本研究探討中國企業的企業社會責任(corporate social responsibility, CSR)揭露、價值創造和競爭力之關係。首先，採用內容分析法檢視中國企業CSR報告書揭露的資訊品質，然後整合CSR構面，以智慧資本作為競爭力(Competitive ability, CA) 代理變數的衡量指標。最後進行迴歸檢驗。
結果發現(1)個別的CSR構面對市場價值(market value, MV)的反應，存在不一致的現象。2008年的CSR品質管理構面與MV之間為顯著正相關，而CSR環境管理構面卻是顯著負相關；2009年的環境管理與MV之間為顯著正相關，品質管理卻不顯著。此結果應有助於解釋過去CSR與績效之間的矛盾結果。(2)雖然國有企業(state-owned enterprises, SOEs)與私有企業(private-owned enterprises, POEs)所有權型態有差異，但其經理人所採行的CSR活動，為其企業所創造的競爭力卻呈現無顯著的差異。而環境敏感產業(environmentally sensitive industries, ESIs)與非環境敏感產業(non-environmentally sensitive industries, NESIs)，其經理人所採行的CSR活動，為其企業所創造的競爭力呈現出顯著的差異性。另外，檢視SOEs 與 POEs、ESIs 與 NESIs各自的CSR資訊揭露對其CA的影響，關係大多為負向，僅外部關係的CSR揭露，能正向的提高企業的競爭力(但ESIs除外)。
本研究管理意涵有：一、中國的CSR和績效之間的證據對於全球其他的新興市場國家是有用的，因為其文化、法律、經濟和道德背景與已開發國家不同，故呈現的結果不同。二、中國企業對於CSR的政策目標和經濟動因，最主要來自政府和社會事件，屬於被動的從事CSR，因此CSR未能充分影響MV。三、中國的企業經理中國的企業經理人雖透過CSR的活動回應政府的政策目標和社會期待，但似乎不能有效的獲得利害關係人的認同，進而創造出企業的核心競爭力。
本研究企圖捕捉一個轉型經濟體-中國的利害關係人對企業揭露CSR訊號時所呈現出的反應，並填補新興市場國家對於這兩者之間的文獻缺口，且擴展了過去的實證結果。

This study first evaluates the quality of corporate social responsibility (CSR) information disclosed in each report, and then examines the relationships between the disclosure levels of CSR and market value (MV), and competitive ability (CA). Through content analysis and integration, based on these dimensions, using intellectual capital (IC) as a proxy variable for CA, this study proposed hypotheses and validated them through regression analysis.
Findings: (1) Disclosure levels of CSR can enhance firm’s MV in China. Further, results indicate disclosure levels of firm’s quality management significantly increased firm’s MV in 2008, but that of environmental management significantly decreased firm’s MV; on the contrary, disclosure levels of firm’s environmental management significantly increased firm’s MV in 2009. The empirical evidence of this study can probably explain the inconsistency in the extant findings regarding CSR and MV. (2) Despite the difference in ownership type, there is no significant difference in CA improvement through managers’ CSR activities between state-owned enterprises (SOEs) and private-owned enterprise (POEs). However, the difference in CA improvement through managers’ CSR activities between environmentally sensitive industries (ESIs) and non-environmentally sensitive industries (NESIs) is significant. Further comparison on the relationship between CSR disclosure and CA between SOEs and POEs and between ESIs and NESIs suggests that the relationship is mostly negative and only external relationship can positively lead to CA improvement among the Chinese enterprises (excluding ESIs).
The management implications of this study are as follows: (1) evidence of the relationship between CSR and MV in China can be generalizable to other new emerging nations with a similar cultural, legal, economic or ethical background; (2) Chinese firms’ CSR engagement is mainly driven by government policies or significant social events. They have been passive in CSR engagement, so their CSR engagement may not sufficiently influence their MV; (3) corporate managers in China react to government policies and social expectations through CSR activities, but their effort seems ineffective in gaining their stakeholders’ recognition and creating the core CA of the company.
This study also attempts to capture stakeholders’ responses to CSR signals in China, and fill the insufficiency of literature studying their relationship in new emerging nations.

TABLE OF CONTENTS
ACKNOWLEDGMENTS i
ABSTRACT IN CHINESE ii
ABSTRACT IN ENGLISH iv
TABLE OF CONTENTS	vi
LIST OF FIGURES viii
LIST OF TABLES ix

Chapter 1 Introduction 1
1.1 Background of the Problem 1
1.2 Statement of the Problem 3
1.3 Purpose of the Study 6
1.4 Significance of the Study 6
1.5 Method of the Study 7
1.6 Organization of the Dissertation	8
Chapter 2 Literature Review and Hypotheses Development	10
2.1 Corporate Social Responsibility	10
2.2 CSR in China 11
2.3 Theoretical Perspectives on CSR	13
2.3.1 Stakeholder Theory 13
2.3.2 Signaling Theory 14
2.4 Dimensions of CSR in China 17
2.5 Strategical CSR 18
2.6 Intellectual Capital and Competitive Ability 21
2.7 Hypotheses Development	23
2.7.1 CSR and Firm’s Market Value 23
2.7.2 Individual Dimensions of CSR and Market Value 24
2.7.3 State-owned Enterprise, Private-owned Enterprise, and CSR 29
2.7.4 Environmentally Sensitive Industry, Non-environmentally Sensitive Industry, and CSR	31
Chapter 3 Methodology and Empirical Model	34
3.1 Sample and Model	34
3.2 Content Analysis	36
3.3 Measures	38
3.3.1 CSR	38
3.3.2 Market Value	42
3.3.3 Competitive Ability	42
3.3.4 Control Variable	45
Chapter 4 Empirical Results and Analysis	46
4.1 Data Description	46
4.2 Results		46
4.2.1 Descriptive Statistics and Correlations	46
4.2.2 Multivariate Results	51
Chapter 5 Conclusions, Implications, and Limitations	60
5.1 Conclusions	60
5.2 Implications for Management/Research	61
5.3 Limitations and Directions for Future Research	62
Appendix	64
References	66


LIST OF FIGURES
Figure 1 Conceptual Model of the Influen of CSR on Market Value          29	
Figure 2 Conceptual Model of the Hypothesized Relationships  33


LIST OF TABLES
Table 1 Theoretical Papers on CSR	13
Table 2 Classification of Sample by Industry Pattern and Ownership Pattern	46
Table 3 Descriptive Statistics	48
Table 4 Pearson Correlation Cofficients of the MV and Individual Dimensions of CSR	49
Table 5 Pearson Correlation Cofficients of the CSR with CA Variables	50
Table 6 Regression Estimates of CSR and Market Value	54
Table 7 Comparison of the Relationship between CSR and CA between SOEs and POEs   56
Table 8 Comparison of the Relationship between CSR and CA between ESIs and
NESIs                   58

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