| 摘要: | 近年來從金融危機至食安事件接連爆發的負面事件，讓社會大眾對資本市場喪失信心，對社會負責已是企業永續經營及強化競爭的必然趨勢，企業可否藉由善盡企業社會責任進而提升其企業價值，是國內企業目前極為重要的研究議題，但目前學術界研究對於企業社會責任的施行是好是壞依然眾說紛紜，有學者認為如果企業從事社會責任活動將會使企業之資金必須分配至其他資源，而導致企業成本提升，企業獲利減少。
故本文以台灣企業為研究樣本，進行企業社會責任及企業價值的關聯性研究，本文除了以企業社會責任及企業價值之主要構成要素設立不同變數之外，更進一步以企業社會責任和企業價值與無形資產的交乘項做為影響的測試變數，經迴歸分析後，結果發現企業社會責任與企業價值有具有顯著關聯性，而為了讓研究更深入探討，本研究使用聯立方程式並加入無形資產交乘項進一步分析，結果顯示，企業社會責任透過無形資產對於企業價值有著負向關係，研究結果表示，企業在實施企業社會責任時，是可以間接提升企業價值的，但當企業施行了企業社會責任並將大量資本投入無形資產，企業將可能承擔更大的企業成本，競爭優勢降低，以致企業價值下降。
Over the last few years, the Global Financial Crisis and Food Safety Scandals in succession had declined public confidence in capital market. As a result, corporate social responsibilities (hereafter, ‘CSR’) have become a trend for entities to pursuit sustainable operations and to enhance competitiveness. However, whether an entity could improve its corporate value by fulfilling its CSR is an important research topic, but the current academic research for the purposes of CSR is for better or worse controversial, some scholars believe that if companies engage in social responsibility activities will enable enterprises must allocate funds to other resources, which led to the cost of upgrading enterprises, reducing corporate profits.
Therefore, this paper Taiwanese corporate as research samples, conduct CSR and corporate value relevance research paper in addition to the main elements of CSR and corporate value of the different variables set up outside, and further to CSR and corpo-rate value and post items as intangible assets multiplied impact test variables, after re ordinary least squars method analysis found that CSR and corporate value having a sig-nificant correlation, confirming business CSR can enhance corporate value, and to make research more depth , simultaneous equations used in this study and further analysis showed that CSR through the intangible value of the enterprise has a negative relation-ship, which means that, when the company implemented a CSR of enterprises and large capital investment in intangible assets, companies will likely bear higher business costs, reduce the competitive advantage that companies decline in value. |
