福岡工業大学 学術機関リポジトリ

福岡工業大学 学術機関リポジトリ

The Relationship Between CSR and Financial Performance in China － Empirical Analysis of Tourist Firms in Mixed World Heritage Site using Panel Data －

言語: jpn 出版者:

公開日: 2022-12-20 キーワード (Ja):

キーワード (En):

作成者: 王, 氷, 李, 文忠 メールアドレス:

所属:

メタデータ

http://hdl.handle.net/11478/00001748

URL

⚟ᒸᕤᴗ኱Ꮫ⥲ྜ◊✲ᶵᵓ◊✲ᡤᡤሗ ➨ 5 ྕ㸦 2022 ᖺ 10 ᭶㸧

୰ᅜ࡟࠾ࡅࡿ CSR ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

㸫ୡ⏺」ྜ㑇⏘ಖ᭷ᆅ࡟࠾ࡅࡿほග௻ᴗࡢࣃࢿࣝࢹ࣮ࢱࢆ⏝࠸ࡓᐇドศᯒ㸫

⋤ ị㸦஑ᕞ኱Ꮫ ኱Ꮫ㝔ᆅ⌫♫఍⤫ྜ⛉Ꮫᗓ ༤ኈᚋᮇㄢ⛬㸧

ᮤ ᩥᛅ㸦⚟ᒸᕤᴗ኱Ꮫ ኱Ꮫ㝔♫఍⎔ቃᏛ◊✲⛉ ᩍᤵ㸧

The Relationship Between CSR and Financial Performance in China

ʷ Empirical Analysis of Tourist Firms in Mixed World Heritage Site using Panel Dataʷ

WANG BingʤDoctor’s Program, Graduate School of Integrated Sciences for Global Society, Kyushu Universityʥ RI BunchuʤProfessor, Graduate School of Socio-Environmental Studies, Fukuoka Institute of Technologyʥ

1. ࡣࡌࡵ࡟

ᮏ✏ࡣ㸪୰ᅜࡢୡ⏺」ྜ㑇⏘

¹⁾

ಖ᭷ᆅ࡟࠾ࡅࡿ㛵㐃௻ᴗࡢ

♫఍ⓗ㈐௵㸦 CSR 㸧࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆ᫂ࡽ࠿࡟

ࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡍࡿࠋ௻ᴗࡢ♫఍ⓗ㈐௵㸦 Corporate Social Responsibility, ௨ୗ CSR ࡜⛠ࡍࡿ㸧ࡣ SDGs 㸦ᣢ⥆ྍ⬟࡞㛤

Ⓨ┠ᶆ㸧࡜ SDGs ࡢ௻ᴗ⾜ືᣦ㔪㸦 SDG Compass 㸧ࡀබ⾲ࡉ

ࢀࡿ࡟ࡘࢀ࡚ , ࡼࡾලయⓗ࡞┠ᶆ࡜ᐇ⾜ᛶࡀ᫂☜࡟♧ࡉࢀࡿ

ࡼ࠺࡟࡞ࡗࡓࠋ㏆ᖺ࡛ࡣ㸪ᆅ⌫⎔ቃၥ㢟㸪௻ᴗࡢ୙⚈஦ࡢከ

Ⓨ㸪࠶ࡿ࠸ࡣᕷሙࡢࢢ࣮ࣟࣂࣝ໬࡟ࡼࡗ࡚ࡶࡓࡽࡉࢀࡿㅖ ၥ㢟ࢆ⫼ᬒ࡟㸪௻ᴗࡢ♫఍ⓗ㈐௵࡟ᑐࡍࡿྲྀࡾ⤌ࡳࡀぢ┤

ࡉࢀ㸪 CSR ࡟✚ᴟⓗ࡟ྲྀࡾ⤌ࡴ௻ᴗࡀୡ⏺୰࡛ቑ࠼⥆ࡅ࡚

࠸ࡿࠋࡇࢀࡲ࡛ࡢࡼ࠺࡞௻ᴗࡀႠ฼ࢆ┠ⓗ࡜ࡋࡓᕷሙ⤒῭

ཎ⌮࡟ᇶ࡙࠸ࡓᚑ᮶ᆺࡢⓎᒎᡓ␎ࡣ⾜ࡁワࡲࡗ࡚࠾ࡾ㸪ᣢ

⥆ྍ⬟࡞Ⓨᒎ㸪ࡍ࡞ࢃࡕᨻᗓ㸪ᆅ᪉⮬἞య㸪⏘ᴗ⏺㸪ປാ⤌

ྜ㸪ᾘ㈝⪅ᅋయ㸪 NGO 㸪ᑓ㛛ᐙ࡞࡝ከᵝ࡞฼ᐖ㛵ಀ⪅㸦࣐ࣝ

ࢳࢫࢸ࣮ࢡ࣍ࣝࢲ࣮㸧࡜ඹᏑࡋ࡚࠸ࡃⓎᒎᡓ␎࡟㌿᥮ࡋ࡞

ࡅࢀࡤ࡞ࡽ࡞ࡃ࡞ࡗࡓ㸦ᮤ࣭㔝ୖ࣭ோ⛉ 㹙 2009 㹛㸧ࠋ᪥ᮏ

࡛ࡣ , ⤒ᅋ㐃ࡀ ISO26000

^2㸧

ࡢࢥࣥࢭࣉࢺࢆྲྀࡾ㎸ࢇ࡛㸪 2017 ᖺ࡟ࠕ௻ᴗ⾜ື᠇❶ ʊ ᐇ⾜ᡭᘬࡁ➨ 7 ∧ࠖࢆබ⾲ࡋࡓࡀ㸪ࡑ ࡢ⤖ᯝ CSR ᣦ㔪ࢆ᭷ࡍࡿᅜෆ௻ᴗࡢẚ⋡ࡣ୰ᑠ௻ᴗࢆྵࡵ

ࡿ࡜ 35 㸣࡟࡞ࡗ࡚࠸ࡿࠋᣢ⥆ྍ⬟࡞♫఍࡟ྥࡅࡓࠕ Society 5.0 ࠖᐇ⌧ࢆ㏻ࡋࡓ SDGs ࡢ┠ᶆ㐩ᡂࡀ㔜どࡉࢀ࡚࠸ࡿヂ࡛

࠶ࡿ

³⁾

ࠋ

୰ᅜ࡛ࡣ , 2014 ᖺ 10 ᭶࡟ᨻᗓࡀⓎ⾲ࡋࡓࠕ୰ᅜඹ⏘ඪ୰

ኸᨻ἞ᒁጤဨ఍࡟ࡼࡿἲ἞ᅜᐙࡢ᥎㐍࡟㛵ࡍࡿⱝᖸࡢ㔜኱

ၥ㢟ࡢỴ㆟ࠖࡢ୰࡛ࠕ௻ᴗ࡟࠾ࡅࡿ♫఍ⓗ㈐௵ࡢ❧ἲࠖ࡟ࡘ

࠸࡚ゝཬࡉࢀ࡚࠸ࡿࠋ௻ᴗࡢ♫఍ⓗ㈐௵࡟㛵ࡍࡿព㆑ࡣ

᪥ࠎ㧗ࡲࡾ , ௻ᴗ࡟࠾ࡅࡿ♫఍ⓗ㈐௵ࢆᢅࡗࡓሗ࿌ࡢබ⾲

ᩘࡣ 2009 ᖺ࡟ࡣ 736 ♫ࡔࡗࡓࡶࡢࡀ 2021 ᖺ࡟ࡣ 1926 ♫࡟

ࡲ࡛ቑ࠼ , ࡯ࡰಸቑࡋ࡚࠸ࡿࡢ࡛࠶ࡿ㸦Ẃ௚㹙 2021 㹛 3 㸧ࠋࡲ

ࡓ , ୰ᅜ࡛ࡣࠕ࿴ㅊ♫఍㸦ㄪ࿴ࡢ࡜ࢀࡓ♫఍୺⩏♫఍㸧ࠖࡢ ᵓ⠏࡟୙ྍḞ࡞ປാၥ㢟㸪⭉ᩋၥ㢟 , ㈋ᅔၥ㢟࡞࡝ࡢ♫఍ၥ 㢟ࢆゎỴࡍࡿᡭẁ࡜ࡋ࡚㸪ࡉࡽ࡟ᛴ㏿࡞⤒῭Ⓨᒎࢆ⫼ᬒ࡟

㢧ᅾ໬ࡋࡓ⎔ቃ࣭⏕ែ⣔ಖ඲࡬ࡢᑐᛂ࡜ࡋ࡚㸪௻ᴗ⤒Ⴀ࡟࠾

࠸࡚ࡶ CSR ࡢྲྀ⤌ࡀႚ⥭࡞ㄢ㢟࡜࡞ࡗ࡚࠸ࡿࠋ

୍᪉ , ほග⏘ᴗ࡟┠ࢆྥࡅ࡚ࡳࡿ࡜ , IUCN ୡ⏺බᅬ఍㆟

࡛ࡣ࢚ࢥࢶ࣮ࣜࢬ࣒㸦⮬↛ಖㆤࡢࡓࡵࡢ㈨㔠ㄪ㐩 , ᆅᇦ♫఍

࡬ࡢ⤒῭ⓗ฼┈㹙㞠⏝㹛 , ⎔ቃᩍ⫱㸧ࡀᥦၐࡉࢀ , ࢧࢫࢸࢼࣈ

ࣝࢶ࣮ࣜࢬ࣒㸦ᣢ⥆ྍ⬟࡞㛤Ⓨࡢཎ๎࡟ᚑࡗࡓほග㸧࡞࡝ࡢ

⌮ᛕࡶᥦၐࡉࢀ࡚࠸ࡿ㸦⸨✏㹙 2021 㹛 7-28 㸧ࠋୡ⏺ྛᆅ࡛ከ ࡃࡢୡ⏺㑇⏘ࡀᢎㄆࡉࢀࡓࡀ , ࡑࢀࡽࡣほග㈨※࡜ࡋ࡚ᆅᇦ άᛶ໬ࡢ࢝ࢠࢆᥱࡗ࡚࠸ࡿࠋ୰ᅜᅜᐙᯘⲡᒁ࡟ࡼࡿ࡜ , ୰ᅜ ࡢୡ⏺⮬↛㑇⏘࡜」ྜ㑇⏘࡟࠾ࡅࡿᖺ㛫ほග཰┈ࡣ 140 ൨

ඖ㉸㸦⣙ 2,240 ൨෇ , 㸯ඖ =16 ෇㸧࡟ୖࡗ࡚࠸ࡿࠋ

ࡋ࠿ࡋ , ࣌ࢲ࣮ࢭࣥ㹙 2008 㹛࡜ῐ㔝㹙 2008 㹛࡟ࡼࢀࡤ , ከࡃ ࡢୡ⏺㑇⏘࡟࠾࠸࡚ , ほගᐈࡢቑຍ࡟ࡼࡿ⟶⌮ୖࡢၥ㢟 , ၟ Abstract

In this study, we empirically analyzed the relationship between CSR and financial performance using panel data from 2012 to 2019 for tourism firms at mixed world heritage sites in China from the perspective of sustainable tourism.

The results showed that the relationship between CSR and financial performance for these firms was generally positive, although different stakeholders had different effects on financial performance. It is proposed that after the COVID-19 pandemic ends, CSR needs to be further promoted by tourism firms at mixed world heritage sites in China.

Keywords: CSRɾMixed world heritage site, Stakeholders, Financial performance, Sustainable tourism

福岡工業大学総合研究機構研究所所報　第5号（2022年10月）

ᶲ 㞝௓

um-on-improving-cybersecurity-for-critical-infrastructure-control-systems/].

(74) Energy.gov, Biden Administration Takes Bold Action to Protect Electricity Operations from Increasing Cyber Threats (April 20, 2021) [https://www.energ y.gov/articles/biden-administration-takes-bold-action-protect-electricity-operations-i ncreasing-cyber-0].

(75) U.S. Department of Commerce, Joint Statement by Secretaries Mayorkas a nd Raimondo on President Biden’s New National Security Memorandum (July 28, 2021) [https://www.commerce.gov/news/press-releases/2021/07/joint-statement -secretaries-mayorkas-and-raimondo-president-bidens-new].

(76) NIST, White House National Security Memo Issued | NIST & DHS Devel oping Cybersecurity Performance Goals for Critical Infrastructure Control Sys tems (July 29, 2021) [https://www.nist.gov/news-events/news/2021/07/white-hous e-national-security-memo-issued-nist-dhs-developing-cybersecurity].

(77) U.S. Environmental Protection Agency, EPA Announces Action Plan to Ac celerate Cyber-Resilience for the Water Sector (January 27, 2022) [https://ww w.epa.gov/newsreleases/epa-announces-action-plan-accelerate-cyber-resilience-wate r-sector]; White House, Fact Sheet: Biden-Harris Administration Expands Publ ic-Private Cybersecurity Partnership to Water Sector (January 27, 2022) [http s://www.whitehouse.gov/briefing-room/statements-releases/2022/01/27/fact-sheet-bi den-harris-administration-expands-public-private-cybersecurity-partnership-to-water -sector/].

(78)Id.

(79) Enhancing Rail Cybersecurity - SD 1580-21-01; Enhancing Public Transpo rtation and Passenger Railroad Cybersecurity - SD 1582-21-01; Enhancing Sur face Transportation Cybersecurity - IC 2021-01 [https://www.tsa.gov/for-industr y/surface-transportation-cybersecurity-toolkit].

