本研究以S&P 500企業為對象，探討股東利益觀點、社會績效與企業價值間之關聯性。股東為企業利害關係人之一，然而，股東兼具企業之法定所有人身分，企業為了滿足股東之利益，常會違背其他利害關係人對於企業之期望，以往企業經營總以股東為重，隨著企業社會責任之發展，企業經營從以往重視單一股東需求的觀念慢慢轉變成照顧多元利害關係人，開始逐漸重視各方利害關係人之期望，故股東與其他利害關係人間之關係，對於企業價值有何影響，乃是十分值得研究之議題。
本研究參考Axinn, Blair and Thack (2004)的倫理道德與社會責任認知量表，分為股東與其他利害關係人等兩個群體，藉此來研究股東與其他利害關係人間之關係對於企業價值有何影響。以Axinn et al, (2004)之股東觀點問項，選用企業之獲利能力、營運效率與競爭力等來衡量其股東利益觀點。社會績效則是採用KLD Database所提供之社會績效指標作為衡量，企業價值部分選用能反映有形與無形資產相對價值之Tobin’s Q。
本研究以結構方程模式（Structural equation model）分析同年度之股東利益觀點、社會績效與企業價值間之關聯性，並加入時間序列之概念，進行跨期間的比較，以此建構股東利益觀點、社會績效與企業價值間之關聯性模型。實證結果顯示，股東利益觀點有助於提升當年度或下年度之企業價值，此外，驗證了在資源寬鬆理論的主張下，企業之股東利益觀點能透過擁有寬鬆的資源分配，使其社會績效之提升。而社會績效有助於提高企業價值，則是驗證了良好管理理論之主張。

This research investigates the relationship among stockholder-oriented view, social performance and firm value of the constituents of S&P 500. Stockholders are considered as one of the many stakeholders of a firm and act as legal owner. In the past, profits are often stockholder oriented. Many times, decisions have been made to favor stockholders at the cost of sacrificing stakeholders’ interests and expectations. However, as corporate social responsibility prevails, firms in turn have switched their attention to the satisfactory of the stakeholders. Hence, whether the relationship among stockholders and the rest of the stakeholders will impose effect on firm value is ripe for further analysis.
This research references the perceived role of ethics and social responsibility from Axinn, Blair and Thack (2004), meanwhile, distinguishes stockholders from the rest of the stakeholders in order to analyze the possible effect that the relationship (i.e. among stockholders and stakeholders) may have imposed on the firm value. Based on Axinn et al, (2004)’s stockholder-oriented view, this research includes firm profit yields, operating efficiency and competitiveness as proxies to evaluate stockholder-oriented view, and in the mean time, adopts social performance index provided by KLD Database to evaluate social performance. As for measuring firm value, the Tobin’s Q serves as proxy since it reflects the relative value of a firm’s tangible and intangible assets. 
The relation among stockholder-oriented view, social performance, and firm value is analyzed using structural equation model, meanwhile, time-series’ analysis is adopted for cross-period comparative evaluation. Finally, these modules construct the relational model of stockholder-oriented view, social performance and corporate social performance. 
The main implication of this study indicates that the stockholder-oriented view helps in raising firm value in current year or subsequent year. In addition, the result evidences that under the slack resource theory, stockholder-oriented view can enhance social performance via allocating slack resource. Furthermore, the fact that social performance raises firm value evidences the good management theory.

目　　錄
第壹章　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	3
第四節　研究流程	5
第貳章　文獻探討	6
第一節　企業社會責任	6
第二節　利害關係人理論	10
第三節　股東利益觀點	11
第四節　社會績效	13
第五節　股東利益觀點、社會績效與企業價值間之關係	15
第参章　研究方法	19
第一節　觀念性架構	19
第二節　研究期間與對象	20
第三節　變數定義與衡量	21
第四節　資料分析方法	25
第肆章　實證結果與分析	27
第一節　相關分析	27
第二節　效度分析	28
第三節　差異分析	31
第四節　結構方程模式分析	37
第伍章　結論與建議	49
第一節　研究結論	49
第二節　管理意涵	51
第三節　研究貢獻	52
第四節　研究限制與建議	53
參考文獻	55
中文文獻	55
英文文獻	55

表　目　錄
表2- 1　PRESOR量表	13
表2- 2　利害關係人關係與競爭優勢	14
表2- 3　社會績效行為	14
表3- 1　研究假說與問題彙總表	20
表3- 2　財務績效與社會績效關聯性之研究	21
表3- 3　股東利益觀點	21
表3- 4　KLD涵蓋範圍	22
表3- 5　KLD社會績效實證研究	23
表3- 6　KLD指數	24
表3- 7　結構方程式之整體適合指標	26
表4- 1　2006年度各研究構面之相關分析	27
表4- 2　2007年度各研究構面之相關分析	28
表4- 3　2008年度各研究構面之相關分析	28
表4- 4　2006年度股東利益觀點之個別項目效度與適合度	29
表4- 5　2007年度股東利益觀點之個別項目效度與適合度	29
表4- 6　2008年度股東利益觀點之個別項目效度與適合度	30
表4- 7　2006年度股東利益觀點之相關分析	30
表4- 8　2007年度股東利益觀點之相關分析	30
表4- 9　2008年度股東利益觀點之相關分析	31
表4- 10　產業別對股東利益觀點(2006)差異之單因子變異數分析	33
表4- 11　產業別對社會績效(2007)差異之單因子變異數分析	34
表4- 12　產業別對企業價值(2008)差異之單因子變異數分析	34
表4- 13　年度對股東利益觀點差異之單因子變異數分析	36
表4- 14　年度對社會績效差異之單因子變異數分析	36
表4- 15　年度對企業價值差異之單因子變異數分析	36
表4- 16　2006年度之結構方程模型分析表	38
表4- 17　2006年度之殘差分析表	38
表4- 18　2007年度結構方程模型分析表	40
表4- 19　2008年度結構方程模型分析表	41
表4- 20　2008年度之殘差分析表	41
表4- 21　2006年~2007年結構方程模型分析表	43
表4- 22　2006年~2007年之殘差分析表	43
表4- 23　2006年~2008年結構方程模型分析表	45
表4- 24　2006年~2008年殘差分析表	45
表4- 25　研究假說彙總表	48


圖　目　錄
圖1- 1　研究流程圖	5
圖2- 1　企業社會責任金字塔圖	8
圖2- 2　企業社會責任三個範疇	9
圖3- 1　本研究之觀念性架構圖	19
圖4- 1　2006年度股東利益觀點、社會績效與企業價值結構方程模式圖	39
圖4- 2　2007年度股東利益觀點、社會績效與企業價值結構方程模式圖	40
圖4- 3　2008年度股東利益觀點、社會績效與企業價值結構方程模式圖	42
圖4- 4　2006年~2007年股東利益觀點、社會績效與企業價值結構方程模式圖	44
圖4- 5　股東利益觀點、社會績效與企業價值動態結構方程模式圖	46

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