社會責任型投資策略：績效與社會責任之研究 / The growth of Responsible Investment (RI) concept has triggered considerable debates on Performance vs. Philanthropy, both academically and professionally, within the investment world. More and more institutional investors are adopting the United Nations’ Principle for Responsible Investment into their investment process. This study investigates the potential performance difference between Responsible Investment strategies and the broad market returns in United States, Europe, Asia Pacific, and the Global market. Two religious RI strategies, Catholic value index and Shari’ah index, are included in the U.S. market performance analysis. Based on the findings from this study, RI indexes have higher returns than the counterpart market benchmarks in general; however, the out-performance is not statistically significant to be conclusive. The findings also reveal higher beta and volatility for some RI indexes which suggest that RI strategies may be more risky than broad market. Both Sharpe ratio and Information ratio suggest that RI is a better choice than passive broad market investment, with Europe being the only exception; however, the excess returns are so small that they are virtually zero. Overall, the oldest forms of RI, Shari’ah RI strategy, has yielded eye-catching results and holds high promise to be considered statistically significant with longer data set period. The results from this study concluded that RI yield a very competitive return against broad market benchmarks, and suggests Taiwan Asset Management firms to offer additional RI products. In addition, this study confirms that the findings from previous empirical analyses are still valid after September 11th terrorist attack and the 2008 financial crisis. Key words: Responsible Investment, Social Responsible Investment, ESG Investment, CSR Investment, Ethical Investment, Religious Investment, Islamic Finance, Shari’ah Investment, Index, Environmental Alpha, and Social Alpha.

邁入二十一世紀，企業社會責任已逐漸發展成一種新興的產業。因為企業社會責任在全球化浪潮的襲捲下，不論是先進的歐美國家或急速發展的新興國家還是台灣，企業善盡社會責任早已成為世界追求永續發展的方法與趨勢。 　　因此本研究採取個案研究法訪問六間企業，想要了解在不同的產業別及本土、外商不同體系下所實行的社會責任是否有差異之處？並試著找出台灣企業社會責任未來應發展的方向。 　　根據訪談結果及文獻資料整理後，本研究茲提出下列十一項命題： 1.台灣本土企業與外商企業自身的文化、願景、價值觀、理念皆會對　企業社會責任的行為產生影響。 2.台灣本土企業的營收狀況愈好，企業願承擔更多的企業社會責任、　做更多的事。若獲利減少，或支出成本增加時，則企業只會實行應　盡或原有長期執行的社會責任；外商企業則因實行社會責任的預算　是較固定的且金額不大，因此較不受營收狀況的影響。 3.台灣本土及外商企業皆認為實行企業社會責任有助於提升企業的競　爭力，特別在提升企業形象及凝聚員工向心力方面。 4.外商企業所實行的社會責任皆由母國總公司訂出主軸、大方向，其　餘由各地區的子公司或分公司依總公司所訂的原則自行發揮。但在　彈性上依母國文化不同而略有差異。 5.台灣本土及外商企業實行社會責任的動機皆抱持著取之於社會、用　之於社會的回饋心態以及為了良好的企業形象及永續的經營。 6.台灣本土及外商企業實行社會責任的範圍皆由近而遠、由親而疏開　始做起。 7.台灣本土及外商企業所實行的社會責任與企業所屬的產業別及企業　產品或品牌皆有相關性。 8.台灣本土及外商企業實行社會自發責任的決定權與執行權通常由公　關部門負責，若與環境保護相關的責任，則由製造部門負責。 9.外商企業較重視「企業永續性報告書」的發行；台灣本土企業對於　發行「企業社會責任報告書」則較忽略或仍在起步階段。 10.台灣本土企業及外商企業大部分仍停留在回應式企業社會責任　　 (Responsive CSR)，尚未發展到策略性企業社會責任(Strategic 　 　CSR)。 11.台灣本土企業偏好成立自家基金會實行自發性的社會責任而外商企　 業偏好直接捐助或與非營利事業組織合作實行自發性社會責任。 /