(80) TSA, DHS Announces New Cybersecurity Requirements for Surface Transp ortation Owners and Operators (December 2, 2021) [https://www.tsa.gov/news/

press/releases/2021/12/02/dhs-announces-new-cybersecurity-requirements-surface-tr

ansportation].

(81) FERC, FERC Moves to Close Gap in Reliability Standards for Electric G rid Cyber Systems (January 20, 2022) [https://www.ferc.gov/news-events/news/f erc-moves-close-gap-reliability-standards-electric-grid-cyber-systems]; FERC, Staf f Presentation | Notice of Proposed Rulemaking (NOPR) Regarding Internal N etwork Security Monitoring for High and Medium Impact Bulk Electric Syste m Cyber Systems (January 20, 2022) [https://www.ferc.gov/news-events/news/st aff-presentation-notice-proposed-rulemaking-nopr-regarding-internal-network-0].

(82) ᶲ࣭๓ᥖὀ1ࠋ

(83) GAO, Information Technology ʊFederal Agencies Need to Take Urgent A ction to Manage Supply Chain Risks, GAO-21-171, highlights (December 202 0) [https://www. gao.gov/products/GAO-21-171#summary].

(84) GAO, Cybersecurity: Federal Response to SolarWinds and Microsoft Exch ange Incidents, GAO-22-104746 (Jan 13, 2022) [https://www.gao.gov/products/

gao-22-104746].

(85) S.1605 - National Defense Authorization Act for Fiscal Year 2022, 117th Congress (2021-2022) [https://www.congress.gov/bill/117th-congress/senate-bill/1 605].

(86) See H.R.5440 - Cyber Incident Reporting for Critical Infrastructure Act of 2021, 117th Congress (2021-2022) [https://www.congress.gov/bill/117th-congres s/house-bill/5440]; S.2902, supra note 11; S.3099 - Federal Secure Cloud Imp rovement and Jobs Act of 2021, 117th Congress (2021-2022) [https://www.con gress.gov/bill/117th-congress/senate-bill/3099/all-actions?s=1&r=14&overview=clo sed].

(87) H.R.4350 - National Defense Authorization Act for Fiscal Year 2022, 117t h Congress (2021-2022) [https://www.congress.gov/bill/117th-congress/house-bill/

4350/text].

ᶲ 㞝௓

um-on-improving-cybersecurity-for-critical-infrastructure-control-systems/].

(74) Energy.gov, Biden Administration Takes Bold Action to Protect Electricity Operations from Increasing Cyber Threats (April 20, 2021) [https://www.energ y.gov/articles/biden-administration-takes-bold-action-protect-electricity-operations-i ncreasing-cyber-0].

(75) U.S. Department of Commerce, Joint Statement by Secretaries Mayorkas a nd Raimondo on President Biden’s New National Security Memorandum (July 28, 2021) [https://www.commerce.gov/news/press-releases/2021/07/joint-statement -secretaries-mayorkas-and-raimondo-president-bidens-new].

(76) NIST, White House National Security Memo Issued | NIST & DHS Devel oping Cybersecurity Performance Goals for Critical Infrastructure Control Sys tems (July 29, 2021) [https://www.nist.gov/news-events/news/2021/07/white-hous e-national-security-memo-issued-nist-dhs-developing-cybersecurity].

(77) U.S. Environmental Protection Agency, EPA Announces Action Plan to Ac celerate Cyber-Resilience for the Water Sector (January 27, 2022) [https://ww w.epa.gov/newsreleases/epa-announces-action-plan-accelerate-cyber-resilience-wate r-sector]; White House, Fact Sheet: Biden-Harris Administration Expands Publ ic-Private Cybersecurity Partnership to Water Sector (January 27, 2022) [http s://www.whitehouse.gov/briefing-room/statements-releases/2022/01/27/fact-sheet-bi den-harris-administration-expands-public-private-cybersecurity-partnership-to-water -sector/].

(78)Id.

(79) Enhancing Rail Cybersecurity - SD 1580-21-01; Enhancing Public Transpo rtation and Passenger Railroad Cybersecurity - SD 1582-21-01; Enhancing Sur face Transportation Cybersecurity - IC 2021-01 [https://www.tsa.gov/for-industr y/surface-transportation-cybersecurity-toolkit].

(80) TSA, DHS Announces New Cybersecurity Requirements for Surface Transp ortation Owners and Operators (December 2, 2021) [https://www.tsa.gov/news/

press/releases/2021/12/02/dhs-announces-new-cybersecurity-requirements-surface-tr

ansportation].

(81) FERC, FERC Moves to Close Gap in Reliability Standards for Electric G rid Cyber Systems (January 20, 2022) [https://www.ferc.gov/news-events/news/f erc-moves-close-gap-reliability-standards-electric-grid-cyber-systems]; FERC, Staf f Presentation | Notice of Proposed Rulemaking (NOPR) Regarding Internal N etwork Security Monitoring for High and Medium Impact Bulk Electric Syste m Cyber Systems (January 20, 2022) [https://www.ferc.gov/news-events/news/st aff-presentation-notice-proposed-rulemaking-nopr-regarding-internal-network-0].

(82) ᶲ࣭๓ᥖὀ1ࠋ

(83) GAO, Information Technology ʊFederal Agencies Need to Take Urgent A ction to Manage Supply Chain Risks, GAO-21-171, highlights (December 202 0) [https://www. gao.gov/products/GAO-21-171#summary].

(84) GAO, Cybersecurity: Federal Response to SolarWinds and Microsoft Exch ange Incidents, GAO-22-104746 (Jan 13, 2022) [https://www.gao.gov/products/

gao-22-104746].

(85) S.1605 - National Defense Authorization Act for Fiscal Year 2022, 117th Congress (2021-2022) [https://www.congress.gov/bill/117th-congress/senate-bill/1 605].

(86) See H.R.5440 - Cyber Incident Reporting for Critical Infrastructure Act of 2021, 117th Congress (2021-2022) [https://www.congress.gov/bill/117th-congres s/house-bill/5440]; S.2902, supra note 11; S.3099 - Federal Secure Cloud Imp rovement and Jobs Act of 2021, 117th Congress (2021-2022) [https://www.con gress.gov/bill/117th-congress/senate-bill/3099/all-actions?s=1&r=14&overview=clo sed].

(87) H.R.4350 - National Defense Authorization Act for Fiscal Year 2022, 117t h Congress (2021-2022) [https://www.congress.gov/bill/117th-congress/house-bill/

4350/text].

桑原　順子橘　雄介

୰ᅜ࡟࠾ࡅࡿ

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

ࢫࡢ㛵ಀ࡟ࡘ࠸࡚ࡣ㸪ṇࡢ㛵ಀ࡜㈇ࡢ㛵ಀࡲࡓࡣ↓㛵ಀ࡜

࠸࠺⤖ㄽ࡛ᚓࡽࢀ࡚࠾ࡾ

,

⤫୍ⓗ࡞ぢゎࡣ࡞࠸ࡶࡢࡢ㸪᭷ព

࡛࠶ࡿ࡜ࡍࡿ⤖ㄽࡣከ࠸ࠋࡋ࠿ࡋ࡞ࡀࡽ

,

ほගᴗ࡟㛵ࡍࡿ◊

✲ࡣᴟࡵ࡚ᑡ࡞࠸ࠋࡑࡇ࡛

,

ୡ⏺㑇⏘ಖㆤ࡜ࡑࢀࡽ㑇⏘ࡀほ ග㈨※࡜ࡍࡿࢧࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ᵓ⠏ࡢどⅬ࠿ࡽ୰ᅜ

࡟࠾ࡅࡿୡ⏺」ྜ㑇⏘ಖ᭷ᆅࡢ௻ᴗࢆศᯒᑐ㇟࡜ࡋ

,

ࡑࡢ㛵 ಀᛶࢆ᫂ࡽ࠿࡟ࡍࡿᚲせࡀ࠶ࡿࢃࡅ࡛࠶ࡿࠋ

ᮏ✏࡛ࡣ

,

ࡇࢀࡲ࡛ࡢඛ⾜◊✲ࢆ㋃ࡲ࠼㸪୰ᅜ࡟࠾ࡅࡿୡ

⏺」ྜ㑇⏘ࡢಖ᭷ᆅ࡛࠶ࡿᒣᮾ┬

,

Ᏻᚯ┬

,

ᅄᕝ┬

,

⚟ᘓ┬ࡢ

4

ᆅᇦ࡟࠾࠸࡚

,

ほග௻ᴗࡀྛࠎࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮࡟ᑐࡋ࡚

⾜࠺

CSR

ࡢྲྀ⤌ࡀ௻ᴗࡢ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟୚࠼ࡿᙳ㡪

ࢆ᳨ドࡍࡿࡓࡵ

,

ḟࡢ௬ㄝࢆタᐃࡍࡿࠋ

௬ㄝ 1㸸ほග௻ᴗࡢ CSR ࡬ࡢྲྀ⤌ࡀቑࡍ࡯࡝, ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࡣྥୖࡍࡿࠋ

௬ㄝ 2㸸ほග௻ᴗࡢ CSR ࡬ࡢྲྀ⤌ࡀቑࡍ࡯࡝, ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࡣపୗࡍࡿࠋ

3. ࣜࢧ࣮ࢳ࣭ࢹࢨ࢖ࣥ

3.1

౑⏝ࢹ࣮ࢱ

ᮏ✏࡛ࡣ㸪

2012

ᖺ࠿ࡽ

2019

ᖺࡲ࡛

,

୰ᅜ࡟࠾ࡅࡿୡ⏺

」ྜ㑇⏘ࢆಖ᭷ࡍࡿほගᆅ࡟㛵㐃ࡍࡿ

A

ᰴᘧ⁵⁾ᕷሙ࡟ୖሙ ࡋࡓほග௻ᴗ

24

♫ࡢ㈈ົ࡟㛵ࡍࡿࣃࢿࣝࢹ࣮ࢱࢆ౑⏝ࡋ ࡓࠋࡇࡇ࡟࠸࠺ほගᴗ࡜ࡣ㸪᪑⾜఍♫㸦௦⌮ᗑࢆྵࡴ㸧㸪 ほග⪅ྥࡅࡢ᪑㤋࣭࣍ࢸࣝ➼㸪㣧㣗ᴗ㸪ほගྥࡅࡢ㐠㍺ᴗ 㸦⯟✵఍♫㸪ࣂࢫ఍♫࣭ࢱࢡࢩ࣮఍♫➼㸧㸪࠾ᅵ⏘ࡸྡ⏘

ရࡢ〇㐀ᴗ㸪ほගᆅࡢፗᴦ࣭ࣞࢪ࣮ࣕ⏘ᴗ࡞࡝ࡢᴗ✀ࢆᣦ ࡍࠋࡇࡢࡼ࠺࡟ᑐ㇟௻ᴗࡀከᒱ࡟Ώࡗ࡚࠸ࡿࡓࡵ㸪ほගᴗ

ࡸほග⏘ᴗࢆ᫂☜࡟ᐃ⩏ࡍࡿࡇ࡜ࡣ㠀ᖖ࡟㞴ࡋ࠸ࠋࡇࢀࡽ

ࡢࢧࣥࣉࣝࢹ࣮ࢱࡣ

CSMAR

⁶⁾ࡢ㈈ົࢹ࣮ࢱ࣮࣋ࢫ࡟グ㍕ࡉ

ࢀ࡚࠸ࡿࠋࡑࡇ࠿ࡽᚓࡽࢀࡓࢧࣥࣉࣝࢹ࣮ࢱ࡟ࡘࡁ

Excel

࡟ࡼࡿࢫࢡ࣮ࣜࢽࣥࢢ࡜ᩚ⌮ࢆ⤒࡚㸪

STATA

ࢯࣇࢺࢆ⏝

࠸ࡓ⤫ィゎᯒࢆ⾜࠺ࠋࢫࢡ࣮ࣜࢽࣥࢢࡢᇶ‽ࡣ௨ୗࡢ㏻ࡾ

࡛࠶ࡿࠋ㸦

1

㸧

2012

ᖺ࠿ࡽ

2019

ᖺࡢ㛫࡟ศᯒࢹ࣮ࢱḞᦆ್ ࡀ࠶ࡿ௻ᴗࢆ๐㝖ࡍࡿࠋ㸦

2

㸧

ST

㸪

*ST

⁷⁾ࡢ௻ᴗࢆ๐㝖ࡋ㸪 ᴟ➃್ࡢᙳ㡪ࢆῶࡽࡍࠋ

3.2

౑⏝ኚᩘ

3.2.1

┠ⓗኚᩘ

ከࡃࡢᐇドศᯒ࡛ࡣ

,

㈈ົᣦᶆ㸦⥲㈨⏘฼┈⋡

ROA

࡜⣧㈨

⏘฼┈⋡

ROE

㸧࡜ᕷሙᣦᶆ㸦

Tobin Q

್㸧ࢆ㏻ࡌ࡚㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࢆホ౯ࡋ࡚࠸ࡿࠋᮏ✏ࡶ

, ROA

࡜

ROE

ᣦᶆࢆ᥇

⏝ࡋ࡚௻ᴗࡢ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࢆ᳨ドࡍࡿࠋ

ROA

ࡣ௻ᴗ ࡀᢞ㈨ࡋࡓ⥲㈨⏘ࡀ࡝ࢀࡔࡅࡢ฼┈࡟㈉⊩ࡋ࡚࠸ࡿࡢ࠿ࢆ  ࡿᣦᶆ࡛࠶ࡿࠋࡇࡢᣦᶆࡣ௻ᴗᴗ⦼ࡑࡢࡶࡢࢆ⾲ࡍࡶࡢ

࡛࠶ࡿࡓࡵ㸪ᢞ㈨ᐙࡔࡅ࡛ࡣ࡞ࡃྲྀᘬඛࡸ㖟⾜࡜࠸ࡗࡓ࠶

ࡽࡺࡿ฼ᐖ㛵ಀ⪅ࡀὀ┠ࡍࡿࡶࡢ࡛࠶ࡿࠋ୍᪉㸪

ROE

ࡣ⣧

㈨⏘㸦⥲㈨ᮏ࠿ࡽ㈇മࢆ㝖࠸ࡓ㢠㸧ࡀ࡝ࢀࡔࡅ฼┈ࢆ࠶ࡆࡽ

ࢀࡓ࠿ࢆ⾲ࡍᣦᶆ࡛࠶ࡿࡓࡵ㸪⣧㈨⏘ࡢඖᡭ࡛࠶ࡿᰴ୺㸦୪ ࡧ࡟ࡑࡢணഛ㌷࡛࠶ࡿᢞ㈨ᐙ㸧࡟࡜ࡗ࡚≉࡟㛵ᚰࡢ㧗࠸ᣦ ᶆ࡛࠶ࡿࠋᢞ㈨ᐙࡣᰴᘧᢞ㈨࡟㝈ࡽࡎ㸪ᵝࠎ࡞ᢞ㈨ඛ࡟࠾ࡅ

