傳統的企業競爭研究主要是以「市場競爭策略」作為研究重點，卻往往忽略了「非市場競爭策略」的重要性和價值。企業對於「非市場競爭策略」的運用，在制度相對不完善的轉型經濟體和發展中國家最為常見，因此本研究以中國為例進行實證研究。

「非市場競爭策略」大致可分為企業政治活動(CPA) 和企業社會責任(CSR)，不過先前的文獻在CPA和CSR分別對於企業財務績效(CFP)的影響，皆持有正、反方的論點，仍無一致的定論。另外，有關CPA與CSR之間效果的相關文獻仍相當缺乏。先前的文獻指出，企業經歷非預期負面事件的異常時期，投入CSR可以獲得績效保險的保護，減少負面事件對於市場價值的衝擊。然而，企業投入CPA是否同樣能產生保險效果，卻是鮮少研究提及過。因此，本研究除了分析CPA與CSR對於CFP的影響，也欲了解在轉型經濟體中國，CPA和CSR是否同樣在非預期負面事件來臨時，提供「類似保險效果」。

本研究先以2008-2015年之樣本作為分析對象，之後再以習近平上任時間細分成2008-2011與2012-2015兩段時期的次樣本，進一步觀察CPA與CSR對於績效影響之可能變化。研究結果為2008-2011時期，CPA對CFP與「類似保險效果」有顯著正向關係；2012-2015時期，則轉變為顯著負向關係。CSR在兩個時期都呈現顯著負向關係，但CSR對「類似保險效果」則在2012-2015年產生顯著正向影響。CPA與CSR在2012-2015時期，呈現互補效果，對CFP產生顯著正向關係。

The phenomenon that companies engage in “non-market competitive strategies” is most common in transition economies and developing countries where the system is relatively imperfect. Therefore, this study takes China as an example.

"Non-market competition strategy" can be broadly classified into corporate political activity (CPA) and corporate social responsibility (CSR). However, previous literature has positive and negative effects on the CPA and CSR to corporate financial performance (CFP). There is still no consistent conclusion on the arguments, and there is still a lack of relevant literature on the effects between CPA and CSR. In another part, participating in CSR can be regarded as a kind of insurance, which can reduce the impact of negative events on market value. However, whether companies' participation in CPA can also produce insurance-like effects is only few studies have mentioned it. Therefore, in addition to analyzing the impact of CPA and CSR on CFP, this study also wants to understand whether CPA and CSR in transition economies in China also provide " insurance-like effect" when unexpected adverse events come.

The result of the study is that during the 2008-2011 period, CPA had a significant positive relationship with CFP and “insurance-like effect”; during the period 2012-2015, it turned into a significant negative relationship. CSR has a significant negative relationship in both periods, but CSR has a significant positive impact on “insurance-like effect” in 2012-2015. The interactions between CPA and CSR have complementary effect during the period 2012-2015 and have a significant positive relationship with CFP.

第一章、 前言...1
第一節 研究背景與動機...1
第二節 研究目的...4
第三節 研究流程...6

第二章、 文獻回顧與假說建立...9
第一節 企業政治活動與企業財務績效之相關文獻...9
第二節 企業政治活動與類似保險效果之相關文獻...12
第三節 企業社會責任與企業財務績效之相關文獻...13
第四節 企業社會責任與類似保險效果之相關文獻...17
第五節 企業政治活動與企業社會責任的關係...18

第三章、 研究方法...21
第一節 研究架構...21
第二節 樣本選擇...22
第三節 資料來源與變數定義和衡量...22
第四節 分析方法...27

第四章、 實證研究...33
第一節 敘述性統計...33
第二節 相關分析...34
第三節 差異性檢定...36
第四節 分析流程...37
第五節 迴歸分析結果(2008至2015，共8年數據)...38
第六節 迴歸分析結果(2008至2011，共4年數據)...48
第七節 迴歸分析結果(20012至2015，共4年數據)...59
第八節 事件研究法(2008年至2015年，共8年資料)...70
第九節 事件研究法(2008年至2011年，共4年資料)...77
第十節 事件研究法(2012年至2015年，共4年資料)...84

第五章、 研究結論與建議...93
第一節 研究結論...93
第二節 理論意涵與管理意涵...96
第三節 研究限制與未來研究建議...98

參考文獻...100
中文文獻...100
英文文獻...103

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