本研究探討台灣企業社會責任得獎公司其CSR評價與財務績效及競爭力之關係，觀察CSR評價好的企業，其財務績效與競爭力是否呈現正向關係。以2007至2012年天下雜誌評選出「天下企業公民獎」TOP50之企業為樣本，透過得獎企業於企業社會責任項目獲得之評分，以ROA、ROE為財務績效之衡量指標，VAIC、MV/BV為競爭力之衡量指標，利用迴歸分析觀察企業社會責任評價與當年度財務績效及競爭力之關係。另外，觀察前期企業社會責任評價及後期競爭力之關係。進一步將得獎企業中CSR評價區分為高分組及低分組，觀察高分組企業其企業社會責任評價與短期財務績效及競爭力之關係是否較為顯著。實證結果顯示：一、全體樣本之企業社會責任整體評價與財務績效呈顯著正相關，與競爭力無顯著關係。二、以四項構面評價得分為自變數，發現全體樣本之公司治理評價與財務績效及競爭力均呈顯著正相關；環境保護評價則與財務績效及競爭力均呈顯著負相關。顯示企業公司治理能力普遍被視為有利於企業財務表現及長期競爭力，而企業投入環境保護被認為增加企業營運成本，不利於短期企業價值。三、高分組與低分組企業社會責任整體評價分析結果僅高分組與ROE成顯著正相關，其餘指標皆不顯著。四、高分組與低分組之四項構面關聯性顯示高分組社會參與評價與財務績效及競爭力呈顯著正相關，低分組公司治理評價與財務績效及競爭力呈顯著正相關。而環境保護評價無論是高分組或低分組皆為負向顯著性關係。 This paper examines whether CSR performance is positively related to financial performance and competitiveness among Taiwanese firms with good CSR performance. The sample comprised Top 50 winners of Excellence in CSR Award given by CommonWealth Magazine from 2007 to 2012. Using the four dimensions of CSR as CSR indices, ROA and ROE as financial performance indices, and VAIC and MV/BV as competitiveness indices, this study assessed how CSR is related to financial performance and competitiveness through regression analysis. Further, this study divided the sample by CSR score into high score and low score groups to examine whether firms in the high score group were superior to those in the low score group in terms of financial performance and competitiveness. In addition, observe the pre-and post-evaluation of corporate social responsibility competitive relationship. The main findings of this study are as follows: (1) In the entire sample, CSR is significantly and positively related to financial performance but not significantly related to competitiveness; (2) Among the four dimensions of CSR, corporate governance has a positive relation to both financial performance and competitiveness, and environmental protection has a negative relation to both financial performance and competiveness. This result suggests that corporate governance is helpful for financial performance and long-term competitiveness, and investment in environmental protection which will result in an increase in operational cost is disadvantageous to firm value; (3) Further analysis of the sample divided by overall CSR score into two groups suggests that high CSR score has a significant and positive effect on only ROE; (4) Among the four dimensions of CSR, social participation has a significantly positive effect on financial performance and competitiveness for firms in the high CSR group; corporate governance has a significantly positive effect on financial performance and competitiveness for firms in the low CSR group; environmental protection has a significantly negative effect on financial performance and competitiveness for both groups of firms.