ࡿ฼ᅇࡾࡢ㧗ࡉ࡜ࣜࢫࢡࡢ኱ࡁࡉࢆぢィࡽࡗ࡚ᢞ㈨ࡍࡿ࠿

ྰ࠿ࢆពᛮỴᐃࡍࡿࠋ

ROE

ࡣࡑ࠺࠸ࡗࡓᢞ㈨ᐙࡢពᛮỴᐃ ᇶ‽࡜ࡋ࡚㔜せどࡉࢀࡿᣦᶆ࡜࡞ࡗ࡚࠸ࡿࠋ

3.2.2

ㄝ᫂ኚᩘ

௨ୖࡢඛ⾜◊✲ࢆ㋃ࡲ࠼

,

ᮏ✏࡛ࡣ୰ᅜ࡟࠾ࡅࡿඛ⾜◊

✲࡟Ⰻࡃ౑ࢃࢀࡿࣔࢹࣝ

1

ࡢㄝ᫂ኚᩘ

,

ཬࡧ᪥ᮏ࡟࠾ࡅࡿ ඛ⾜◊✲࡟Ⰻࡃ౑ࢃࢀࡿࣔࢹࣝ

2

ࡢㄝ᫂ኚᩘࢆ⏝࠸࡚ศᯒ

⾲

1

ᐇドศᯒࣔࢹࣝࡢタᐃኚᩘ

ኚᩘ ኚᩘࡢタᐃ ኚᩘࢥ࣮ࢻ ኚᩘྡ⛠ ኚᩘィ⟬ᘧ

┠ⓗኚᩘ ࣔࢹࣝ1 㸤2

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ Y1 ⥲㈨⏘฼┈⋡ 㸦ᙜᮇ⣧฼┈¹⥲㈨⏘㸧™100㸣

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ Y2 ⣧㈨⏘฼┈⋡ 㸦ᙜᮇ⣧฼┈¹⣧㈨⏘㸧™100㸣

ㄝ᫂ኚᩘ

ࣔࢹࣝ1 ᰴ୺࡟ᑐࡍࡿ㈐௵ X1 1ᰴᙜࡓࡾ฼┈ 㸦ᙜᮇ⣧฼┈¹Ⓨ⾜῭ᰴᘧ⥲ᩘ㸧 ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ X2 ኎ୖཎ౯⋡ 㸦኎ୖཎ౯¹኎ୖ㧗㸧™100㸣 ౪⤥⪅࡟ᑐࡍࡿ㈐௵ X3 ㈙᥃㔠ᅇ㌿⋡ 㸦኎ୖཎ౯¹㈙᥃㔠ᖹᆒṧ㧗㸧™100㸣 മᶒ⪅࡟ᑐࡍࡿ㈐௵ X4 ᙜᗙẚ⋡ 㸦ᙜᗙ㈨⏘¹ὶື㈇മ㸧™100㸣 ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ X5 ኎ୖ㧗ே௳㈝⋡ 㸦ே௳㈝¹኎ୖ㧗㸧™100㸣 ᨻᗓ࡟ᑐࡍࡿ㈐௵ X6 ኎ୖ㧗⛯㔠⋡ 㸦[ᾘ㈝⛯㸩ἲே⛯➼]¹኎ୖ㧗㸧

ࣔࢹࣝ2 ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z1

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z2

౪⤥⪅,㢳ᐈ,ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z3

⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z4

♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z5

ࢥࣥࢺ࣮ࣟ

ࣝኚᩘ

ࣔࢹࣝ1 㸤2

௻ᴗࡢつᶍ SIZE ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘ Ln屯䓋䵷柵

ࣜࢫࢡ LEV ⥲㈨⏘㈇മẚ⋡ 㸦㈇മ⥲㢠¹⥲㈨⏘㸧™100㸣

ᡂ㛗ᛶ GROW ኎ୖ㧗ቑຍ⋡ 㸦[ᙜᮇࡢ኎ୖ㧗-๓ᮇࡢ኎ୖ㧗]㸧

÷๓ᮇࡢ኎ୖ㧗㸧×100㸣

中国におけるCSR取組と財務パフォーマンスの関係性

⋤ị㸪ᮤᩥᛅ

ရ໬ࡢၥ㢟

,

Ⴀ฼➨୍୺⩏ࡢ௻ᴗ࡟࠾ࡅࡿ♫఍ⓗ㈐௵ၥ㢟ࡀ Ꮡᅾࡋ࡚࠸ࡿ࡜࠸࠺ࠋࡉࡽ࡟

,

㦁㡢ࡸࡈࡳᤞ࡚ࡢࢺࣛࣈࣝ

,

ᆅ ᇦ࡟࠾ࡅࡿ㟁㌴ࡸ㊰⥺ࣂࢫࡢΰ㞧

,

ჾල◚ᦆ

,

ⴠ᭩ࡁ࡞࡝ࡢ ࠕほගබᐖࠖࡀⓎ⏕ࡋࡓ࡜࠸࠺ᣦ᦬ࡶ࠶ࡗࡓ㸦῝ぢ

[2019]

㸧ࠋ

௒ᚋ

,

ୡ⏺㑇⏘ࡢಖㆤ࡜ࡑࡢ㑇⏘ಖ᭷ᆅᇦ࡟࠾ࡅࡿࢥ࣑ࣗࢽ ࢸ࢕ࡢ⤒῭ⓗ฼┈ாཷࡀ୧❧ࡍࢀࡤ

,

ᆅᇦ࡟࠾࠸࡚௻ᴗࡢ♫

఍ⓗ㈐௵㸦

CSR

㸧࡟㛵ࡍࡿព㆑ࡶྥୖࡋ

,

࢚ࢥࢶ࣮ࣜࢬ࣒࡜ࢧ ࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ࡀᐇ⌧ࡍࡿ࡛࠶ࢁ࠺ࠋ࡟ࡶ࠿࠿ࢃࡽ

ࡎ

,2020

ᖺ௨㝆௒᪥ࡲ࡛ࢥࣟࢼឤᰁ⑕ࡢୡ⏺ⓗὶ⾜࡟ࡼࡾୡ

⏺ࡢほග⏘ᴗࡣ኱ᡴᧁࢆ⿕ࡗ࡚࠸ࡿࠋᮏ✏࡛ࡣ

,

ࢥࣟࢼ⚝⤊

ᜥᚋࡢほගࣈ࣮࣒ࢆぢ㎸ࢇ࡛

,

୰ᅜ࡛኱ໃࡢほගᐈࡀ㞟ࡲࡿ

ୡ⏺」ྜ㑇⏘࡛࠶ࡿᒣᮾ┬ࡢὈᒣ

,

Ᏻᚯ┬ࡢ㯤ᒣ

,

ᅄᕝ┬ࡢ

⻍┱ᒣ࣭ᴦᒣ኱௖

,

⚟ᘓ┬ࡢṊዀᒣ㸦ᅗ

1

ࢆཧ↷㸧࡟࠾ࡅࡿ

㑇⏘ಖㆤ࡜ᆅᇦ⤒῭άᛶ໬ཬࡧࡑࡢᆅᇦ࡟࠾ࡅࡿ௻ᴗࡢ♫

఍ⓗ㈐௵࡟↔Ⅼࢆ࠶࡚

,

ࡇࡢ

4

┬ࡢほග௻ᴗ࡟࠾ࡅࡿ

CSR

ࡢ

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศᯒࡍࡿࠋࡑࡢ⤖

ᯝࢆศᯒࡍࡿࡇ࡜࡟ࡼࡾ

,

௒ᚋ

,

ୡ⏺」ྜ㑇⏘࡟࠾ࡅࡿࢧࢫ ࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ࡢᵓ⠏࡜ྠ᫬࡟ほග௻ᴗ࡟࠾ࡅࡿ♫఍

ⓗ㈐௵࡟ᑐࡍࡿྲྀ⤌ࡢ㔜せᛶࢆᥦၐࡋ

,

ᣢ⥆ྍ⬟࡞ほගᴗࡢ

Ⓨᒎ࡟㈉⊩ࡋࡼ࠺࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋ

2. ඛ⾜◊✲ࡢࣞࣅ࣮ࣗ࠾ࡼࡧ௬ㄝタᐃ

CSR

࡟㛵ࡍࡿྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศ ᯒࡍࡿඛ⾜◊✲ࡣᩘከࡃᏑᅾࡍࡿࠋ௨ୗ

,

㈈ົࣃࣇ࢛࣮࣐ࣥ

ࢫᣦᶆ࡟

ROA

㸦⥲㈨⏘฼┈⋡㸧࡜

ROE

㸦⣧㈨⏘฼┈⋡㸧ࢆ

⏝࠸ࡓඛ⾜◊✲࡟ゝཬࡍࡿࠋ

McGuire et al.

㹙

1988

㹛ࡣ㸪

CSR

࡬ࡢྲྀ⤌࡟ࡼࡾ㸪ࣜࢫࢡࢆపୗࡉࡏ࡚

,

ࡑࢀࡽࡀ㈈ົࣃࣇ࢛

࣮࣐ࣥࢫ࡟ṇࡢ㛵ಀࡀ࠶ࡿ࡜୺ᙇࡋࡓࠋ

Peters& Mullen

㹙

2009

㹛 ࡣ

1996

ᖺ࡟࠾ࡅࡿ

Fortune 500

ࡢࣜࢫࢺ࡟ᥖ㍕ࡉࢀࡓୖ఩

100

♫ࡢ࠺ࡕ

,81

♫ࡢ

6

ᖺ㛫㸦

1991

ᖺ㹼

1996

ᖺ㸧࡟࠾ࡅࡿ

CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸧ࡢ㛵ಀᛶ࡟ࡘ

࠸࡚ᐇドศᯒࢆ⾜ࡗࡓࠋࡑࡢ⤖ᯝ

,CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ࡟ṇࡢ㛵ಀࡀ࠶ࡿ࡜⤖ㄽ࡙ࡅࡓࠋ୍᪉࡛㸪

Jaggi &

Freedman

㹙

1992

㹛 ࡣ㸪▷ᮇ㛫࡛⣬ࣃࣝࣉ௻ᴗࡢ⎔ቃởᰁࢆ

ᢚไࡍࡿ⾜ື࡜㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦ᙜᮇ⣧฼┈㸪

ROA

㸪

ROE

㸪࢟ࣕࢵࢩࣗࣇ࣮ࣟ

/

⣧㈨⏘㸪࢟ࣕࢵࢩࣗࣇ࣮ࣟ

/

⥲㈨⏘㸧

,

୪ࡧ࡟ᕷሙࣃࣇ࢛࣮࣐ࣥࢫ㸦ࢩࢫࢸ࣐ࢸ࢕ࢵࢡࣜࢫࢡ࡜ᰴ

౯཰┈⋡㸧ࡢ㛫࡟㈇ࡢ┦㛵ࡀ࠶ࡿ஦ᐇࢆ♧၀ࡋࡓࠋ ௨ୗ

,

᪥ᮏ࡟࠾ࡅࡿඛ⾜◊✲࡟ࢫ࣏ࢵࢺࢆᙜ࡚ࡿࠋຍ㈡⏣

㹙

2008

㹛ࡣ

CSR

ࡢྲྀ⤌࡜௻ᴗ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆ

ศᯒࡋࡓ⤖ᯝࡣከᵝ࡛࠶ࡿࡀ㸪

1990

ᖺ௦ᚋ༙௨㝆ࡢࢹ࣮ࢱ

࡟ࡼࡿ࡜㸪ṇࡢ㛵ಀࡀከ࠸࡜ᣦ᦬ࡋ࡚࠸ࡿࠋ㤳⸨࣭➉ཎ㹙

2007

㹛 ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫᣦᶆ㸦

ROA,ROE

㸧ࡸᕷሙホ౯ᣦᶆ 㸦

Tobin Q ͳ

ᰴᘧᢞ㈨཰┈⋡㸧ࢆ⏝࠸࡚

,

ࡑࢀࡽ࡜௻ᴗࡢ

CSR

࡟ᑐࡍࡿྲྀ⤌࡜ࡢ㛵ಀࢆ᳨ドࡋ

,

つᶍࡸ⏘ᴗ≉ᛶ࡞࡝ࢆࢥࣥ

ࢺ࣮ࣟࣝࡋ࡚ࡶ

CSR

άື࡟㛵ᚰࡢ㧗࠸௻ᴗࡀᡂ㛗ᛶࡸ௻ᴗ ホ౯ࡢ㠃࡛ඃⰋ࡞ࣃࣇ࢛࣮࣐ࣥࢫࢆᚓࡿ࡜࠸࠺⤖ᯝࢆ♧ࡋ ࡓࠋ኱ᾆ㹙

2017

㹛ࡣ

, CSR

ࡢホ౯ᣦᩘ࡜ࡋ࡚ࠕேᮦά⏝࣭ࠖ

ࠕ⎔ቃ࣭ࠖࠕ௻ᴗ⤫἞࣭ࠖࠕ♫఍ᛶࠖࡢ

4

ኚᩘࢆ⏝࠸࡚

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆศᯒࡋࡓࠋࠕேᮦά⏝ࠖ

࡬ࡢྲྀ⤌ࡀ㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧㸪ࠕ♫఍ᛶࠖ

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸧࡟ᑐࡋ㸪ṇ࡟᭷ព࡞

⤖ᯝࢆᚓࡓ୍᪉㸪ࠕ⎔ቃࠖ

,

ࠕ௻ᴗ⤫἞ࠖࡢ㡯┠ࡣ㸪㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧࡟ᑐࡋ㸪᭷ព࡛ࡣ࡞࠸࡜࠸࠺⤖ᯝ

