本研究旨在探討企業社會責任、負面新聞與公司財務績效之間的相關性研究，研究期間為2017年至2021年，研究對象為「元大臺灣ESG永續ETF證券投資信託基金」於2022年12月16日收盤後調整生效之成分股，並排除金融業與資料缺漏之樣本公司。使用資產報酬率(ROA)、股東權益報酬率(ROE)、托賓Q值(Tobin's Q)、股價報酬率(RET)與股利殖利率(DP)作為公司財務績效變數。以《天下雜誌》2017年至2021年「天下永續公民獎」得獎企業為參考依據，若研究對象為得獎企業表示其當年度擁有較佳的企業社會責任表現，並透過台灣經濟新報資料庫(TEJ)統計研究對象於2017年至2021年負面新聞發生次數(NEWS)。接著參考台灣經濟新報資料庫(TEJ)之分類，將負面新聞發生次數(NEWS)細分為環境負面新聞次數(NEWS_E)、社會負面新聞次數(NEWS¬_S)與公司治理負面新聞次數(NEWS_G)。
經實證發現，在企業社會責任方面表現較佳的公司確實有著更好的公司財務績效。且企業本身若屬企業社會責任表現較佳之企業，其在發生負面新聞時，對其公司財務績效較無顯著的負面影響性。

The aim of this study is to explore the relationship between corporate social responsibility (CSR), negative news, and company financial performance. The research period covers from 2017 to 2021, and the research subjects are the constituents of the "Yuanta Taiwan ESG Sustainable ETF Trust" as of December 16, 2022, after market close, excluding sample companies from the financial industry and those with missing data. The financial performance variables used are return on assets (ROA), return on equity (ROE), Tobin's Q, stock return (RET), and dividend yield (DP). The study takes the companies that won the "CommonWealth Sustainable Citizen Award" from CommonWealth Magazine between 2017 and 2021 as a reference. If the research subjects include award-winning companies, it indicates their better performance in corporate social responsibility for that year. The occurrence of negative news (NEWS) for the research subjects from 2017 to 2021 is collected through the Taiwan Economic Journal (TEJ) database. Then, based on the classification in the TEJ database, the frequency of negative news (NEWS) is further categorized into environmental negative news (NEWS_E), social negative news (NEWS_S), and corporate governance negative news (NEWS_G).
Empirical evidence has revealed that companies with better performance in corporate social responsibility indeed exhibit better financial performance. Moreover, if a company itself has a better performance in corporate social responsibility, it shows less significant negative impact on its financial performance when negative news occurs.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究對象與方法 5
第四節 研究流程 6
第二章 文獻回顧 7
第一節 企業社會責任起源與定義 7
第二節 企業社會責任國際發展趨勢 9
第三節 企業社會責任國內發展趨勢 14
第四節 文獻探討 17
第三章 研究方法與資料來源 21
第一節 研究假說 21
第二節 資料來源與研究對象 22
第三節 研究變數 23
第四節 迴歸模型 29
第四章 實證結果與分析 31
第一節 樣本資料與敘述性統計 31
第二節 相關性分析 35
第三節 迴歸分析 37
第五章 結論與建議 47
第一節 結論 47
第二節 研究限制 48
第三節 後續研究建議 48
參考文獻 49
中文文獻 49
英文文獻 51

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