台灣關於企業社會責任的文獻中，大多數都以企業得獎與否(天下企業公民獎和遠見企業社會責任獎)來衡量企業社會責任的優劣，然而得獎的公司只佔少數，故台灣缺乏普遍衡量企業社會責任的方式。因此，本論文參考國際機構評分原則，編制衡量企業社會責任的指標，並依其指標對公司表現進行研究。此外，本文運用建構之社會責任指標結果進行排名，選取指標績優之公司建構投資組合，運用四因子模型來檢測社會責任投組的績效。實證結果顯示企業社會責任指標與財務績效、公司價值皆有正向關聯，且社會責任投組也擁有顯著超額報酬。根據上述結果，在台灣致力於企業社會責任的公司會對公司績效帶來正面效益，而投資人也可以將企業社會責任納進投資考量，同時獲取財務與社會的雙重報酬。

Most of corporate social responsibility (CSR) literature in Taiwan selected award-winning companies to represent the performance of CSR. However, the award-winning companies were only a minority, so Taiwan lacks a method to measure corporate social responsibility. Therefore, this paper refers to the score methodology of international organization and construct an indicator to measure CSR, then examines the relation between CSR performance and firm performance. In addition, this paper also selects the companies with excellent indicator to construct the investment portfolios and use the four-factor model to test the stock performance of CSR company. The empirical results show that CSR indicators are positively related to financial performance and company value, and CSR portfolios also have significant excess returns. According to the above results, companies committed to CSR activities in Taiwan will bring positive effects to company performance, and investors can also incorporate CSR into their investment considerations and obtain both financial and social compensation.

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