࡟࡞ࡗࡓࠋ

୰ᅜ࡟࠾ࡅࡿඛ⾜◊✲࡟┠ࢆྥࡅࡿ࡜

,

 ࣭᪉㹙

2008

㹛ࡣࢫ ࢸ࣮ࢡ࣍ࣝࢲ࣮⌮ㄽ࡟ᇶ࡙ࡁ㸪

2003

㹼

2007

ᖺࡢ

5

ᖺ㛫࡟࠾

ࡅࡿୖሙ௻ᴗ

46

♫ࡢࣃࢿࣝࢹ࣮ࢱࢆ⏝࠸ࡓᐇドศᯒࢆ⾜ࡗ

࡚࠸ࡿࠋࡑࡇ࡛ࡣ㸪ࠕ

ROAʱɾʰTobin Q

ࠖࢆ┠ⓗኚᩘ㸦㈈ົ

ࣃࣇ࢛࣮࣐ࣥࢫ㸧㸪᭷฼Ꮚ㈇മ฼Ꮚ⋡㸦മᶒ⪅࡟ᑐࡍࡿ㈐௵㸧㸪

኎ୖ㧗ே௳㈝⋡㸦ᚑᴗဨ࡟ᑐࡍࡿ㈐௵㸧㸪୺Ⴀᴗົ཰┈ࡢ୰

࡛㸪Ⴀᴗ⛯㔠࡜ࡑࡢ௜ຍࡀ༨ࡵࡿẚ⋡㸦ᨻᗓ࡟ᑐࡍࡿ㈐௵㸧㸪

㈙᥃㔠ᅇ㌿⋡㸦౪⤥⪅࡟ᑐࡍࡿ㈐௵㸧㸪

ISO9000

ㄆドྲྀᚓࡢ

᭷↓㸦ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵㸧࡞࡝ࢆㄝ᫂ኚᩘ࡜ࡋࡓୖ࡛㸪௻

ᴗࡢᙧែ㸪⥲㈨⏘ࡢ⮬↛ᑐᩘ㸦௻ᴗࡢつᶍ㸧ࢆࢥࣥࢺ࣮ࣟࣝ

ኚᩘ࡜ࡋࡓࠋ㛗ᮇⓗ࡟ぢࢀࡤ

,CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮

࣐ࣥࢫ࡬ṇࡢᙳ㡪ࢆ୚࠼ࡿ࡜࠸࠺⤖ᯝ࡛࠶ࡗࡓࠋ

ࡲࡓ

,

᳿࣭⋤㹙

2014

㹛ࡣ

,

ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮⌮ㄽ࡟ᇶ࡙ࡁ

୰ᅜ࡟࠾ࡅࡿୖሙほගᴗ

22

♫

2008

ᖺ㹼

2012

ᖺࡢබ⾲ࢹ࣮

ࢱࢆ⏝࠸࡚

CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟୚࠼ࡿᙳ 㡪ࢆᐇドศᯒࡋࡓࠋࡑࡢ⤖ᯝ

,

മᶒ⪅

,

ᰴ୺

,

♫఍㈉⊩

,

ᚑ ᴗဨ㸦ᙅ࠸ṇࡢ㛵ಀ㸧࡟ᑐࡍࡿ㈐௵ࡣ

,

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ

࡟ᑐࡋṇࡢ㛵ಀ࡟࠶ࡿ࡜ࡢ⤖ᯝࢆᚓࡓࠋ୍᪉㸪ᨻᗓࡸほගᐈ

࡟ᑐࡍࡿ㈐௵ࡣ㈇ࡢ㛵ಀ࡟࠶ࡿ࡜࠸࠺⤖ᯝࡀᚓࡽࢀࡓࠋ ࡉࡽ࡟

,

⶧

[2018]

ࡣ࿴イ࢙࢘ࣈࢧ࢖ࢺ^4㸧ࡀබ⾲ࡋࡓ

CSR

ホ ౯ᣦᶆ࡟ᇶ࡙ࡁ㸪Ụ⸽┬࡟࠾ࡅࡿୖሙ௻ᴗ

350

♫

2017

ᖺࡢ

CSR

࡟ᑐࡍࡿྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศᯒ ࡋࡓࠋࡑࡢ⤖ᯝ

,

ᰴ୺

,

⎔ቃ

,

♫఍࡟ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛

࣮࣐ࣥࢫ࡜ࡢ㛫࡟ࡣṇࡢ㛵ಀࡀ࠶ࡿࡢ࡟ᑐࡋ࡚

,

౪⤥⪅㸦௙

ධඛ㸧࣭㢳ᐈ࣭ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜

㈇ࡢ㛵ಀᛶ࡟࠶ࡾ

,

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥ

ࢫ࡜㛵ಀᛶࡀ࡞࠸࡜࠸࠺஦ᐇࡀ᫂ࡽ࠿࡟࡞ࡗࡓࠋ

௨ୖ

,

ඛ⾜◊✲࠿ࡽࡣ

, CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥ

ਦ1ɿ஦ࠅͶ͕͜Ζ੊ֆ෵߻Ҫࢊ͹ฯ༙ஏ

ड़ॶʁජंࡠ੔

王　氷，李　文忠

୰ᅜ࡟࠾ࡅࡿ

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

ࢫࡢ㛵ಀ࡟ࡘ࠸࡚ࡣ㸪ṇࡢ㛵ಀ࡜㈇ࡢ㛵ಀࡲࡓࡣ↓㛵ಀ࡜

࠸࠺⤖ㄽ࡛ᚓࡽࢀ࡚࠾ࡾ

,

⤫୍ⓗ࡞ぢゎࡣ࡞࠸ࡶࡢࡢ㸪᭷ព

࡛࠶ࡿ࡜ࡍࡿ⤖ㄽࡣከ࠸ࠋࡋ࠿ࡋ࡞ࡀࡽ

,

ほගᴗ࡟㛵ࡍࡿ◊

✲ࡣᴟࡵ࡚ᑡ࡞࠸ࠋࡑࡇ࡛

,

ୡ⏺㑇⏘ಖㆤ࡜ࡑࢀࡽ㑇⏘ࡀほ ග㈨※࡜ࡍࡿࢧࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ᵓ⠏ࡢどⅬ࠿ࡽ୰ᅜ

࡟࠾ࡅࡿୡ⏺」ྜ㑇⏘ಖ᭷ᆅࡢ௻ᴗࢆศᯒᑐ㇟࡜ࡋ

,

ࡑࡢ㛵 ಀᛶࢆ᫂ࡽ࠿࡟ࡍࡿᚲせࡀ࠶ࡿࢃࡅ࡛࠶ࡿࠋ

ᮏ✏࡛ࡣ

,

ࡇࢀࡲ࡛ࡢඛ⾜◊✲ࢆ㋃ࡲ࠼㸪୰ᅜ࡟࠾ࡅࡿୡ

⏺」ྜ㑇⏘ࡢಖ᭷ᆅ࡛࠶ࡿᒣᮾ┬

,

Ᏻᚯ┬

,

ᅄᕝ┬

,

⚟ᘓ┬ࡢ

4

ᆅᇦ࡟࠾࠸࡚

,

ほග௻ᴗࡀྛࠎࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮࡟ᑐࡋ࡚

⾜࠺

CSR

ࡢྲྀ⤌ࡀ௻ᴗࡢ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟୚࠼ࡿᙳ㡪

ࢆ᳨ドࡍࡿࡓࡵ

,

ḟࡢ௬ㄝࢆタᐃࡍࡿࠋ

௬ㄝ 1㸸ほග௻ᴗࡢ CSR ࡬ࡢྲྀ⤌ࡀቑࡍ࡯࡝, ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࡣྥୖࡍࡿࠋ

௬ㄝ 2㸸ほග௻ᴗࡢ CSR ࡬ࡢྲྀ⤌ࡀቑࡍ࡯࡝, ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࡣపୗࡍࡿࠋ

3. ࣜࢧ࣮ࢳ࣭ࢹࢨ࢖ࣥ

3.1

౑⏝ࢹ࣮ࢱ

ᮏ✏࡛ࡣ㸪

2012

ᖺ࠿ࡽ

2019

ᖺࡲ࡛

,

୰ᅜ࡟࠾ࡅࡿୡ⏺

」ྜ㑇⏘ࢆಖ᭷ࡍࡿほගᆅ࡟㛵㐃ࡍࡿ

A

ᰴᘧ⁵⁾ᕷሙ࡟ୖሙ ࡋࡓほග௻ᴗ

24

♫ࡢ㈈ົ࡟㛵ࡍࡿࣃࢿࣝࢹ࣮ࢱࢆ౑⏝ࡋ ࡓࠋࡇࡇ࡟࠸࠺ほගᴗ࡜ࡣ㸪᪑⾜఍♫㸦௦⌮ᗑࢆྵࡴ㸧㸪 ほග⪅ྥࡅࡢ᪑㤋࣭࣍ࢸࣝ➼㸪㣧㣗ᴗ㸪ほගྥࡅࡢ㐠㍺ᴗ 㸦⯟✵఍♫㸪ࣂࢫ఍♫࣭ࢱࢡࢩ࣮఍♫➼㸧㸪࠾ᅵ⏘ࡸྡ⏘

ရࡢ〇㐀ᴗ㸪ほගᆅࡢፗᴦ࣭ࣞࢪ࣮ࣕ⏘ᴗ࡞࡝ࡢᴗ✀ࢆᣦ ࡍࠋࡇࡢࡼ࠺࡟ᑐ㇟௻ᴗࡀከᒱ࡟Ώࡗ࡚࠸ࡿࡓࡵ㸪ほගᴗ

ࡸほග⏘ᴗࢆ᫂☜࡟ᐃ⩏ࡍࡿࡇ࡜ࡣ㠀ᖖ࡟㞴ࡋ࠸ࠋࡇࢀࡽ

ࡢࢧࣥࣉࣝࢹ࣮ࢱࡣ

CSMAR

⁶⁾ࡢ㈈ົࢹ࣮ࢱ࣮࣋ࢫ࡟グ㍕ࡉ

ࢀ࡚࠸ࡿࠋࡑࡇ࠿ࡽᚓࡽࢀࡓࢧࣥࣉࣝࢹ࣮ࢱ࡟ࡘࡁ

Excel

࡟ࡼࡿࢫࢡ࣮ࣜࢽࣥࢢ࡜ᩚ⌮ࢆ⤒࡚㸪

STATA

ࢯࣇࢺࢆ⏝

࠸ࡓ⤫ィゎᯒࢆ⾜࠺ࠋࢫࢡ࣮ࣜࢽࣥࢢࡢᇶ‽ࡣ௨ୗࡢ㏻ࡾ

࡛࠶ࡿࠋ㸦

1

㸧

2012

ᖺ࠿ࡽ

2019

ᖺࡢ㛫࡟ศᯒࢹ࣮ࢱḞᦆ್

ࡀ࠶ࡿ௻ᴗࢆ๐㝖ࡍࡿࠋ㸦

2

㸧

ST

㸪

*ST

⁷⁾ࡢ௻ᴗࢆ๐㝖ࡋ㸪 ᴟ➃್ࡢᙳ㡪ࢆῶࡽࡍࠋ

3.2

౑⏝ኚᩘ

3.2.1

┠ⓗኚᩘ

ከࡃࡢᐇドศᯒ࡛ࡣ

,

㈈ົᣦᶆ㸦⥲㈨⏘฼┈⋡

ROA

࡜⣧㈨

⏘฼┈⋡

ROE

㸧࡜ᕷሙᣦᶆ㸦

Tobin Q

್㸧ࢆ㏻ࡌ࡚㈈ົࣃࣇ

࢛࣮࣐ࣥࢫࢆホ౯ࡋ࡚࠸ࡿࠋᮏ✏ࡶ

, ROA

࡜

ROE

ᣦᶆࢆ᥇

⏝ࡋ࡚௻ᴗࡢ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࢆ᳨ドࡍࡿࠋ

ROA

ࡣ௻ᴗ ࡀᢞ㈨ࡋࡓ⥲㈨⏘ࡀ࡝ࢀࡔࡅࡢ฼┈࡟㈉⊩ࡋ࡚࠸ࡿࡢ࠿ࢆ

 ࡿᣦᶆ࡛࠶ࡿࠋࡇࡢᣦᶆࡣ௻ᴗᴗ⦼ࡑࡢࡶࡢࢆ⾲ࡍࡶࡢ

࡛࠶ࡿࡓࡵ㸪ᢞ㈨ᐙࡔࡅ࡛ࡣ࡞ࡃྲྀᘬඛࡸ㖟⾜࡜࠸ࡗࡓ࠶

ࡽࡺࡿ฼ᐖ㛵ಀ⪅ࡀὀ┠ࡍࡿࡶࡢ࡛࠶ࡿࠋ୍᪉㸪

ROE

ࡣ⣧

㈨⏘㸦⥲㈨ᮏ࠿ࡽ㈇മࢆ㝖࠸ࡓ㢠㸧ࡀ࡝ࢀࡔࡅ฼┈ࢆ࠶ࡆࡽ

ࢀࡓ࠿ࢆ⾲ࡍᣦᶆ࡛࠶ࡿࡓࡵ㸪⣧㈨⏘ࡢඖᡭ࡛࠶ࡿᰴ୺㸦୪ ࡧ࡟ࡑࡢணഛ㌷࡛࠶ࡿᢞ㈨ᐙ㸧࡟࡜ࡗ࡚≉࡟㛵ᚰࡢ㧗࠸ᣦ ᶆ࡛࠶ࡿࠋᢞ㈨ᐙࡣᰴᘧᢞ㈨࡟㝈ࡽࡎ㸪ᵝࠎ࡞ᢞ㈨ඛ࡟࠾ࡅ