企業社會責任從1980年開始就已經在西方國家廣為討論，隨著經濟自由化與全球化，加上聯合國秘書長安南的推動，國際間越來越多的企業也開始把企業社會責任結合公司營運策略運行。台灣從2000年起由政府、企業、民間組織提倡CSR宣導，讓企業除了經營行為之外，也在公司治理、環境保護、企業承諾、社會保護各方面推動企業社會責任。 石化產業是發展國家經濟最重要的產業，對社會責任中的環境與社會保護面影響最大。如何在面對企業社會責任落實，同時做好石化業永續經營，提升企業價值，是這些國際大型石油公司一直以來所努力的目標。 在本次研究中，我們可以觀察到，企業的發展和企業社會責任是非常密切的，企業唯有積極的作為，把企業社會責任與企業經營策略和目標結合，才能為企業的永續發展創造更佳的經營環境、建立良好的企業形象，最終提升企業價值。另外也發現到國際大型石油公司都把永續經營的經營理念作為企業發展策略的重要組成部分，在永續發展方面對企業社會責任的投入範圍相當全面，從企業內部的核心事業到企業外部的環境、社會、經濟等層面。 在台灣，石化業的產業特性對環境及社會的衝擊重大，以致石化業的擴大規模投資非常困難，進而影響國際競爭力。中油積極想成為世界前150大企業，可以好好借鑒國際大型石油公司對石化業的前瞻性、對企業和組織的經營管理經驗、對社會和環境的永續的投入，加快公司的經營改革、全面的企業社會責任作為。相信在不久的未來，中油邁向國際大型企業應可期待。

在全球化變化快速的今天，企業如何達到永續經營的願景，是目前最受矚目的話題！放眼世界各國對於社會責任投資的重視與執行，自1920 年開始，至今已行之多年，但反觀台灣投資市場，社會大眾對於其概念仍非常陌生，甚至在企業社會責任的施行上尚不普遍。本文內容主要敘述社會責任投資之歷史背景、基本意涵、施行的策略以及相關平等的指標。本研究中，藉由台灣勞工退休基金師法世界各國退休基金亦欲採用社會責任投資之策略，因此，以介紹各國採行社會責任投資之退休基金為例，期從中獲得寶貴的經驗，並在實際的推動上能夠制定相關政策，使企業社會責任為台灣企業健全企業經營之首要目標，積極投入社會責任投資、為台灣地區設立標竿之實際行動，予以台灣地區、甚至是全球各地投入努力之企業，一個明確之概念與方向。 本研究除了在於提倡企業主必須以企業的社會責任為首要考量之外，政府也必須注重相關的推導以及制定良好的評等機制，除了讓社會責任投資的觀念根深蒂固的帶入台灣人民生活中，也使得台灣的勞工退休基金藉由社會責任投資位勞工帶來更多更大的福利。

當企業社會責任風潮在全球蔓延，企業追求經濟、環境、社會三個構面的完整度，台灣也越來越多獎項肯定企業對社會的付出。麥可‧波特提出策略性企業社會責任，認為企業盡社會責任時，應該結合其核心能力與策略，方能達到最好的成效。 當文化創意的種子在台灣散播，我們看到越來越多企業與藝文合作，不論是在回饋社會、公關或是結合其行銷策略，蔚為趨勢。而大多企業在參與藝文時，都將之歸類於其企業社會責任的一環，過往論述探究了企業參與藝文的動機、影響因素、合作模式後，期能從中找到讓企業與藝術雙贏的局面。 企業參與藝文的議題，從過往文獻的藝企合作(Arts & Business)架構來看雙方的所得；除企業與藝文，是否能對社區有所回饋；而既然被歸類為CSR議題之一，以策略性CSR的架構來檢視，是否有結合策略意涵、核心能力，讓CSR對企業有更多貢獻。本研究提出兩個在企業社會責任深獲肯定、在企業參與藝文也深獲認同的企業，希望從中以企業藝文合作、企業與社區、策略性企業社會責任三個層次檢視他們參與藝文的成效，也將這樣的模式擴大發想，期能對企業參與藝文這個領域有更大助益。 / Corporate Social Responsibility (CSR) becomes a trend in the world and the enterprises follow the triple bottom line - Environmental, Economic, and Social for a better performance. Michael Porter proposed Strategic Corporate Social Responsibility which mentioned the best CSR should integrate corporate’s core competence and strategy. More and more enterprises are funding arts and cultural activities to give back to the society, to maintain their public relationship image, or to coordinate with marketing strategy. Most of these events are considered as a part of CSR. Past researches were hoping to find a win- win situation between the enterprises and art functions by studying the motivation, influential factors and the types of cooperation. This paper used two case studies of the enterprises which are well recognized in the fields of both Arts & Business and CSR. We evaluated the effectiveness of the outcome with the following three steps. First, we looked at the benefits under the Arts & Business perspective, and the contribution made to the suburbs. Last, we applied Strategic CSR to see if the result is correlated to their core strategy and core competence.

