近年來，企業社會責任(corporate social responsibility, CSR)受到大量的關注，從越來越多的企業開始發布社會責任報告書，甚至納入營運目標中便可得知。企業不再只是最大化股東的利益，而是滿足關注不同面向的利害關係人。而許多機構開始制定準則與評分機制供經理人參考，著名的評分資料庫如KLD、SAM 等也提供了詳細的數字，作為投資者的參考依據。這些評選單位不單只是點出了企業在CSR 的優良事蹟，同時也指出違反準則的事件，例如KLD 資料庫中，評分項目包含企業在CSR 表現中之正面項目(strength)與負面項目(concern)。

雖然有了上述的評選機構，但如何定義一個好的社會責任績效仍舊是個難題。由於CSR 涉及許多面向，公司注重的議題也可能受到經營模式不同而有所影響；再者，不同的利害關係人所關注的議題不盡相同，亦即所給予的權重會因人而異。在過去的文獻中，許多研究採用正面項目的分數與負面項目直接相加減來計算績效分數，此計算方式雖然簡單，但近年來已被許多文獻質疑。此方法隱含各個構面是同等重要而被給定相同權重的前提假設，但是否每個項目皆擁有等同的重要性？此外，此計算方式在管理意涵上更說明了假若企業執行了CSR 中的一項正面議題，卻也同時涉及另外一項負面議題，這兩項議題是可以被抵銷的。但現實中，一件壞事所帶來的影響卻可能不是一件好事所以可以彌補的。

因此，本研究採用資料包絡分析法(dataenvelopment analysis, DEA)為工具，由於DEA 不須事先設定權重的特性，非常適合應用在權重無法給定的情形，經模式自動計算並藉由與其他公司做比較，可獲得對各企業最有利的權重組合，找出在執行CSR 活動上真正績效好的單位。本文將以KLD 資料庫與DJSI 的組合為例，導入DEA 來計算企業執行CSR 的績效。研究結果證明採用DEA 模型並輔以保證區域法，可以獲得最佳的效果。在國內外的文獻中，應用DEA 於CSR 績效評估上的研究十分稀少，此研究提出的模式可視為一產生適當企業社會責任績效值(corporate social performance, CSP)的方法。

Recently, corporate social responsibility (CSR) is gaining more and more attention by the society. As a result, many institutions begin to build up CSR principles and evaluation process as a reference for professional managers. Famous evaluation database such as KLD and SAM provides detailed analytics for investors. These databases not only point out contribution in CSR field, also highlight the violations as well. For example, the evaluation index in KLD database includes the strength and concern of CSR performance for a company.

But, even with the above evaluation process and institutions, how to define great social responsibility is still a tough question. Many of the previous researches assess CSR performance by subtracting the concerns from the strengths(net score). But nowadays, this kind of method is questioned by other researchers although it is easy to use. This method reflects the assumption that every aspect has equally importance and is given the same weight and a concern issue can be offset by a positive issue.

As a result, we choose data envelopment analysis (DEA) as our main methodology. Since DEA does not require a priori weight specification, it is appropriate to use in the situation when weights cannot be defined. DEA provides the best combination of weights for each company. Our research combines KLD and DJSI index to assess social performance appraisal by DEA method. Research results discover that using DEA with assurance region can acquire the best consequence. And also, our research find out there’s positive relationship between social performance and financial performance. Among correlating literatures, rare research had applied DEA on CSR issue, our method can be a new perspective when calculating proper corporate social performance score.

謝詞 ........................................... i
中文摘要 ...................................... ii
英文摘要 ..................................... iii
目錄 ......................................... iv
圖目錄 ........................................ vi
表目錄 ....................................... vii
第一章 緒論 ......................................1
第一節 研究背景與動機 ............................ 1
第二節 研究目的 ................................. 3
第三節 研究架構與流程 ............................ 4
第二章 文獻探討 ................................. 7
第一節 社會績效分數計算方式 ....................... 7
一、 線性整合 ................................... 7
二、 使用線性整合的限制 .......................... 8
第二節 以資料包絡分析法評估企業社會責任 ............ 9
第三節 企業社會責任績效與財務績效之關聯性 .......... 9
一、 企業社會責任績效與財務績效正向相關 .............9
二、 企業社會責任績效與財務績效負向相關 ........... 11
三、 企業社會責任績效與財務績效無相關 ............. 13
四、 小結 ...................................... 14
第三章 研究方法 ..................................15
第一節 資料包絡分析法 ........................... 15
第二節 保證區域法 (Assurance Region, AR) ........ 18
第三節 產出、投入項的選擇 ........................ 18
第四章 資料來源與實證結果 ........................ 19
第一節 資料來源與介紹 ............................ 19
一、 KLD 資料庫 ................................. 19
二、 道瓊工業永續指數 ............................ 20
第二節 敘述性統計 ................................ 22
第三節 變數間相關性分析 ........................... 22
第四節 淨得分法之分數分析 ......................... 24
第五節 資料包絡分析法之基本模型 .................... 25
第六節 保證區域法之實證結果 ....................... 30
一、 二元羅吉斯模型 .............................. 30
二、 保證區域法 .................................. 32
第七節 綜合比較 .................................. 35
一、 涵蓋入選DJSI 企業的四分位數所需之企業數 ........ 35
二、 淨得分法與保證區域法之間的關係圖 ............... 41
第八節 企業社會績效與財務績效相關性之再檢視 ......... 43
第五章 結論與建議 ................................ 55
參考文獻 ........................................ 59
著作權聲明 ...................................... 65

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