ࡿ฼ᅇࡾࡢ㧗ࡉ࡜ࣜࢫࢡࡢ኱ࡁࡉࢆぢィࡽࡗ࡚ᢞ㈨ࡍࡿ࠿

ྰ࠿ࢆពᛮỴᐃࡍࡿࠋ

ROE

ࡣࡑ࠺࠸ࡗࡓᢞ㈨ᐙࡢពᛮỴᐃ ᇶ‽࡜ࡋ࡚㔜せどࡉࢀࡿᣦᶆ࡜࡞ࡗ࡚࠸ࡿࠋ

3.2.2

ㄝ᫂ኚᩘ

௨ୖࡢඛ⾜◊✲ࢆ㋃ࡲ࠼

,

ᮏ✏࡛ࡣ୰ᅜ࡟࠾ࡅࡿඛ⾜◊

✲࡟Ⰻࡃ౑ࢃࢀࡿࣔࢹࣝ

1

ࡢㄝ᫂ኚᩘ

,

ཬࡧ᪥ᮏ࡟࠾ࡅࡿ

ඛ⾜◊✲࡟Ⰻࡃ౑ࢃࢀࡿࣔࢹࣝ

2

ࡢㄝ᫂ኚᩘࢆ⏝࠸࡚ศᯒ

⾲

1

ᐇドศᯒࣔࢹࣝࡢタᐃኚᩘ

ኚᩘ ኚᩘࡢタᐃ ኚᩘࢥ࣮ࢻ ኚᩘྡ⛠ ኚᩘィ⟬ᘧ

┠ⓗኚᩘ ࣔࢹࣝ1 㸤2

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ Y1 ⥲㈨⏘฼┈⋡ 㸦ᙜᮇ⣧฼┈¹⥲㈨⏘㸧™100㸣

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ Y2 ⣧㈨⏘฼┈⋡ 㸦ᙜᮇ⣧฼┈¹⣧㈨⏘㸧™100㸣

ㄝ᫂ኚᩘ

ࣔࢹࣝ1 ᰴ୺࡟ᑐࡍࡿ㈐௵ X1 1ᰴᙜࡓࡾ฼┈ 㸦ᙜᮇ⣧฼┈¹Ⓨ⾜῭ᰴᘧ⥲ᩘ㸧 ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ X2 ኎ୖཎ౯⋡ 㸦኎ୖཎ౯¹኎ୖ㧗㸧™100㸣 ౪⤥⪅࡟ᑐࡍࡿ㈐௵ X3 ㈙᥃㔠ᅇ㌿⋡ 㸦኎ୖཎ౯¹㈙᥃㔠ᖹᆒṧ㧗㸧™100㸣 മᶒ⪅࡟ᑐࡍࡿ㈐௵ X4 ᙜᗙẚ⋡ 㸦ᙜᗙ㈨⏘¹ὶື㈇മ㸧™100㸣 ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ X5 ኎ୖ㧗ே௳㈝⋡ 㸦ே௳㈝¹኎ୖ㧗㸧™100㸣 ᨻᗓ࡟ᑐࡍࡿ㈐௵ X6 ኎ୖ㧗⛯㔠⋡ 㸦[ᾘ㈝⛯㸩ἲே⛯➼]¹኎ୖ㧗㸧

ࣔࢹࣝ2 ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z1

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z2

౪⤥⪅,㢳ᐈ,ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z3

⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z4

♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z5

ࢥࣥࢺ࣮ࣟ

ࣝኚᩘ

ࣔࢹࣝ1 㸤2

௻ᴗࡢつᶍ SIZE ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘ Ln屯䓋䵷柵

ࣜࢫࢡ LEV ⥲㈨⏘㈇മẚ⋡ 㸦㈇മ⥲㢠¹⥲㈨⏘㸧™100㸣

ᡂ㛗ᛶ GROW ኎ୖ㧗ቑຍ⋡ 㸦[ᙜᮇࡢ኎ୖ㧗-๓ᮇࡢ኎ୖ㧗]㸧

÷๓ᮇࡢ኎ୖ㧗㸧×100㸣

中国におけるCSR取組と財務パフォーマンスの関係性

⋤ị㸪ᮤᩥᛅ

ရ໬ࡢၥ㢟

,

Ⴀ฼➨୍୺⩏ࡢ௻ᴗ࡟࠾ࡅࡿ♫఍ⓗ㈐௵ၥ㢟ࡀ Ꮡᅾࡋ࡚࠸ࡿ࡜࠸࠺ࠋࡉࡽ࡟

,

㦁㡢ࡸࡈࡳᤞ࡚ࡢࢺࣛࣈࣝ

,

ᆅ ᇦ࡟࠾ࡅࡿ㟁㌴ࡸ㊰⥺ࣂࢫࡢΰ㞧

,

ჾල◚ᦆ

,

ⴠ᭩ࡁ࡞࡝ࡢ ࠕほගබᐖࠖࡀⓎ⏕ࡋࡓ࡜࠸࠺ᣦ᦬ࡶ࠶ࡗࡓ㸦῝ぢ

[2019]

㸧ࠋ

௒ᚋ

,

ୡ⏺㑇⏘ࡢಖㆤ࡜ࡑࡢ㑇⏘ಖ᭷ᆅᇦ࡟࠾ࡅࡿࢥ࣑ࣗࢽ ࢸ࢕ࡢ⤒῭ⓗ฼┈ாཷࡀ୧❧ࡍࢀࡤ

,

ᆅᇦ࡟࠾࠸࡚௻ᴗࡢ♫

఍ⓗ㈐௵㸦

CSR

㸧࡟㛵ࡍࡿព㆑ࡶྥୖࡋ

,

࢚ࢥࢶ࣮ࣜࢬ࣒࡜ࢧ ࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ࡀᐇ⌧ࡍࡿ࡛࠶ࢁ࠺ࠋ࡟ࡶ࠿࠿ࢃࡽ

ࡎ

,2020

ᖺ௨㝆௒᪥ࡲ࡛ࢥࣟࢼឤᰁ⑕ࡢୡ⏺ⓗὶ⾜࡟ࡼࡾୡ

⏺ࡢほග⏘ᴗࡣ኱ᡴᧁࢆ⿕ࡗ࡚࠸ࡿࠋᮏ✏࡛ࡣ

,

ࢥࣟࢼ⚝⤊

ᜥᚋࡢほගࣈ࣮࣒ࢆぢ㎸ࢇ࡛

,

୰ᅜ࡛኱ໃࡢほගᐈࡀ㞟ࡲࡿ

ୡ⏺」ྜ㑇⏘࡛࠶ࡿᒣᮾ┬ࡢὈᒣ

,

Ᏻᚯ┬ࡢ㯤ᒣ

,

ᅄᕝ┬ࡢ

⻍┱ᒣ࣭ᴦᒣ኱௖

,

⚟ᘓ┬ࡢṊዀᒣ㸦ᅗ

1

ࢆཧ↷㸧࡟࠾ࡅࡿ

㑇⏘ಖㆤ࡜ᆅᇦ⤒῭άᛶ໬ཬࡧࡑࡢᆅᇦ࡟࠾ࡅࡿ௻ᴗࡢ♫

఍ⓗ㈐௵࡟↔Ⅼࢆ࠶࡚

,

ࡇࡢ

4

┬ࡢほග௻ᴗ࡟࠾ࡅࡿ

CSR

ࡢ

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศᯒࡍࡿࠋࡑࡢ⤖

ᯝࢆศᯒࡍࡿࡇ࡜࡟ࡼࡾ

,

௒ᚋ

,

ୡ⏺」ྜ㑇⏘࡟࠾ࡅࡿࢧࢫ ࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒ࡢᵓ⠏࡜ྠ᫬࡟ほග௻ᴗ࡟࠾ࡅࡿ♫఍

ⓗ㈐௵࡟ᑐࡍࡿྲྀ⤌ࡢ㔜せᛶࢆᥦၐࡋ

,

ᣢ⥆ྍ⬟࡞ほගᴗࡢ

Ⓨᒎ࡟㈉⊩ࡋࡼ࠺࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋ

2. ඛ⾜◊✲ࡢࣞࣅ࣮ࣗ࠾ࡼࡧ௬ㄝタᐃ

CSR

࡟㛵ࡍࡿྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศ ᯒࡍࡿඛ⾜◊✲ࡣᩘከࡃᏑᅾࡍࡿࠋ௨ୗ

,

㈈ົࣃࣇ࢛࣮࣐ࣥ

ࢫᣦᶆ࡟

ROA

㸦⥲㈨⏘฼┈⋡㸧࡜

ROE

㸦⣧㈨⏘฼┈⋡㸧ࢆ

⏝࠸ࡓඛ⾜◊✲࡟ゝཬࡍࡿࠋ

McGuire et al.

㹙

1988

㹛ࡣ㸪

CSR

࡬ࡢྲྀ⤌࡟ࡼࡾ㸪ࣜࢫࢡࢆపୗࡉࡏ࡚

,

ࡑࢀࡽࡀ㈈ົࣃࣇ࢛

࣮࣐ࣥࢫ࡟ṇࡢ㛵ಀࡀ࠶ࡿ࡜୺ᙇࡋࡓࠋ

Peters& Mullen

㹙

2009

㹛 ࡣ

1996

ᖺ࡟࠾ࡅࡿ

Fortune 500

ࡢࣜࢫࢺ࡟ᥖ㍕ࡉࢀࡓୖ఩

100

♫ࡢ࠺ࡕ

,81

♫ࡢ

6

ᖺ㛫㸦

1991

ᖺ㹼

1996

ᖺ㸧࡟࠾ࡅࡿ

CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸧ࡢ㛵ಀᛶ࡟ࡘ

࠸࡚ᐇドศᯒࢆ⾜ࡗࡓࠋࡑࡢ⤖ᯝ

,CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ࡟ṇࡢ㛵ಀࡀ࠶ࡿ࡜⤖ㄽ࡙ࡅࡓࠋ୍᪉࡛㸪

Jaggi &

Freedman

㹙

1992

㹛 ࡣ㸪▷ᮇ㛫࡛⣬ࣃࣝࣉ௻ᴗࡢ⎔ቃởᰁࢆ

ᢚไࡍࡿ⾜ື࡜㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦ᙜᮇ⣧฼┈㸪

ROA

㸪

ROE

㸪࢟ࣕࢵࢩࣗࣇ࣮ࣟ

/

⣧㈨⏘㸪࢟ࣕࢵࢩࣗࣇ࣮ࣟ

/

⥲㈨⏘㸧

,

୪ࡧ࡟ᕷሙࣃࣇ࢛࣮࣐ࣥࢫ㸦ࢩࢫࢸ࣐ࢸ࢕ࢵࢡࣜࢫࢡ࡜ᰴ

౯཰┈⋡㸧ࡢ㛫࡟㈇ࡢ┦㛵ࡀ࠶ࡿ஦ᐇࢆ♧၀ࡋࡓࠋ ௨ୗ

,

᪥ᮏ࡟࠾ࡅࡿඛ⾜◊✲࡟ࢫ࣏ࢵࢺࢆᙜ࡚ࡿࠋຍ㈡⏣

㹙

2008

㹛ࡣ

CSR

ࡢྲྀ⤌࡜௻ᴗ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆ

ศᯒࡋࡓ⤖ᯝࡣከᵝ࡛࠶ࡿࡀ㸪

1990

ᖺ௦ᚋ༙௨㝆ࡢࢹ࣮ࢱ

࡟ࡼࡿ࡜㸪ṇࡢ㛵ಀࡀከ࠸࡜ᣦ᦬ࡋ࡚࠸ࡿࠋ㤳⸨࣭➉ཎ㹙

2007

㹛 ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫᣦᶆ㸦

ROA,ROE

㸧ࡸᕷሙホ౯ᣦᶆ 㸦

Tobin Q ͳ

ᰴᘧᢞ㈨཰┈⋡㸧ࢆ⏝࠸࡚

,

ࡑࢀࡽ࡜௻ᴗࡢ

CSR

࡟ᑐࡍࡿྲྀ⤌࡜ࡢ㛵ಀࢆ᳨ドࡋ

,

つᶍࡸ⏘ᴗ≉ᛶ࡞࡝ࢆࢥࣥ

ࢺ࣮ࣟࣝࡋ࡚ࡶ

CSR

άື࡟㛵ᚰࡢ㧗࠸௻ᴗࡀᡂ㛗ᛶࡸ௻ᴗ ホ౯ࡢ㠃࡛ඃⰋ࡞ࣃࣇ࢛࣮࣐ࣥࢫࢆᚓࡿ࡜࠸࠺⤖ᯝࢆ♧ࡋ ࡓࠋ኱ᾆ㹙

2017

㹛ࡣ

, CSR

ࡢホ౯ᣦᩘ࡜ࡋ࡚ࠕேᮦά⏝࣭ࠖ

ࠕ⎔ቃ࣭ࠖࠕ௻ᴗ⤫἞࣭ࠖࠕ♫఍ᛶࠖࡢ

4

ኚᩘࢆ⏝࠸࡚

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆศᯒࡋࡓࠋࠕேᮦά⏝ࠖ

࡬ࡢྲྀ⤌ࡀ㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧㸪ࠕ♫఍ᛶࠖ

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸦

ROA

㸧࡟ᑐࡋ㸪ṇ࡟᭷ព࡞

⤖ᯝࢆᚓࡓ୍᪉㸪ࠕ⎔ቃࠖ

,

ࠕ௻ᴗ⤫἞ࠖࡢ㡯┠ࡣ㸪㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧࡟ᑐࡋ㸪᭷ព࡛ࡣ࡞࠸࡜࠸࠺⤖ᯝ