數據進入難民的夢想：社會責任與人道主義的業務流程外包之三方夥伴關係 / Data Entry Refugees Dreams is to sign a long-term tripartite partnership agreement with Digital Divide Data (DDD) and the Thai-Burma Border Consortium (TBBC). Data Entry Refugees’ Dreams will offer data entry services to customers outside the borders of the refugee camp with no need for them to go outside of the camp thanks to the internet and communication technology. As its name states, Refugees Dreams will represent an opportunity to make the dreams of refugees come true. Its employees will be 100% refugees who are living in Mae La Refugee Camp in Mae Sot, Thailand. To be recruited, the potential employees of Data Entry Refugees Dreams will have to possess basic Computing and English skills and have already obtained a high school diploma, which are the basic academic requisites for this kind of job. Also, they will have to convince the Management Team that they deserve to work for this company and that they are striving to make their dreams come true. They will have to write and present their dreams to the recruiters. The selected candidates will be those that have a clear plan to achieve their dreams, and those whose dreams will benefit the refugee community in general. The market size of data entry services is worldwide; there are not borders or limits for this kind of industry. Customers come from all over the world. According to a 2010 report prepared by the Asian-Oceanian Computing Industry Organization (ASOCIO) and the accounting firm Klynveld Peat Marwick Goerdeler (KPMG), only India's IT-BPO market, which accounts for 51% of the global market shares, could be valued at as much as US $285 billion in the year 2020. Global demand for outsourcing services has been in constant rise at an average of 4.9% per annum since 2008, and is expected to continue until 2020, if not more. There is gross potential for a productive skilled work force, especially those at very low cost. The partnership with Digital Divide Data (DDD), will not only give Refugees’ Dream access to technology, equipment, experience and training but will also give access to a huge range of customers that choose DDD among other outsourcing companies because they want to make a difference and have identified that job creation is a good contribution to the solution to poverty and lack of development in some countries. TBBC will have a supporting role, in the sense that they will manage the budget of Refugees Dreams, will give management and legal support, and will manage the grants that will be possible thanks to the revenues generated by Refugees Dreams. Refugees Dreams will offer to its partners not only the access to a qualified, low cost, and in need of humanitarian assistance workforce, but also the accomplishment of their common goal of helping and assisting disadvantaged people By doing this, DDD will expand its social impact to a humanitarian impact since unlike its employees in Cambodia and Laos, refugees have no freedom of movement or transit in Thailand, or legal documents to apply for jobs. They have to remain within the borders of the camp where the humanitarian conditions are harsh; there is not enough food, medicine, education and opportunities. They are 100% dependent on humanitarian aid. The revenue that will be generated by Refugees Dreams will also benefit the other member of the tripartite agreement, the TBBC, because it will also support the efforts of TBBC in developing the refugee community of Mae La, which is part of their main objectives. The TBBC will manage the revenues obtained by the partnership to be distributed in the form of grants to the refugees who at the same time will receive training about entrepreneurship and savings from TBBC, as already implemented by their Entrepreneurship and saving project. Giving jobs to the refugees would have not only a social, but also a humanitarian impact which is recognized worldwide. With jobs, they not only gain economic independence, they gain dignity and the psychological effect of being productive and having a purpose in their life. They will also have a hope of change in their situation, since by receiving grants they will strive to see their dreams come true. Refugees Dreams is seeking seed capital of 113,650 USD, mostly to guarantee enough cash to assume the investment of equipment and the training required to start operations. Running cost cash expenditures are not required because the company will generate enough cash from the first month of operations to assume those payments. Refugees Dream projects a gross surplus of 425,211 USD in year one, representing a net surplus of USD 175,135 and an accumulated net income of USD 900, 035 after year five, with a NPV of USD 409,852.54 a payback within one year and an IRR of 175.51%. By establishing Data Entry Refugees Dreams, not only the 100 employees that are planned to be hired will be benefited. Take into consideration the Entrepreneurship Development, Grant and Savings project implemented by the Thailand Burma Border Consortium (TBBC) which grants USD 80.00 to each selected and trained refugee to start their own business. With the surplus of USD 175,135 Refugees Dreams would benefit 2,189 refugee families in the first year and as consequence motivate the development of their community. With the 179,063 USD of net income projected for year two, another 2238 refugee’ families would be benefited. By the end of year 5, the accumulated number of direct beneficiaries would amount to a total of 11, 350 families and a total of 22,700 indirect beneficiaries, summing 34,050 potential beneficiaries which represent more than 60% of the total refugee population of Mae La. Realizing the dreams of the refugees living in Mae La Camp is the main purpose of Refugees Dreams and that is how the success and impact will be measured. The number of dreams started will be the indicators, but the ones that will be achieved will represent the accomplishments and the fulfilment of Refugees Dreams’ Mission.

