本研究主要在探討台灣電子業之企業社會績效對於財務績效是否有所影 響。以 2008 年至 2020 年間臺灣電子業上市上櫃公司為研究對象，並參考深具 公信力的《天下雜誌》每年所公佈之「天下企業公民獎」結果作為企業社會 績效之代理變數，以會計績效指標-資產報酬率、股東權益報酬率及市場績 效指標-市值淨值比、股價報酬率作為應變數。而為了提升研究結果之準確 度，加入電子業之研發密度、公司規模、負債比率總資產週轉率、營收成長 率、現金流量比率作為控制變數。以 OLS 迴歸進行實證研究，後加入年固定 效果、負面事件虛擬變數之額外分析。實證研究結果發現:(1) 台灣電子業公 司之企業社會績效與資產報酬率、股東權益報酬率、市值淨值比間皆具有顯 著正向關聯性。(2) 是否善盡企業社會績效與電子業之股票報酬率間並不存在 顯著關聯性。(3) 在負面事件發生時，善盡企業社會責任之公司之市場績效指 標具有類保險效果，可以避免或降低企業的市場價值因負面事件發生而下 跌。然而，會計績效指標不具有此保險效果。綜上所述，本研究偏向支持履 行企業社會責任有助於提升臺灣電子業財務績效之表現。

This research mainly explores whether the corporate social performance of the electronics industry in Taiwan has an impact on their financial performance. We take Taiwan’s electronics industry listed companies from 2008 to 2020 as the research observation and refer to the lists of the “CSR Corporate Citizenship Award” published annually by the highly credible “CommonWealth Magazine” as a proxy variable for corporate social performance; and take accounting performance indicators - ROA, ROE, and market performance indicators - MB Ratio and ROP as dependent variables. To improve the accuracy of the research results, the R&D density, company size, debt ratio, total asset turnover ratio, revenue growth rate, and cash flow ratio are added as control variables. This paper uses OLS regression to conduct empirical research and adds additional analysis of year fixed effects and dummy variables of negative events. The empirical research results show that: (1) There is a significant positive relation between corporate social performance and ROA, ROE, and MB of electronics companies in Taiwan. (2) There is no significant relation between corporate social performance and ROP. (3) During the period of negative events, the market performance indicators of companies engaged in CSR have an insurance effect, which can prevent or reduce their market value from falling due to the occurrence of negative events. However, accounting performance indicators do not have this insurance effect. To sum up, this study tends to support that for the electronics industry in Taiwan, participating in corporate social responsibility can improve their financial performance.

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