࡟࡞ࡗࡓࠋ

୰ᅜ࡟࠾ࡅࡿඛ⾜◊✲࡟┠ࢆྥࡅࡿ࡜

,

 ࣭᪉㹙

2008

㹛ࡣࢫ ࢸ࣮ࢡ࣍ࣝࢲ࣮⌮ㄽ࡟ᇶ࡙ࡁ㸪

2003

㹼

2007

ᖺࡢ

5

ᖺ㛫࡟࠾

ࡅࡿୖሙ௻ᴗ

46

♫ࡢࣃࢿࣝࢹ࣮ࢱࢆ⏝࠸ࡓᐇドศᯒࢆ⾜ࡗ

࡚࠸ࡿࠋࡑࡇ࡛ࡣ㸪ࠕ

ROAʱɾʰTobin Q

ࠖࢆ┠ⓗኚᩘ㸦㈈ົ

ࣃࣇ࢛࣮࣐ࣥࢫ㸧㸪᭷฼Ꮚ㈇മ฼Ꮚ⋡㸦മᶒ⪅࡟ᑐࡍࡿ㈐௵㸧㸪

኎ୖ㧗ே௳㈝⋡㸦ᚑᴗဨ࡟ᑐࡍࡿ㈐௵㸧㸪୺Ⴀᴗົ཰┈ࡢ୰

࡛㸪Ⴀᴗ⛯㔠࡜ࡑࡢ௜ຍࡀ༨ࡵࡿẚ⋡㸦ᨻᗓ࡟ᑐࡍࡿ㈐௵㸧㸪

㈙᥃㔠ᅇ㌿⋡㸦౪⤥⪅࡟ᑐࡍࡿ㈐௵㸧㸪

ISO9000

ㄆドྲྀᚓࡢ

᭷↓㸦ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵㸧࡞࡝ࢆㄝ᫂ኚᩘ࡜ࡋࡓୖ࡛㸪௻

ᴗࡢᙧែ㸪⥲㈨⏘ࡢ⮬↛ᑐᩘ㸦௻ᴗࡢつᶍ㸧ࢆࢥࣥࢺ࣮ࣟࣝ

ኚᩘ࡜ࡋࡓࠋ㛗ᮇⓗ࡟ぢࢀࡤ

,CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮

࣐ࣥࢫ࡬ṇࡢᙳ㡪ࢆ୚࠼ࡿ࡜࠸࠺⤖ᯝ࡛࠶ࡗࡓࠋ

ࡲࡓ

,

᳿࣭⋤㹙

2014

㹛ࡣ

,

ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮⌮ㄽ࡟ᇶ࡙ࡁ

୰ᅜ࡟࠾ࡅࡿୖሙほගᴗ

22

♫

2008

ᖺ㹼

2012

ᖺࡢබ⾲ࢹ࣮

ࢱࢆ⏝࠸࡚

CSR

࡬ࡢྲྀ⤌ࡀ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟୚࠼ࡿᙳ 㡪ࢆᐇドศᯒࡋࡓࠋࡑࡢ⤖ᯝ

,

മᶒ⪅

,

ᰴ୺

,

♫఍㈉⊩

,

ᚑ ᴗဨ㸦ᙅ࠸ṇࡢ㛵ಀ㸧࡟ᑐࡍࡿ㈐௵ࡣ

,

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ

࡟ᑐࡋṇࡢ㛵ಀ࡟࠶ࡿ࡜ࡢ⤖ᯝࢆᚓࡓࠋ୍᪉㸪ᨻᗓࡸほගᐈ

࡟ᑐࡍࡿ㈐௵ࡣ㈇ࡢ㛵ಀ࡟࠶ࡿ࡜࠸࠺⤖ᯝࡀᚓࡽࢀࡓࠋ ࡉࡽ࡟

,

⶧

[2018]

ࡣ࿴イ࢙࢘ࣈࢧ࢖ࢺ^4㸧ࡀබ⾲ࡋࡓ

CSR

ホ ౯ᣦᶆ࡟ᇶ࡙ࡁ㸪Ụ⸽┬࡟࠾ࡅࡿୖሙ௻ᴗ

350

♫

2017

ᖺࡢ

CSR

࡟ᑐࡍࡿྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆᐇドศᯒ ࡋࡓࠋࡑࡢ⤖ᯝ

,

ᰴ୺

,

⎔ቃ

,

♫఍࡟ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛

࣮࣐ࣥࢫ࡜ࡢ㛫࡟ࡣṇࡢ㛵ಀࡀ࠶ࡿࡢ࡟ᑐࡋ࡚

,

౪⤥⪅㸦௙

ධඛ㸧࣭㢳ᐈ࣭ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜

㈇ࡢ㛵ಀᛶ࡟࠶ࡾ

,

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥ

ࢫ࡜㛵ಀᛶࡀ࡞࠸࡜࠸࠺஦ᐇࡀ᫂ࡽ࠿࡟࡞ࡗࡓࠋ

௨ୖ

,

ඛ⾜◊✲࠿ࡽࡣ

, CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥ

ਦ1ɿ஦ࠅͶ͕͜Ζ੊ֆ෵߻Ҫࢊ͹ฯ༙ஏ

ड़ॶʁජंࡠ੔

王　氷，李　文忠

୰ᅜ࡟࠾ࡅࡿ

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

ࣝኚᩘࡢᅇᖐಀᩘࢆ♧ࡋ㸪

İ

ࡣㄗᕪ㡯ࢆ⾲ࡍࠋ

4.

ᐇドศᯒ࡜᥎ィ⤖ᯝ

4.1

グ㏙⤫ィศᯒ

᥎ィࢹ࣮ࢱࡢグ㏙⤫ィ㔞࡟ࡘ࠸࡚ࡣ㸪⾲

2

࡛♧ࡋࡓࡼ࠺

࡟

,

⥲㈨⏘฼┈⋡ࡢᖹᆒ್ࡀ

7.1

㸣࡛࠶ࡿࡢ࡟ᑐࡋ࡚㸪⣧㈨

⏘฼┈⋡ࡢᖹᆒ್ࡣ

11.3

㸣࡛࠶ࡿࠋ୍⯡ⓗ࡟

ROA

ࡣ

5

㸣ࢆ

㉸࠼ࢀࡤඃⰋ௻ᴗ࡜࠸ࢃࢀࡿࡢ࡟ᑐࡋ࡚㸪

ROE

ࡣ

10

㸣௨ୖ

࡞ࡽᢞ㈨౯್ࡢ࠶ࡿ఍♫࡜ุ᩿ࡉࢀࡿࠋᶆ‽೫ᕪࡶྵࡵ࡚

⪃࠼ࡿ࡜㸪ࡇࢀࡽࡢୡ⏺」ྜ㑇⏘ಖ᭷ᆅ࡟࠾ࡅࡿほග௻ᴗ ࡣ㈨⏘ࡢ㐠⏝ຠ⋡ࡀ㧗ࡃ㸪௻ᴗࡢ⤒Ⴀ⬟ຊࡀඃࢀ࡚࠸ࡿ࡜

࠸࠼ࡿࠋ

ࡲࡓ㸪ࣔࢹࣝ㸯ࡢㄝ᫂ኚᩘ࡟ὀ┠ࡍࡿ࡜

, 1

ᰴᙜࡓࡾࡢ฼

┈ᖹᆒ್ࡣ

0.772

࡛㸪ࡇࡢᩘ್࠿ࡽࡣᰴ୺ࡀ

1

ᰴᙜࡓࡾ

0.772

ඖࡢ฼┈ࢆᚓࡿ⤖ᯝࡀ♧ࡉࢀࡿࠋ኎ୖཎ౯⋡ࡢᖹᆒ್ࡣ

0.576

࡛㸪

1

ඖࡢ኎ୖ㧗ࡢ࠺ࡕ

0.576

ඖࡢ኎ୖཎ౯ࡀྵࡲࢀ

ࡿᵝᏊࡀ཯ᫎࡉࢀࡿࠋᙜᗙẚ⋡ࡢᖹᆒ್ࡣ

1.568

㸪

1

ᖺ௨ෆ

࡟ᨭᡶᮇ㝈ࡀ฿᮶ࡍࡿὶື㈇മ࡟ᑐࡋ࡚

156.8%

ࡢᙜᗙ㈨⏘

ࡀᡭඖ࡟࠶ࡿࡢ࡛㸪ᨭᡶ⬟ຊ࡟వ⿱ࡀ࠶ࡿ≧ἣࡀศ࠿ࡿࠋ୍

᪉

,

㈙᥃㔠ᅇ㌿⋡ࡢᖹᆒ್ࡣ

10.47

࡛࠶ࡿࡀ

,

ᶆ‽೫ᕪ࡟ࡼ

ࡗ࡚௻ᴗ㛫ࡢᕪࡀ㠀ᖖ࡟኱ࡁ࠸ᵝᏊࡀศ࠿ࡿࠋࡲࡓ㸪኎ୖ㧗

ே௳㈝⋡ࡢᖹᆒ್ࡣ

13.4

㸣㸪ᶆ‽೫ᕪࡣ

0.0790

࡛࠶ࡾ

,

኎

ୖ㧗⛯㔠⋡ࡢᖹᆒ್ࡣ

10.5

㸣

,

ᶆ‽೫ᕪࡣ

0.0710

࡛࠶ࡿࠋ

⥲ࡌ࡚

,

ほග௻ᴗࡀᰴ୺

,

ᾘ㈝⪅

,

മᶒ⪅࡟ᑐࡍࡿ㈐௵ࡣ౪⤥

⪅

,

ᚑᴗဨ㸪ᨻᗓ࡟ᑐࡍࡿ㈐௵ࡼࡾᴦほⓗ࡛࠶ࡿ≧ἣࡀ᥎  ࡉࢀࡿࠋࣔࢹࣝ

1

ࡢᣦᶆࡔࡅ࡛௻ᴗࡢ♫఍ⓗ㈐௵ࢆ ࡿࡢ ࡣ᭱㐺࡛ࡣ࡞࠸࡜ᛮࢃࢀࡿࠋࡑࢀ࡟ᑐࡋ࡚ࣔࢹࣝ

2

ࡢㄝ᫂ ኚᩘࢆぢࡿ࡜

,

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬᖹᆒ್ࡣ᭱ࡶ㧗࠸ ࡀ

,

ᶆ‽೫ᕪ࠿ࡽぢࢀࡤ௻ᴗ㛫ࡢᕪࡀ኱ࡁࡃ

,

ᚓⅬࡀ㈇ࡢ

௻ᴗࡶᏑᅾࡍࡿࠋ♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬࡣ

2

␒┠࡟㧗࠸ ࡀ

,

᭱ᑠ್࡜᭱኱್ࡢᕪࡶ኱ࡁ࠸ࠋ୍᪉㸪౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝

⪅㸪⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬࡣᖹᆒ್ࡀపࡃ

, 0

ࡢ௻ᴗࡶከ

࠸ࠋࡍ࡞ࢃࡕ

, 2

ࡘࡢࣔࢹࣝ࡟㛵ࡍࡿㄝ᫂ኚᩘࢆぢࡿ࡜

,

ࡇ ࡢ

4

┬࡟࠾ࡅࡿほග௻ᴗࡢᰴ୺࡟ᑐࡍࡿ㈐௵࡟ࡘ࠸࡚ࡣᴦ ほⓗ࡞್ࡀ♧ࡉࢀ࡚࠸ࡿࡀ

,

ࡑࡢ௚ࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮࡟࡜ ࡗ࡚ࡣࡑ࠺࡛࠶ࡿ࡜ࡣゝ࠼࡞࠸ࠋ

4.2

┦㛵ᛶศᯒ

᥎ィࢹ࣮ࢱࡢ┦㛵ᛶศᯒ࡟ࡘ࠸࡚ࡣ㸪⾲

3

㸦ࣔࢹࣝ

1

ࡢศ ᯒ⤖ᯝ㸧࡛♧ࡉࢀࡓࡼ࠺࡟

,

࡯࡜ࢇ࡝ࡢㄝ᫂ኚᩘ࡜㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧࡟ࡣ᭷ព࡞┦㛵ࡀ࠶ࡿࡀ㸪ᚲࡎࡋ

ࡶṇࡢ㛵ಀࡀぢࡽࢀ࡞࠸ࡶࡢࡶ࠶ࡿࠋࡍ࡞ࢃࡕ㸪

ROA, ROE

࡜

1

ᰴᙜࡓࡾࡢ฼┈㸦

X1:

ᰴ୺࡟ᑐࡍࡿ㈐௵㸧㸪኎ୖ㧗⛯㔠

⾲

3 CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ┦㛵ᛶศᯒ⤖ᯝ㸦ࣔࢹࣝ

1

㸧

ROA ROE X1 X2 X3 X4 X5 X6 SIZE LEV GROW

ROA 1

ROE 1

X1 0.800*** 0.760*** 1

X2 -0.514*** -0.380*** -0.477*** 1

X3 -0.207*** -0.167** -0.232*** 0.662*** 1

X4 0.149** -0.00800 0.106 -0.154** -0.0680 1

X5 -0.166** -0.286*** -0.108 -0.248*** -0.195*** 0.231*** 1

X6 0.383*** 0.259*** 0.451*** -0.893*** -0.612*** 0.251*** 0.267*** 1

SIZE 0.113 0.167** 0.301*** -0.0100 0.0640 -0.256*** -0.595*** 0.0120 1

LEV -0.305*** -0.0280 -0.218*** 0.508*** 0.209*** -0.620*** -0.452*** -0.538*** 0.378*** 1

GROW 0.233*** 0.296*** 0.154** 0.0760 0.102 -0.127* -0.194*** -0.110 0.0270 0.221*** 1

*10ˍ༙қਭ६ **5%༙қਭ६ ***1%༙қਭ६

⾲

4 CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ┦㛵ᛶศᯒ⤖ᯝ㸦ࣔࢹࣝ

2

㸧

ROA ROE Z1 Z2 Z3 Z4 Z5 SIZE LEV GROW

ROA 1

ROE 1

Z1 0.766*** 0.671*** 1

Z2 0.163** 0.146** 0.365*** 1

Z3 0.167** 0.144** 0.331*** 0.823*** 1

Z4 0.125* 0.129* 0.332*** 0.918*** 0.880*** 1

Z5 0.401*** 0.341*** 0.312*** 0.0750 0.181** 0.0650 1

SIZE 0.113 0.167** 0.232*** 0.272*** 0.147** 0.222*** 0.0890 1

LEV -0.305*** -0.0280 -0.310*** -0.0350 -0.138* -0.0310 -0.179** 0.378*** 1

GROW 0.233*** 0.296*** 0.157** 0.00700 -0.0640 -0.0280 0.0340 0.0270 0.221*** 1

*10ˍ༙қਭ६ **5%༙қਭ६ ***1%༙қਭ६ 中国におけるCSR取組と財務パフォーマンスの関係性

⋤ị㸪ᮤᩥᛅ

ࡍࡿࠋࡲࡎ

,

ࣔࢹࣝ

1

࡛ࡣᰴ୺㸪ᚑᴗဨ㸪ᾘ㈝⪅㸪മᶒ⪅㸪 ౪⤥⪅࡜ᨻᗓ࡜࠸࠺

6

ࡘࡢ฼ᐖ㛵ಀ⪅㞟ᅋ࠿ࡽ௻ᴗࡀ♫఍

ⓗ㈐௵ࢆᯝࡓࡍᗘྜ࠸ࢆศᯒࡍࡿࠋ

1

ᰴᙜࡓࡾࡢ฼┈㸦

EPS

㸧

ࢆᰴ୺࡟ᑐࡍࡿ♫఍㈐௵ᣦᶆ࡜

,

኎ୖཎ౯⋡ࢆ⏝࠸࡚ᾘ㈝

⪅࡟ᑐࡍࡿ♫఍㈐௵ࢆホ౯ࡋ

,

㈙᥃㔠ᅇ㌿⋡ࢆ౪⤥⪅࡟ᑐ ࡍࡿ♫఍ⓗ㈐௵ᣦᶆ࡜ࡍࡿࠋࡲࡓ

,

ᙜᗙẚ⋡ࡣമᶒ⪅࡟ᑐࡍ

ࡿ♫఍㈐௵ᣦᶆ࡜ࡋ

,

኎ୖ㧗ே௳㈝⋡ࡣᚑᴗဨ࡟ᨭᡶ࠺ே

௳㈝࡜኎ୖ㧗ࡢẚ⋡࡛࠶ࡗ࡚

,

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵࡜ࡋ

,

኎ୖ㧗⛯㔠⋡ࢆ⏝࠸࡚௻ᴗࡀᨻᗓ࡟ᑐࡍࡿ♫఍ⓗ㈐௵ࢆホ ౯ࡍࡿࠋ

ḟ࡟

,

ࣔࢹࣝ

2

ࡣ➨

3

⪅ホ౯ᶵᵓ࡛࠶ࡿ࿴イ࢙࢘ࣈࢧ࢖

ࢺ࡟බ⾲ࡉࢀࡓ

CSR

ホ౯ᣦᶆࢆ⏝࠸࡚ศᯒࡍࡿࠋࡑࡢ

CSR

ホ౯ᣦᶆࡣᰴ୺ᣦᶆ㸪ᚑᴗဨᣦᶆ㸪౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅ᣦ ᶆ㸪⎔ቃᣦᶆ࡜♫఍ᣦᶆ࡛࠶ࡾ

,

ࡇࡢ

5

ࡘࡢホ౯ᣦᶆࢆㄝ᫂

ኚᩘ࡜ࡍࡿࠋ

3.2.3

ࢥࣥࢺ࣮ࣟࣝኚᩘ

ᐇドศᯒ࡛ࡣ㸪ㄝ᫂ኚᩘ࡜┠ⓗኚᩘࡢྜ⌮ᛶࢆ⪃៖ࡍࡿ

࡯࠿㸪ㄝ᫂ኚᩘ࡜┠ⓗኚᩘ࡟ᑐࡍࡿእ㒊ኚᩘࡢᙳ㡪ࡶ⪃៖

ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋᮏ✏࡛ࡣࣔࢹࣝ

1

࡜ࣔࢹࣝ

2

࡜ඹ

࡟㸪௨ୗࡢࢥࣥࢺ࣮ࣟࣝኚᩘࢆ᥇⏝ࡍࡿࠋ

ᶅ ةۂ͹وໝʤSIZEʥ

ࠕ௻ᴗࡢつᶍࠖࡢ௦⌮ኚᩘ࡟ࡣ㸪ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘࢆ

⏝࠸ࡿࠋ୍⯡ⓗ࡟ゝ࠺࡜㸪௻ᴗࡢつᶍࡀ኱ࡁ࠸࡯࡝㸪㈨㔠ࡀ ㄪ㐩ࡋࡸࡍࡃ㸪ᑗ᮶ࡢⓎᒎྍ⬟ᛶࡀከᵝ࡛࠶ࡾ㸪Ⓨᒎ₯ᅾຊ

ࡶ኱ࡁ࠸ࠋࡲࡓ㸪⏕⏘㔞ࡢቑ኱࡟క࠸㸪ཎᮦᩱࡸປാຊ࡟ᚲ せ࡞ࢥࢫࢺࡀῶᑡࡋ㸪ຠ⋡ⓗ⏕⏘ࢆᐇ⌧ࡋ㸪௻ᴗ࡟኱つᶍࡢ

⤒῭ຠᯝࢆࡶࡓࡽࡋ㸪௻ᴗᴗ⦼࡜ṇࡢ㛵ಀ࡟࠶ࡿ࡜⪃࠼ࡿࠋ

ᶆ ϨηέʤLEVʥ

Mc Williams & Siegel

㹙

2000

㹛ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㔜ᅇ ᖐศᯒ࡟㝿ࡋ㸪ࢥࣥࢺ࣮ࣟࣝኚᩘ࡜ࡋ࡚㸪ࠕࣜࢫࢡࠖࢆຍ࠼

ࡿᚲせᛶࢆ♧၀ࡋ࡚࠸ࡿࠋࠕࣜࢫࢡࠖࡢ௦⌮ኚᩘ࡜ࡋ࡚ࡣ㸪

ブ

[2015

㹛ࡢ◊✲ࢆཧ⪃࡟㸪⥲㈨⏘㈇മẚ⋡ࢆ⏝࠸ࡿࠋࡇࡢ

ẚ⋡ࡣࠕ㈇മ⥲㢠

÷

㈨⏘⥲㢠࡛ࠖ⟬ฟࡋ࡚࠾ࡾ㸪௻ᴗᴗ⦼࡜

㈇ࡢ㛵ಀࡀண᝿ࡉࢀࡿࠋ

ᶇ ੔ௗ੓ʤGROWʥ

ࠕᡂ㛗ᛶࠖࡢ௦⌮ኚᩘ࡜ࡋ࡚ࡣ㸪ࠕ኎ୖ㧗ቑຍ⋡ࠖࢆ⏝࠸

ࡿࠋ኎ୖ㧗ቑຍ⋡ࡣ௻ᴗࡢᙜᮇ኎ୖ㧗ࡀ๓ᮇ኎ୖ㧗࡜ẚ㍑

ࡋ࡚࡝ࡢ⛬ᗘఙࡧ࡚࠸ࡿ࠿ࢆ⾲ࡍᣦᶆ࡛࠶ࡿࠋᵝࠎ࡞Ⴀᴗ ࢥࢫࢺࢆ㈥࠺ࡇ࡜࡛

,

ࡑࢀࡒࢀࡢẁ㝵฼┈ࡢ※Ἠ࡜࡞ࡾ㸪ᰴ

୺ࡢ฼┈ࢆ⏕ࡳฟࡍࡶ࡜࡜࡞ࡿࡶࡢࡀ኎ୖ㧗࡛࠶ࡿࠋᚑࡗ

࡚㸪኎ୖ㧗ቑຍ⋡ࡣ኱ࡁ࠸࡯࡝Ⰻ࠸࡜ࡉࢀࡿࠋ௻ᴗᴗ⦼࡜ࡣ ṇࡢ㛵ಀࡀண᝿ࡉࢀࡿࠋ

ᮏ✏࡟࠾ࡅࡿᐇドศᯒࣔࢹࣝࡢタᐃኚᩘࡣ⾲

1

ࡢ㏻ࡾ࡛

࠶ࡿࠋ

3.3

ࣔࢹࣝᵓ㐀

ᮏ✏࡛ࡣ㸪ඛ⾜◊✲ࡢศᯒᡭἲ࡟౫ᣐࡋ࡚㸪௨ୗࡢࣔࢹࣝ

1

ᘧ࡜ࣔࢹࣝ

2

ᘧ࡛♧ࡋࡓ⥺ᙧࣔࢹࣝࢆ❧࡚ࣃࢿࣝࢹ࣮ࢱ ศᯒࢆ⾜࠺ࠋ

Yi, t=ߙȕX1i,WȕX2i,Wȕ;L,Wȕ;L,Wȕ5X5i,Wȕ6X6i,t +ߛ1SIZEi,t+ߛ2LEVi,t+ ߛ3GROWTHi,WİLW

ࣔࢹࣝ

1 Yi, t= ߙ ȕ

1

Z

1

LWȕ

2

Z

2

LWȕ

3

Z

3

LWȕ

4

Z

4

LWȕ

5

Z

5

i,t+ ߛ

¹

SIZEi,t

+ߛ

2

LEVi,t + ߛ

3

*52:7+LWİLW

ࣔࢹࣝ

2

ࡇࡇ࡛

i

ࡣಶู௻ᴗࢆ⾲ࡋ㸪ࢡࣟࢫࢭࢡࢩࣙࣥ᪉ྥࡢ᝟ሗ

࡛࠶ࡾ㸪

t

ࡣᮇ㛫㸦

2012-2019

ᖺ㸧ࢆ♧ࡋ㸪᫬⣔ิ᪉ྥࡢ᝟ሗ

ࢆ୚࠼ࡿࠋ

ȕ

ࡣㄝ᫂ኚᩘࡢᅇᖐಀᩘࢆ⾲ࡋ㸪

Ȗ

ࡣࢥࣥࢺ࣮ࣟ

⾲

2

グ㏙⤫ィ㔞

ኚᩘࡢタᐃ ኚᩘࢥ࣮ࢻ ᖹᆒ್ ᶆ‽೫ᕪ ᭱ᑠ್ ᭱኱್

⥲㈨⏘฼┈⋡ Y1 0.0710 0.0600 -0.220 0.324

⣧㈨⏘฼┈⋡ Y2 0.113 0.0850 -0.285 0.535 1ᰴᙜࡓࡾ฼┈ X1 0.772 0.789 -0.825 4.483

኎ୖཎ౯⋡ X2 0.576 0.228 0.171 0.978

㈙᥃㔠ᅇ㌿⋡ X3 10.47 10.49 0.355 48.20

ᙜᗙẚ⋡ X4 1.568 1.471 0.138 9.078

኎ୖ㧗ே௳㈝⋡ X5 0.134 0.0790 0.00400 0.436

኎ୖ㧗⛯㔠⋡ X6 0.105 0.0710 0.00100 0.414

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z1 17.64 5.514 -2.540 28.19 ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z2 3.496 3.517 0 15 ౪⤥⪅,㢳ᐈ,ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z3 2.453 5.712 0 20

⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z4 2.542 5.941 0 23

♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z5 6.643 3.532 -10 17.68 ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘ SIZE 22.82 1.193 20.58 25.39

⥲㈨⏘㈇മẚ⋡ LEV 0.375 0.185 0.0620 0.843

኎ୖ㧗ቑຍ⋡ GROW 0.103 0.284 -0.703 2.300

桑原　順子 王　氷，李　文忠

୰ᅜ࡟࠾ࡅࡿ

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

ࣝኚᩘࡢᅇᖐಀᩘࢆ♧ࡋ㸪

İ

ࡣㄗᕪ㡯ࢆ⾲ࡍࠋ

4.