此篇論文主要希望能藉由探討國際社會責任投資的發展狀況，研究目前國際間對於社會責任投資的看法，以及分析主要國家的社會責任投資指數，進而評估台灣對於社會責任投資指數的編制操作。由於社會責任投資浪潮已在國際間盛行已久，不但帶起社會責任基金的出現，更伴隨著社會責任投資指數的需求性大增。社會責任投資指數不僅成為基金經理人的選股基礎，也成為社會責任投資人的投資依據，讓企業有個公正客觀的評定準則來遵循社會的責任性。因此本篇論文研究將從社會責任投資指數的各種評選準則與編制方式來進行分析討論，作為將來台灣金融市場編制社會責任投資指數的一個參考依據。

隨著社會、政治、經濟、以及國際環境之變遷，企業在社會中所扮演的角色愈來愈重 要，企業不僅是經濟機構，同時也是社會機構，因此，企業的社會責任問題已日益受 到社會各界的關切和重視，一方面大眾要求企業承擔社會責任的呼聲日益高漲，另方 面要求企業提供和報導有關社會影響的資訊愈迫切，有鑒於此，作者乃有從事撰寫本 文之動機。 本論文共分為六章十九節，其內容概要如下： 第一章緒論：敘述研究動機、目的、範圍、方法及架構。第二章闡明企業社會責任的 意義，以及此等觀念產生的時代背景及其演變趨勢。第三章探討企業社會責任的內容 ，並對影響企業承擔社會責任的相關因素加以分析。第四章介紹企業社會會計的目的 及若干基本概念。第五章說明企業社會會計的衡量的方法、報告準則及報告方法，最 後並舉例探討。第六章為全文之總結，並提出改進的建議。

