本研究旨在探討企業社會責任 (Corporate Social Responsibility, CSR) 對公司投資決 策之影響，進而以投資決策之觀點討論 CSR 與公司財務績效的關係。研究納入 2002 年至 2019 年 33 個國家的上市公司樣本，共 41,926 個觀察值，並以 Refinitiv ESG Scores 所提供的資料作為 CSR 績效衡量指標，其中包含環境 (Environmental)、社會 (Social) 、治理 (Governance)、ESG 以及綜合分數。本文研究結果如下:第一，CSR 績效較高的公司傾向有較低的資本支出比率，這可能是因為資源排擠效應所造成的。 第二，CSR 績效對公司經營績效有正向影響，但社會的效果則相反。第三，我們發 現資本支出比率較高的公司普遍有著較低的總資產報酬率，然而，公司可以透過加 強 CSR 績效來緩解過度投資的問題，進而改善投資效率，此效果將在 3~5 年後顯著 反應在稅前息前淨利率上。第四，公司 CSR 績效對市場績效有正向顯著的影響，其 中環境績效的效果最為明顯，可以推測環境項目中的創新有助於提升公司市場估值。 最後，相比於 CSR 績效較低的公司，高 CSR 績效雖然對市場績效有正向影響，但 只有環境項目能透過投資決策的管道去影響市場績效，社會和治理並無此現象。

The purpose of this study is to explore the impact of Corporate Social Responsibility (CSR) on companies' investment decisions, and examine the relationship between CSR and corporate financial performance from the perspective of investment decisions. This study includes a sample of listed companies in 33 countries from 2002 to 2019, with a total of 41,926 observations. We use data provided by Refinitiv ESG Scores as a measure of CSR performance, including Environmental, Social, Governance, ESG, and Combined scores. The results of this paper are as follows: First, companies with higher CSR performance tend to have lower capital expenditure, which may be caused by the crowding-out effect. Second, CSR performance has a positive impact on corporate operating performance, but the effect from Social score is opposite. Third, we find that companies with higher capital expenditure generally have lower ROA, however, companies can mitigate overinvestment by enhancing CSR performance, thereby improving investment efficiency, and this effect will be significantly reflected in profit margin after 3 to 5 years. Fourth, CSR performance has a positive and significant impact on companies' market performance, among which environmental performance has the most obvious effect. Our evidence suggests that engaging in environmental innovation may improve company's market valuation. Finally, Only environmental projects can influence market performance through investment decision-making channels, social and governance do not show this phenomenon.

第一章 前言 1
第一節 研究動機與目的 1
第二節 研究架構與流程 4
第二章 文獻回顧與假說建立 5
第一節 投資效率的決定因素 5
第二節 負責任企業的資訊不對稱和投資效率 6
第三節 利害關係人理論與投資效率 7
第四節 企業社會責任績效與創新 9
第三章 研究方法 11
第一節 資料來源及樣本選取 11
第二節 企業社會責任衡量方法 11
第三節 投資決策以及企業績效衡量方法 16
第四節 控制變數衡量方法 17
第五節 統計方法與研究模型 18
第四章 實證結果與分析 22
第一節 樣本分佈 22
第二節 敘述統計與相關分析 23
第三節 企業社會責任對公司資本支出之影響 24
第四節 企業社會責任績效對公司經營績效之影響 26
第五節 企業社會責任績效對公司投資效率之影響 27
第六節 企業社會責任績效對公司市場績效之影響 29
第七節 企業社會責任績效與投資決策對公司市場績效之影響 30
第五章 結論與建議 32

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