從總體經濟的角度探討企業社會責任的效果

THE MACROECONOMIC EFFECTS OF CORPORATE SOCIAL RESPONSIBILITY

本文建構一個動態一般均衡總體模型，探討當廠商回饋社會的企業社會責任行為體現在改善環境品質時，廠商的企業社會責任支出對總體經濟體系的影響。理論分析的結果顯示，企業的社會責任支出對家計單位的消費、廠商的企業價值與社會福利的影響均不確定。而透過數值模擬分析發現，企業社會責任支出增加對企業價值與社會福利均呈現先上升後下降的倒U字型效果，當企業社會責任支出比例不太高時，具有提高企業價值與社會福利的雙重紅利效果。此外，社會福利極大的企業社會責任支出比例高於企業價值極大的支出比例。從政策面來看，政府提高免稅比例雖可誘使企業社會責任支出增加而改善社會福利，但此政策也令社會福利極大下所需的企業社會責任支出比例大幅提高，使得社會福利極大更難以達成。

This paper develops a dynamic general equilibrium model to analyze the macroeconomic and welfare effects of corporate social responsibility (CSR). Analytically, this paper shows that the effects of CSR on consumption, corporate value, and social welfare are ambiguous. The calibration results show that the steady-state corporate value and social welfare exhibit inverted U-shaped relationships with CSR. Moreover, an increase in CSR can result in a double dividend in terms of enhancing both corporate value and social welfare, provided that the status quo CSR expenditure is moderate. Also, the corporate-value-maximizing CSR expenditure is lower than the welfare-maximizing CSR expenditure. From a policy implication’s point of view, this paper demonstrates that although an increase in the tax-deductible ratio of CSR expenditure can improve social welfare, it will also distance the state from a welfare-maximizing scenario.