近年來各大企業與民眾對於企業社會責任（CSR）之態度愈見積極，社會責任投資（SRI）亦於歐美市場上蓬勃發展，尤其以社會責任共同基金成長最為迅速。本文除了對社會責任投資之發展、策略做一敘述外，亦以Sharpe所提出之報酬率風格分析方法（Return-based Style Analysis），分析社會責任共同基金與一般型共同基金報酬率受各資產風格影響之差異。我們除了檢驗傳統的大型、小型股與成長、價值型股風格外，還引入了兩種社會責任投資指數代表社會責任投資風格。結果發現，社會責任投資共同基金和一般型基金相比下，社會責任基金之報酬似乎更偏重於受大型股報酬影響；但社會責任共同基金之報酬率受傳統資產分類風格之影響情形，在統計上並不顯著異於一般型共同基金；而就超額報酬 而言，社會責任基金之 較一般型基金來得高，然而兩者間之差距並不顯著且均為負值。然而我們發現，除了傳統的資產分類外，社會責任基金之報酬確實受社會投資風格顯著地影響，此外，BMS（KLD Broad Market Social Index）較DJSI（Dow Jones Sustainability United States Index）為一更全面性、亦更能鑑別社會責任基金報酬率風格之社會投資指數。 / For seeing that corporations and consumers are getting serious about Corporate Social Responsibility (CSR) and Socially Responsible Investing (SRI) is gaining its popularity in Europe and United States, this dissertation focuses on this subject, especially SRI mutual funds. In the paper we describe the development and strategies of SRI, and we also apply William F. Sharpe's method of return-based style analysis to assess SRI and regular fund performances. Apart from traditional capitalization and growth/value-oriented style indices used in style analysis, we also use two SRI indices to represent the style of SRI. We found that SRI fund returns seem to be more affected by large-cap stock returns than conventional fund returns, and SRI funds also have bigger alpha than conventional ones, but there is no significant different between style configurations of two type of funds either. However, we are confident that SRI mutual funds do have a special investing style that explained best by SRI indices. And we found that KLD Broad Market Social Index is a better index of indicating the SRI style than Dow Jones Sustainability United States Index.

經濟全球化的結果，對勞工權益造成諸多不利，也引發了世界上對於經貿與勞動人權的廣泛爭論，近年來高漲的勞動人權意識不斷與國際經貿產生衝突，每每在各種國際貿易會議場所外引發大規模的抗爭。不過，也因為如此，近年來在國際勞動人權與經貿全球化之間似乎也產生了新的發展走向。 在全球化的過程中，國際貿易活動迅速發展並不令人意外，但在此過程中，要如何調和勞工權益，一直都是開發中國家與已開發國家所難以定調之處。自從世界貿易組織（World Trade Organization, WTO）於一九九四年成立之後，雖對於環境保護議題逐漸取得共識，但對於勞動人權保障之問題，尤其對於應否建構國際勞動基準的連結問題，自一九九六年新加坡部長會議正式浮出檯面之後，至今仍無法進一步取得共識。 世界上對於勞動人權與國際貿易連結的討論，主要以國際勞工組織與世界貿易組織為中心，一連串的討論在近年來沒有停止過，近十年來歐美已開發國家的消費者，開始關注跨國企業的社會責任問題，他們透過抵制消費來要求企業需承擔社會責任，改善海外工廠的勞工問題，勞工團體及大眾媒體，也透過遊行示威等活動，抵制企業銷售剝削勞工而成的產品，迫使企業制定了各自的社會責任標準，很多行業別、區域性及全球性的政府及非政府組織，也都分別制定了不同的標準。 然而，這些標準尚欠缺有效的統整而導致了各種標準紛亂之情勢，讓企業不僅要推動公司內的社會責任標準，同時也要遵行各界不同的標準，以因應不同團體的需求，甚至有些企業整天忙於相關檢驗，可說是不堪其擾，甚至投入大量資源在相關檢驗卻沒有得到應得的效果。那些相關的標準可能有不同的定義、不同的流程，這樣的紛亂造成了相關標準公信力大失的後果。不可否認的，不少企業將社會責任視為一種公共關係，甚至是一種廣告效果，並利用企業社會責任作為其短期利益獲取之工具。 企業社會責任（corporate social responsibility, CSR），廣義而言是企業在獲取營利的同時也要兼顧社會各層面的道德責任。然而，從古至今，會自動自發肩負起社會責任的企業少之又少。因此，透過國際組織與國家政府的規範加以監督是無法避免的。在這場遊戲中，國際組織、國家與企業，原則上都可以認同企業社會責任的概念，然而各自卻都打著如意算盤，運用各種力量，試圖將企業社會責任帶向對己方有利的局面。 由研究中可得知，從消極的遵守規範到積極的合作模式，這似乎是近十年來企業社會責任的大方向，雖然期間經歷許多問題與爭論，但可以確定的是，大方向並無改變，至於如何在正確的方向中公平公正地實踐跨國企業社會責任，國際勞工組織在此方面已經做出了良好示範，至於跟進與否，相當值得各界進一步思考。