為瞭解幸福企業與企業社會責任之關聯性，本研究以2014年~2018年間求職雜誌Cheers「新世代最嚮往企業TOP100」調查中之台灣上市櫃公司為幸福企業組樣本，採傾向分數配對法配對出對照組樣本作為研究對象，並自建幸福企業指數對配對樣本公司進行評分，利用羅吉斯迴歸模型及固定效果迴歸模型進行檢測。實證結果發現，雖然被表揚為幸福企業的公司不一定會獲得企業社會責任獎項的肯定，但公司致力於內部員工之實質福利的改善確實能夠影響公司未來獲得企業社會責任獎項之可能性。本研究進一步檢視幸福企業得獎或企業幸福指數之當年度及下兩年度的財務績效表現，實證顯示公司獲獎或投入幸福企業活動，將對公司當期及次期財務績效有負向影響，但在得獎後第二年度的負向影響呈現趨緩。

To understand the relationship between well-being enterprises and corporate social responsibility, this study manually collected the Taiwan-listed companies in the “Top 100 Most Desired Companies of the New Generation” survey by Cheers magazine as the well-being enterprises group, and matched the sample of the control group using the propensity score matching method. The sample of this study was from 2014 to 2018, and the self-built Well-being Enterprises Index was used to score the matched sample enterprises, and the Logistic regression model and the fixed effect regression model were used for testing. The empirical results found that the enterprise's commitment to improving the actual welfare of internal employees can indeed affect the company's investment in corporate social responsibility activities, but it cannot be confirmed that the company's corporate social responsibility that is praised as a well-being enterprise has an increased probability of being affirmed. This research further explores the relevance of investing in well-being enterprise activities on the company’s financial performance. It examines the relevance of the award-winning well-being enterprises and the well-being enterprises index to their financial performance in the current year and the next two years. The empirical evidence shows that the cost of the company’s investment in well-being enterprises will affect the company’s financial performance. Performance has a negative correlation, but the impact on financial performance slows down in the second year after the award.

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