本研究主要探討企業社會責任表現較佳的公司遭逢整體環境景氣不佳或企業內部發生負面事件時，過去所累積在企業社會責任的付出，可否創造出較好的社會價值，進而在面對負面衝擊時可能出現保險效果並減緩對企業營運表現所造成之影響。藉由2017至2022年期間不包含金融保險業、油電燃料氣產業及其他產業的上市、上櫃公司進行實證分析。透過包含企業社會責任的當期表現、累積表現、雙重效果及企業社會責任的連續效果所組合成的企業社會責任表現向量對財務績效的表現之影響進行驗證。從實證結果發現，當企業透過對於社會責任的投入程度，對外部釋出正向的企業訊息，進而影響市場的觀感及投資行為。企業社會責任的投入，往往需要仰賴企業提供相對應的資源，所以企業社會責任投入較多的企業在其經營績效上的表現是呈現負向的關係。

This paper investigates the relationship among Corporate Social Responsibility, Business cycle and reputation insurance. The companies with better corporate social responsibility performance can create greater social value or reputation insurance effects when they encounter economic slump or bad news or crises internally, thereby mitigating the impact on their operational performance. In this study, the sample is based on publicly traded companies listed on stock exchanges or the over-the-counter market in the period of 2017 to 2022 excluding the financial industry.

The paper examines the impact of CSR performance factors, which include current performance (CSRCD), cumulative performance (CSRCU), dual effects (CSROV), and continuous effects of CSR (CSRCON), on financial performance. Companies often use their CSR efforts to release positive corporate messages to the external environment, influencing market perceptions and investment behavior. However, since substantial CSR investments require significant corporate resources, the empirical result shows a negative relationship tends to exist between higher CSR investment and corporate operational performance.

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