摘要 本文探討台灣上市櫃公司之企業社會責任及股權結構對企業財務績效之影響。依據相關文獻，以2016年台灣上市櫃的1,112筆年公司資料為樣本，採用企業雇用身障不足額之比例作為企業社會責任的代理變數，而企業財務績效則以會計為基礎(ROA與ROE)指標來作衡量。 實證結果顯示，身障人士進用不足比例與企業財務績效的衡量變數間存在顯著負相關；董監持股比例、大股東持股比例及外部股東持股比例與企業財務績效之間存在顯著正相關，顯示符合「利益收斂假說」之假說驗證。實證結果亦顯示企業財務績效除受到企業股權結構治理因素影響外，更應完善對於身障人士員工的福利機制，降低身障人士進用不足之比例，提高社會責任之社會參與部分，對於企業財務績效的表現係有顯著正面影響。 ;This paper explores the impact of corporate social responsibility and shareholding structure of Taiwan listed and OTC companies on corporate financial performance. According to the relevant literature,the company′s 1,112 annual company data of Taiwan′s listed and OTC companies in 2016 is taken as a sample, and the ratio of the company′s employment deficiencies is taken as the agency variable of corporate social responsibility. Corporate financial performance is measured by accounting-based (ROA and ROE) indicators. The empirical results show that there is a significant negative correlation between the underemployment rate of the disabled and the measurement of the corporate financial performance; there is a significant positive correlation between the shareholding ratio of the directors, the shareholding ratio of the major shareholders and the shareholding ratio of the external shareholders and the corporate financial performance .This showing the hypothesis verification that meets the "interest convergence hypothesis". The empirical results also show that in addition to the influence of corporate equity structure governance factors,corporate financial performance should improve the welfare mechanism for employees with disabilities, reduce the proportion of underemployed disabilities, and improve the social participation of social responsibility for the corporate financial performance has significant positive infulences.
