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中山管理評論  2017/3

第25卷第1期  p.135-176

DOI:10.6160/2017.03.04

題目
公司治理對於企業社會責任、公司價值之影響
The Impact of Corporate Governance on the Corporate Social Responsibility and Firm Values
(131_M5a1e67cb0fb1c_Full.pdf 10,579KB)
作者
陳振遠、王健聰、洪世偉/國立高雄第一科技大學運籌管理系、國立高雄第一科技大學金融系、國立高雄第一科技大學財務金融學院
Roger C. Y. Chen, Jan-Chung Wang, Shih-Wei Hung/

Departmant of Logistics Management, National Kaohsiung First University of Science and Technology; Departmant of Money and Banking, National Kaohsiung First University of Science and Technology; Colleage of Finance and Banking, National Kaohsiung First Un

摘要(中文)

有關企業社會責任對於公司價值的影響一直存在著不一致的看法與論述，本研究將運用Chen et al. (2007) 所提出的公司治理指數與Chen et al. (2013) 的企業社會責任指數進行迴歸分析，以探討公司治理對於企業社會責任、公司價值和營運績效之影響。在控制內生性問題之後，迴歸結果顯示健全的公司治理機制可以有效監督企業社會責任運作，減輕代理問題，進而提升營運績效與公司價值。再者，董事會規模較大、獨立董事席次較多或機構投資人持股較多者的企業，其企業社會責任運作績效會較佳。整體而言，本研究實證結果支持健全的公司治理機制有助於企業社會責任之履行，可有效提升企業經營績效與核心競爭力。反之，若沒有完備的公司治理機制，貿然參與企業社會責任相關活動，則會造成公司價值與股東權益的損失。

(131_M5a1e67cb0fb1c_Abs.pdf(檔案不存在))
關鍵字(中文)

公司治理、企業社會責任、內生性、公司價值、營運績效

摘要(英文)

The view on the impact of corporate social responsibility (CSR) on firm values is inconsistent. This study uses the corporate governance index proposed by Chen et al. (2007) and the CSR index of Chen et al. (2013) to examine how corporate governance structures affect the CSR, firm values, and operating performance. After controlling for endogeneity problem, regression results show that sound corporate governance mechanisms efficiently monitor firms to engage in CSR activities and mitigate agency problem, which in turn improves cost efficiency, and increases operating performance and firm values. Furthermore, firms characterized by bigger board size, higher board independence or higher institutional ownership have better operational performance in CSR after controlling for firm characteristics, industrial and year effect. Overall, our findings support that sound corporate governance mechanisms help implementation of CSR, and furthermore enhance operating performance and core competitiveness. In contrast, firms without sound corporate governance mechanisms rashly engage in CSR activities, resulting in the loss of firm values and shareholders’ equity.

(131_M5a1e67cb0fb1c_Abs.pdf(檔案不存在))
關鍵字(英文)

Corporate Governance, Corporate Social Responsibility, Endogeneity, Firm Values, Operating Performance

政策與管理意涵

隨著企業社會責任逐漸受到國際社會重視，許多國家紛紛要求企業履行企業社會責任與義務。但企業對於社會責任執行是否會造成代理問題，導致營運效率下降，造成企業之價值損失；長久以來，許多學者對於企業社會責任影響公司價值抱持不同看法。而公司治理與企業社會責任政策，皆與公司內部制度存在密切相關，更是影響企業營運績效表現。因此本研究透過公司治理的觀點，探討公司治理與企業社會責任內生關係，以及兩者對於公司營運績效表現之影響。 過去研究指出，良好的公司治理機制可以有效監督企業運作，降低代理成本，使公司價值極大化；而企業社會責任則需大量公司資源投入，是否會使經理人透過企業社會責任活動，從中獲利，導致代理成本增加，造成公司營運績效減少，甚至退出市場。因此，為瞭解公司治理對於企業社會責任、公司價值之影響，釐清公司參與企業社會責任活動是否為公司帶來衝擊。本研究嘗試透過聯立方程組、二階段迴歸方法和普通最小平方法，分析公司治理對於企業社會責任、公司價值之關聯性，並深入探討公司治理與企業社會責任的關係，期待藉由本研究成果，有助於公司管理當局進一步解開履行企業社會責任是否會造成公司盈利能力降低之疑惑，亦期望逐步推動企業社會責任之落實；如此才能解決因為企業引發的社會問題，進而創造永續經營環境，增進美好未來；達成企業、社會雙贏的局面。 實證結果顯示，公司治理對於企業社會責任、公司價值有顯著之影響。若公司內部缺乏完善公司治理機制，貿然投入企業社會責任活動，不但無法增加公司價值與營運績效，更容易使公司營運效率降低，導致代理問題產生；而完備的公司治理機制有助於企業社會責任的履行，可以有效提升公司價值與營運績效之表現，進而增加企業競爭力。隨著國際社會的重視，企業社會責任已變成社會大眾與國際投資人所關注的焦點。而本研究實證結果對於公司管理當局和投資人應具有管理意涵，即公司為股東創造財富極大化外，更需要維護其他利害關係人權益。此外，投資人投資前，除了瞭解被投資公司基本面分析外，更需要瞭解被投資公司之公司治理機制運作，企業社會責任參與和活動內涵，如此避免自身利益遭受損害。

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