本研究主要以天下雜誌官方網站所公布之2008年至2014年「天下企業公民TOP50」與2015年至2019年「天下企業公民TOP100」共12年之大型企業獎得名單，研究樣本數共312個，採多變數線性迴歸模型，以台灣經濟新報所提供之台灣上市上櫃公司資料進行實證。研究目的為以流動率、經營層風險與董監結構探討對企業社會責任的關聯性，探討善盡企業社會責任得獎之大型企業對公司績效與股價報酬率之間的關聯性，並探究公司績效與得獎企業之股價報酬率的關聯性。研究結果發現經營層風險、董監結構與天下雜誌企業公民獎得獎大型企業之總分呈現顯著相關，天下雜誌企業公民獎得獎大型企業之總分與公司績效呈顯著相關，天下雜誌企業公民獎得獎大型企業之總分與股價報酬率則無顯著相關，公司績效與股價報酬率呈顯著相關。 This research uses the list of large-scale enterprise award winners for 12 years between 2008-2014 “Top 50 Corporate Citizens” and “Top 100 Corporate Citizens” from 2015 to 2019 published on the official website of Common Wealth Magazine. The number of research samples is 312. A multi-variable linear regression model was adopted, and the empirical evidence was based on the data of Taiwanese listed companies provided by the Taiwan Economic News. The purpose of the research is to explore the relevance of corporate social responsibility based on liquidity, management risk and the structure of directors and supervisors, to explore the relevance of corporate social responsibility to the company's performance and stock price returns, and to explore the relationship between corporate performance and gains. Relevance of the company's share price return rate. The results of the study found that the risk of the management level and the structure of directors and supervisors are significantly related to the total scores of the large-scale enterprises that won the Commonwealth Magazine Corporate Citizenship Award. The total scores of large companies that won the Commonwealth Magazine Corporate Citizenship Award are significantly correlated with company performance. There is no significant correlation between the total score of the large companies that won the Commonwealth Magazine Corporate Citizenship Award and the stock price return. Company performance is significantly correlated with stock price return.
