有關企業社會責任對於公司價值的影響一直存在著不一致的看法與論 述，本研究將運用Chen et al. (2007) 所提出的公司治理指數與Chen et al. (2013) 的企業社會責任指數進行迴歸分析，以探討公司治理對於企業社會責 任、公司價值和營運績效之影響。在控制內生性問題之後，迴歸結果顯示健 全的公司治理機制可以有效監督企業社會責任運作，減輕代理問題，進而提 升營運績效與公司價值。再者，董事會規模較大、獨立董事席次較多或機構 投資人持股較多者的企業，其企業社會責任運作績效會較佳。整體而言，本 研究實證結果支持健全的公司治理機制有助於企業社會責任之履行，可有效 提升企業經營績效與核心競爭力。反之，若沒有完備的公司治理機制，貿然 參與企業社會責任相關活動，則會造成公司價值與股東權益的損失。

The view on the impact of corporate social responsibility (CSR) on firm values is inconsistent. This study uses the corporate governance index proposed by Chen et al. (2007) and the CSR index of Chen et al. (2013) to examine how corporate governance structures affect the CSR, firm values, and operating performance. After controlling for endogeneity problem, regression results show that sound corporate governance mechanisms efficiently monitor firms to engage in CSR activities and mitigate agency problem, which in turn improves cost efficiency, and increases operating performance and firm values. Furthermore, firms characterized by bigger board size, higher board independence or higher institutional ownership have better operational performance in CSR after controlling for firm characteristics, industrial and year effect. Overall, our findings support that sound corporate governance mechanisms help implementation of CSR, and furthermore enhance operating performance and core competitiveness. In contrast, firms without sound corporate governance mechanisms rashly engage in CSR activities, resulting in the loss of firm values and shareholders’ equity.