企業社會責任的實踐，已然成為當前企業經營的「顯學」，企業以永續經營為思考主軸，是企業經營時不能漠視的動力。同時，評量企業社會責任實踐績效的機制也應運而生。雖然還沒有一套評量方式可以放諸四海皆準，但是企業社會績效與企業財務績效的正向關聯，日益獲得國際社會的認同，追求企業永續經營的永續性指數量化指標，則成為檢視企業社會責任執行效益的評分卡。 本文以道瓊永續性指數(DJSI)成份股的評選機制，做為檢核企業社會責任實踐成果的工具，並以宏碁公司為探討個案，以價值鏈模式，分析宏碁從事企業社會責任的驅動原因，並進一步以道瓊永續性指數成份股的入選評量準則，探究宏碁企業社會責任的實踐現狀與該準則間之落差，繼而提出改善建議。期望有助於宏碁及台灣其他有志於入列道瓊永續性指數之企業，強化其企業社會責任的實踐績效。 / The notion of ``Corporate Social Responsibility`` (CSR) has come to fall into place as a driver to sustain any companies' growth. While there have been lacking well recognized criteria to assess performance of companies that put CSR into actions, it has been found that their associated financial performance frequently signals the efforts. As a result, whether to be able to be listed in publicly accessible financial sustainability indexes provides a convenient yardstick for the companies enforcing the notion. In this study, given a goal to be a component in the Dow Jones Sustainability Index (DJSI), we evaluate in depth why Acer, an international brand personal computer company, has been motivated to assume the CSR as well as pursue the goal. The value-chain model is applied to gauge the strength and weakness in managements presently facing Acer. Serving other Taiwanese companies equally well, our analyses contribute to identify various dimensions in the value chain on which the company could make good improvements.

自1990年代中期，隨著環保、消費者權利、童工…等這些議題被廣泛檢討，越來越多人同意各別公司與整個社會是價值共享且相互依存的，若要達到共存共榮的理想，則公司必定要將社會責任融入其自身追求競爭力和商業策略的核心架構中。企業社會責任(Corporate Social Responsibility)並無公認標準，但一般泛指企業除了追求股東的利益極大化外，還必須兼顧員工、顧客、供應商、合作夥伴、社區團體、環境…等。 道瓊永續性指數(Dow Jones Sustainability Index)為現今資本市場衡量企業社會責任的標竿指數，而企業名列在被大眾認可的永續性指數上，就是企業可以傳達給利益相關者(stakeholders)，表明他們注重企業社會責任的訊號之一。藉由研究企業被涵蓋在聲譽卓著的永續性指數之內是否能為股東創造價值，本論文將探討企業永續發展和企業價值之間的複雜關係。 本研究利用傾向分數配對法(Propensity Score Matching)，降低進入與退出道瓊永續性指數這兩組公司間的異質性，以求得出的結果較不受公司規模、財務槓桿、產業等外在其他因素干擾。將2002至2009年間的樣本數配對後，以道瓊永續性指數作為企業社會責任之代理變數，以累積異常報酬率(Cumulative abnormal return)代表為股東創造之財富，我們追蹤資本市場對於企業進入和退出道瓊永續性指數的反應，來探討股東是否認同公司參與企業社會責任是創造價值之行為。 本研究結果顯示如下: 第一、當企業被加入道瓊永續性指數時，該企業之股東將獲得正向且顯著性的累積異常報酬率，這代表名列著名的的永續性指數是一個股東認可，且企業應追尋的目標。第二、當企業被道瓊永續性指數剔除時，該企業之股東將獲得負向但不顯著的累積異常報酬率。因此我們至少可以推論，從事企業社會責任活動，並不會破壞企業整體之價值。 / Corporate social responsibility (CSR) gradually becomes an important corporate strategy to every company in the worldwide economy. The social performance of a firm can shape the images to key stakeholders, no matter they are employees, suppliers, customers or investors, and influence decision making and relationships with the firm in the later stage. While corporations are busy engaging and enhancing CSR practices, there are few established empirical research on CSR effects and relevance in the capital markets. Hence, my thesis explores the relationship between corporate sustainability and firm value by asking whether membership on a recognized sustainability index is value generating. As stakeholders are urging that firms demonstrate their commitment to sustainability, one signal that companies can send to stakeholders to indicate that they are sustainable is membership on a recognized sustainability index. My research investigates this issue by tracing the market reaction to corporate entries and exits from Dow Jones Sustainability Index, recognized as a CSR benchmark, between 2002 and 2009. Instead of using regression models, I employ a propensity score matching (PSM) pairs design to overcome heterogeneity between different firms. My thesis highlights two main findings: a significant share price rising trend in cumulative abnormal returns (CAR) of the samples under the addition situation, suggesting that inclusion on the Dow Jones Sustainability Index (DJSI) is a goal that firms should pursue. Another is an insignificant negative stock market reaction while firms are removed from the DJSI, and I can draw from the results that, at the very least, adopting CSR doesn’t deteriorate the value of the firms. Our results suggest that the benefits of being included on the DJSI outweigh or equal to the costs associated with applying a membership on DJSI.