. These results imply that the government should supervise firms to invest in social responsibilities. Besides, it should advocate the importance of social responsibility to consumers and let them form a pressure on firms of engaging in socially responsible activities more aggressively.

第一章、 緒論 1
第一節、 研究動機與目的 1
第二節、 研究流程 3
第二章、 文獻回顧 4
第一節、 企業社會責任 4
一、 企業社會責任之定義 4
二、 企業社會責任之衡量 5
第二節、 企業財務績效 6
第三節、 企業社會績效與財務績效 7
一、 企業社會績效影響財務績效 7
二、 企業財務績效影響社會績效 8
三、 企業社會績效與財務績效相互影響 9
四、 企業社會績效與財務績效之關聯性 9
五、 小結 11
第三章、 研究方法 13
第一節、 Granger Causality test 13
一、 模型設定 13
第四章、 實證結果 16
第一節、 資料來源 16
一、 社會績效變數 16
二、 財務績效變數 18
三、 控制變數 18
第二節、 敘述性統計 18
第三節、 Granger Causality test之結果 20
一、 CSRS與ROA之Causality test 21
二、 CSRS與ROE之Causality test 23
三、 CSRS與RETURN之Causality test 25
第五章、 結論與建議 28
第一節、 研究結論 28
第二節、 研究限制與建議 29

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