企業社會責任與企業價值之相互關聯性：兼論無形資產的影響

Interrelationship between Corporate Social Responsibility and Firm's Value: The Effect of Intangible Assets

企業社會責任已成為企業、政府的一項重要議題及執行任務，就全球企業的發展趨勢而言，展望未來投資及改善社會責任與經營策略的結合，已經是企業競爭力的重要來源。過去文獻發現企業社會責任可能透過無形資產影響企業價值，及企業社會責任與企業價值兩者之間可能互為因果關係。本文運用2010年至2014年台灣大型上市櫃公司的資料，採用聯立方程模型探討企業社會責任、企業價值與無形資產之關聯性，包括：企業社會責任與企業價值之相互關聯性，及無形資產是否會影響企業社會責任與企業價值之相互關聯性。本文實證結果發現：企業社會責任與企業價值有負向的相互關聯性，但無形資產會減緩企業社會責任與企業價值之負向相互關聯性。

Corporate social responsibility has become a crucial issue and demonstrating this responsibility an essential task for enterprises and governments. In the developmental trends of global enterprises, predicting future investment combinations and how social responsibility and business strategies can be improved has become a vital source of competitiveness among firms. Scholars have argued that corporate social responsibility affects a firm's value through its intangible assets and that causal relationships may exist between corporate social responsibility and firm value. This study used the data of listed companies in Taiwan from 2010 to 2014 to examine the relationships among corporate social responsibility, firm value, and intangible assets by using the simultaneous equations model. The interrelationship between corporate social responsibility and firm value was evaluated, and whether intangible assets affect this interrelationship was determined. The results demonstrated that corporate social responsibility and firm value were negatively interrelated, but also that intangible assets weakened this negative interrelationship.