從企業成長觀點探討社會責任績效之價值創造

The Value Creation for Corporate Social Responsibility Performance: Evidence from Firm Growth

我國金管會於2014年要求上市（櫃）公司編制企業社會責任報告書，經濟部亦於2017年將企業社會責任首度納入公司法修正，這些變革可能對企業的市場價值評估產生重大影響。企業從社會汲取資源而持續發展過程中應同時肩負社會責任以回饋社會，故探討企業在動態成長過程中推動社會責任能否彰顯其市場價值為本研究之旨趣。結果發現，企業在成長程度、穩定性與成立年數等構面下，推動社會責任獲得肯定與市場價值呈現正向關聯性。研究結果有助於外部利害關係人了解企業成長過程中投注社會責任活動所創造之價值，亦可作為企業擬定推動社會責任策略之依據。

In 2014, Financial Supervisory Commission (FSC) mandated listed companies to publish corporate social responsibility reports. In 2017, The Ministry of Economic Affairs (MOEA) instructed corporate social responsibility into amending the law, inevitably causes the firm and the society to produce the important change to the market value. When firm obtain resources from society in the growth process, they should promote social responsibility at the same time to give back to the society. The purpose of this study is to explore whether promotion of social responsibility by firm in the dynamic growth process can demonstrate its market value. The empirical results show that under growth degree, stability, and years of establishment, the firm promotes positive social relevance with market value. This research results help the external stakeholders of firm to understand the value created by betting on social responsibility activities during the growth process, and firm can refer to develop strategies for promoting social responsibility.