自我國成立公司治理中心以來，發布公司治理評鑑一直是其主要事務，公司 治理評鑑之評鑑標準與企業社會責任(CSR)息息相關，而企業社會責任與公司 財務績效之相關議題亦為大眾持續關注之焦點，兩者之間的關係不論是正相關、 不相關或負相關，皆有其支持者及支持論點。本篇利用各企業於公司治理評鑑上 之排名，取得兩相異組別，一為公司治理佳之組別，一為公司治理不佳之組別， 持續觀察其三年之報酬率績效。以確認是否符合本篇之假說:公司治理評鑑表現 優良之企業相較於表現不佳者會有較好之財務績效。本篇之研究結果表示，的確 公司治理佳之組別相對於公司治理不佳之組別會有較好的報酬率績效。由此可知， 公司治理評鑑在台灣投資市場內具有一定的可信度，不論是對投資者或企業本身 其皆有相當大的參考價值。

Since the government started to actively develop corporate governance culture, corporate governance evaluation has played a key role. The evaluation criteria of corporate governance evaluation are closely related to corporate social responsibility (CSR), and the issues related to CSR and corporate financial performance are also concerned. As the focus of the public's attention, whether the relationship between the CSR and corporate financial performance is positive, irrelevant, or negative, have their supporters and supporting arguments, respectively. This article uses the rankings of companies in the corporate governance evaluation to obtain two distinct groups, one for good corporate governance and one for poor corporate governance, and continuously observes theirs’ three-year return performances. I would like to confirm whether the results meet the hypothesis of this article: “Companies with good corporate governance evaluation have better financial performance than those with poor performance”. The results show that the group with good corporate governance has better return performance than the group with poor corporate governance. It indicates that the corporate governance assessment has a certain degree of credibility in Taiwan investment market, and no matter investors or enterprises have considerable reference value on it.

第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 論文架構 4
第二章 文獻探討 5
第一節 企業社會責任與公司財務績效之正向關係 5
第二節 企業社會責任與公司財務績效之關係不顯著與負向關係 6
第三章 研究資料與方法 7
第一節 研究資料 7
第二節 研究方法 8
第四章 研究結果 15
第五章 結論與建議 21

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