企業社會責任(Corporate Social Responsibility [CSR])的推廣在全球已行之有年，台灣在
全球各產業鏈中都佔有一席之地，應責無旁貸的建立完整的企業永續環境。本文採用
2010 年至 2019 年全球報告倡議組織發布的全球企業社會責任行為通用標準(Global
Reporting Initiative [GRI])作為企業社會責任數據，並藉由區分電子與非電子產業，使
用固定效果模型來分析企業社會責任與財務績效的關係。研究結果顯示，非電子產業
的公司在三年期間中得到倒 U 型的關係，在第二年達到正向顯著的高峰。相反，電子
業則由第一年的負向不顯著逐年提昇至正向的效果。在進一步探討企業社會責任的分
類項目時，本文發現非電子業的公司治理（永續環境）為負向（正向）顯著、而社會
公益的投資則在第二年的正向回報達到峰值；反之，電子業的公司治理與永續環境在
第三年呈現不顯著的正向關係，而社會公益在三年內皆呈現負向不顯著的關係。
研究結果說明，台灣的電子產業需要更長時間才能從企業社會責任行為得到財務上的
回報，而非電子業則能在兩年時間從永續環境和社會公益收成正果。後續提出各類別
CSR 行為的建議，除了加強法規輔導，在公司治理的部分可藉由擴大監察人及獨董的設
立、評分機制的確立及問卷的實際訪查達成。在環境保護的部分，可藉由稅務優惠鼓
勵自發性永續環境行為、配套的能源轉型措施及補助、碳平衡方案及減碳設備安裝的
實施。另外，社會公益行為則藉由媒體表彰企業行為、社會企業及基金會的建立以達
成企業投入的成本效益最大化，使企業營運和社會發展達致良性循環的雙贏局面。

The promotion of Corporate Social Responsibility (CSR) has been around the world for
decades, and Taiwan, given its prominence in the global supply chain, is of no exception to
the formation of sustainable business environment. Using CSR data from 2010 to 2019 from
the Global Reporting Initiative (GRI), we use fixed effect model to analyze the relationship
between CSR and financial performance in electronic and other industries. Our results show
that non-electronic industries exhibit an inverted U-shape relationship and attain the peak in
the second year, while electronic industries turn from non-significantly negative to positive
relationship. Further classifying the CSR behavior, we find that in non-electronic industries,
the effect of corporate governance (sustainable environment) is negatively (positively)
significant, while social welfare poses the maximum positive effect in the second year. In
electronic industries, corporate governance and sustainable environment are positively
insignificant in the third year, and social welfare is negatively insignificant in all three years.
Our results indicate that it takes longer period of time for electronic industries in Taiwan to
obtain financial rewards from investments in CSR, while for non-electronic industries,
investments in sustainable development and social welfare pay off in the second year. Our
paper thus calls for strengthening regulatory directives to promote cooperate governance, such
as broadening the board of directors and supervisors and inaugurating a scoring system
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verified with on-site studies. In addition, to advance environmental protection, offering tax
breaks for investments in sustainable environment, incentives for energy transformation, and
subsidies for carbon neutralization and the installation of pollution abatement devices can be
considered. Finally, media recognition of cooperate CSR efforts and the establishment of nongovernmental organizations and foundations can maximize the returns from social welfare,
furthering the virtuous circle of win-win situation between cooperate and social development

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