ᐇドศᯒ࡜᥎ィ⤖ᯝ

4.1

グ㏙⤫ィศᯒ

᥎ィࢹ࣮ࢱࡢグ㏙⤫ィ㔞࡟ࡘ࠸࡚ࡣ㸪⾲

2

࡛♧ࡋࡓࡼ࠺

࡟

,

⥲㈨⏘฼┈⋡ࡢᖹᆒ್ࡀ

7.1

㸣࡛࠶ࡿࡢ࡟ᑐࡋ࡚㸪⣧㈨

⏘฼┈⋡ࡢᖹᆒ್ࡣ

11.3

㸣࡛࠶ࡿࠋ୍⯡ⓗ࡟

ROA

ࡣ

5

㸣ࢆ

㉸࠼ࢀࡤඃⰋ௻ᴗ࡜࠸ࢃࢀࡿࡢ࡟ᑐࡋ࡚㸪

ROE

ࡣ

10

㸣௨ୖ

࡞ࡽᢞ㈨౯್ࡢ࠶ࡿ఍♫࡜ุ᩿ࡉࢀࡿࠋᶆ‽೫ᕪࡶྵࡵ࡚

⪃࠼ࡿ࡜㸪ࡇࢀࡽࡢୡ⏺」ྜ㑇⏘ಖ᭷ᆅ࡟࠾ࡅࡿほග௻ᴗ ࡣ㈨⏘ࡢ㐠⏝ຠ⋡ࡀ㧗ࡃ㸪௻ᴗࡢ⤒Ⴀ⬟ຊࡀඃࢀ࡚࠸ࡿ࡜

࠸࠼ࡿࠋ

ࡲࡓ㸪ࣔࢹࣝ㸯ࡢㄝ᫂ኚᩘ࡟ὀ┠ࡍࡿ࡜

, 1

ᰴᙜࡓࡾࡢ฼

┈ᖹᆒ್ࡣ

0.772

࡛㸪ࡇࡢᩘ್࠿ࡽࡣᰴ୺ࡀ

1

ᰴᙜࡓࡾ

0.772

ඖࡢ฼┈ࢆᚓࡿ⤖ᯝࡀ♧ࡉࢀࡿࠋ኎ୖཎ౯⋡ࡢᖹᆒ್ࡣ

0.576

࡛㸪

1

ඖࡢ኎ୖ㧗ࡢ࠺ࡕ

0.576

ඖࡢ኎ୖཎ౯ࡀྵࡲࢀ

ࡿᵝᏊࡀ཯ᫎࡉࢀࡿࠋᙜᗙẚ⋡ࡢᖹᆒ್ࡣ

1.568

㸪

1

ᖺ௨ෆ

࡟ᨭᡶᮇ㝈ࡀ฿᮶ࡍࡿὶື㈇മ࡟ᑐࡋ࡚

156.8%

ࡢᙜᗙ㈨⏘

ࡀᡭඖ࡟࠶ࡿࡢ࡛㸪ᨭᡶ⬟ຊ࡟వ⿱ࡀ࠶ࡿ≧ἣࡀศ࠿ࡿࠋ୍

᪉

,

㈙᥃㔠ᅇ㌿⋡ࡢᖹᆒ್ࡣ

10.47

࡛࠶ࡿࡀ

,

ᶆ‽೫ᕪ࡟ࡼ

ࡗ࡚௻ᴗ㛫ࡢᕪࡀ㠀ᖖ࡟኱ࡁ࠸ᵝᏊࡀศ࠿ࡿࠋࡲࡓ㸪኎ୖ㧗

ே௳㈝⋡ࡢᖹᆒ್ࡣ

13.4

㸣㸪ᶆ‽೫ᕪࡣ

0.0790

࡛࠶ࡾ

,

኎

ୖ㧗⛯㔠⋡ࡢᖹᆒ್ࡣ

10.5

㸣

,

ᶆ‽೫ᕪࡣ

0.0710

࡛࠶ࡿࠋ

⥲ࡌ࡚

,

ほග௻ᴗࡀᰴ୺

,

ᾘ㈝⪅

,

മᶒ⪅࡟ᑐࡍࡿ㈐௵ࡣ౪⤥

⪅

,

ᚑᴗဨ㸪ᨻᗓ࡟ᑐࡍࡿ㈐௵ࡼࡾᴦほⓗ࡛࠶ࡿ≧ἣࡀ᥎  ࡉࢀࡿࠋࣔࢹࣝ

1

ࡢᣦᶆࡔࡅ࡛௻ᴗࡢ♫఍ⓗ㈐௵ࢆ ࡿࡢ ࡣ᭱㐺࡛ࡣ࡞࠸࡜ᛮࢃࢀࡿࠋࡑࢀ࡟ᑐࡋ࡚ࣔࢹࣝ

2

ࡢㄝ᫂

ኚᩘࢆぢࡿ࡜

,

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬᖹᆒ್ࡣ᭱ࡶ㧗࠸

ࡀ

,

ᶆ‽೫ᕪ࠿ࡽぢࢀࡤ௻ᴗ㛫ࡢᕪࡀ኱ࡁࡃ

,

ᚓⅬࡀ㈇ࡢ

௻ᴗࡶᏑᅾࡍࡿࠋ♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬࡣ

2

␒┠࡟㧗࠸

ࡀ

,

᭱ᑠ್࡜᭱኱್ࡢᕪࡶ኱ࡁ࠸ࠋ୍᪉㸪౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝

⪅㸪⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬࡣᖹᆒ್ࡀపࡃ

, 0

ࡢ௻ᴗࡶከ

࠸ࠋࡍ࡞ࢃࡕ

, 2

ࡘࡢࣔࢹࣝ࡟㛵ࡍࡿㄝ᫂ኚᩘࢆぢࡿ࡜

,

ࡇ ࡢ

4

┬࡟࠾ࡅࡿほග௻ᴗࡢᰴ୺࡟ᑐࡍࡿ㈐௵࡟ࡘ࠸࡚ࡣᴦ ほⓗ࡞್ࡀ♧ࡉࢀ࡚࠸ࡿࡀ

,

ࡑࡢ௚ࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮࡟࡜

ࡗ࡚ࡣࡑ࠺࡛࠶ࡿ࡜ࡣゝ࠼࡞࠸ࠋ

4.2

┦㛵ᛶศᯒ

᥎ィࢹ࣮ࢱࡢ┦㛵ᛶศᯒ࡟ࡘ࠸࡚ࡣ㸪⾲

3

㸦ࣔࢹࣝ

1

ࡢศ ᯒ⤖ᯝ㸧࡛♧ࡉࢀࡓࡼ࠺࡟

,

࡯࡜ࢇ࡝ࡢㄝ᫂ኚᩘ࡜㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ㸦

ROA

㸪

ROE

㸧࡟ࡣ᭷ព࡞┦㛵ࡀ࠶ࡿࡀ㸪ᚲࡎࡋ

ࡶṇࡢ㛵ಀࡀぢࡽࢀ࡞࠸ࡶࡢࡶ࠶ࡿࠋࡍ࡞ࢃࡕ㸪

ROA, ROE

࡜

1

ᰴᙜࡓࡾࡢ฼┈㸦

X1:

ᰴ୺࡟ᑐࡍࡿ㈐௵㸧㸪኎ୖ㧗⛯㔠

⾲

3 CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ┦㛵ᛶศᯒ⤖ᯝ㸦ࣔࢹࣝ

1

㸧

ROA ROE X1 X2 X3 X4 X5 X6 SIZE LEV GROW

ROA 1

ROE 1

X1 0.800*** 0.760*** 1

X2 -0.514*** -0.380*** -0.477*** 1

X3 -0.207*** -0.167** -0.232*** 0.662*** 1

X4 0.149** -0.00800 0.106 -0.154** -0.0680 1

X5 -0.166** -0.286*** -0.108 -0.248*** -0.195*** 0.231*** 1

X6 0.383*** 0.259*** 0.451*** -0.893*** -0.612*** 0.251*** 0.267*** 1

SIZE 0.113 0.167** 0.301*** -0.0100 0.0640 -0.256*** -0.595*** 0.0120 1

LEV -0.305*** -0.0280 -0.218*** 0.508*** 0.209*** -0.620*** -0.452*** -0.538*** 0.378*** 1

GROW 0.233*** 0.296*** 0.154** 0.0760 0.102 -0.127* -0.194*** -0.110 0.0270 0.221*** 1

*10ˍ༙қਭ६ **5%༙қਭ६ ***1%༙қਭ६

⾲

4 CSR

࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ┦㛵ᛶศᯒ⤖ᯝ㸦ࣔࢹࣝ

2

㸧

ROA ROE Z1 Z2 Z3 Z4 Z5 SIZE LEV GROW

ROA 1

ROE 1

Z1 0.766*** 0.671*** 1

Z2 0.163** 0.146** 0.365*** 1

Z3 0.167** 0.144** 0.331*** 0.823*** 1

Z4 0.125* 0.129* 0.332*** 0.918*** 0.880*** 1

Z5 0.401*** 0.341*** 0.312*** 0.0750 0.181** 0.0650 1

SIZE 0.113 0.167** 0.232*** 0.272*** 0.147** 0.222*** 0.0890 1

LEV -0.305*** -0.0280 -0.310*** -0.0350 -0.138* -0.0310 -0.179** 0.378*** 1

GROW 0.233*** 0.296*** 0.157** 0.00700 -0.0640 -0.0280 0.0340 0.0270 0.221*** 1

*10ˍ༙қਭ६ **5%༙қਭ६ ***1%༙қਭ६ 中国におけるCSR取組と財務パフォーマンスの関係性

⋤ị㸪ᮤᩥᛅ

ࡍࡿࠋࡲࡎ

,

ࣔࢹࣝ

1

࡛ࡣᰴ୺㸪ᚑᴗဨ㸪ᾘ㈝⪅㸪മᶒ⪅㸪 ౪⤥⪅࡜ᨻᗓ࡜࠸࠺

6

ࡘࡢ฼ᐖ㛵ಀ⪅㞟ᅋ࠿ࡽ௻ᴗࡀ♫఍

ⓗ㈐௵ࢆᯝࡓࡍᗘྜ࠸ࢆศᯒࡍࡿࠋ

1

ᰴᙜࡓࡾࡢ฼┈㸦

EPS

㸧

ࢆᰴ୺࡟ᑐࡍࡿ♫఍㈐௵ᣦᶆ࡜

,

኎ୖཎ౯⋡ࢆ⏝࠸࡚ᾘ㈝

⪅࡟ᑐࡍࡿ♫఍㈐௵ࢆホ౯ࡋ

,

㈙᥃㔠ᅇ㌿⋡ࢆ౪⤥⪅࡟ᑐ ࡍࡿ♫఍ⓗ㈐௵ᣦᶆ࡜ࡍࡿࠋࡲࡓ

,

ᙜᗙẚ⋡ࡣമᶒ⪅࡟ᑐࡍ

ࡿ♫఍㈐௵ᣦᶆ࡜ࡋ

,

኎ୖ㧗ே௳㈝⋡ࡣᚑᴗဨ࡟ᨭᡶ࠺ே

௳㈝࡜኎ୖ㧗ࡢẚ⋡࡛࠶ࡗ࡚

,

ᚑᴗဨ࡟ᑐࡍࡿ㈐௵࡜ࡋ

,

኎ୖ㧗⛯㔠⋡ࢆ⏝࠸࡚௻ᴗࡀᨻᗓ࡟ᑐࡍࡿ♫఍ⓗ㈐௵ࢆホ ౯ࡍࡿࠋ

ḟ࡟

,

ࣔࢹࣝ

2

ࡣ➨

3

⪅ホ౯ᶵᵓ࡛࠶ࡿ࿴イ࢙࢘ࣈࢧ࢖

ࢺ࡟බ⾲ࡉࢀࡓ

CSR

ホ౯ᣦᶆࢆ⏝࠸࡚ศᯒࡍࡿࠋࡑࡢ

CSR

ホ౯ᣦᶆࡣᰴ୺ᣦᶆ㸪ᚑᴗဨᣦᶆ㸪౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅ᣦ ᶆ㸪⎔ቃᣦᶆ࡜♫఍ᣦᶆ࡛࠶ࡾ

,

ࡇࡢ

5

ࡘࡢホ౯ᣦᶆࢆㄝ᫂

ኚᩘ࡜ࡍࡿࠋ

3.2.3

ࢥࣥࢺ࣮ࣟࣝኚᩘ

ᐇドศᯒ࡛ࡣ㸪ㄝ᫂ኚᩘ࡜┠ⓗኚᩘࡢྜ⌮ᛶࢆ⪃៖ࡍࡿ

࡯࠿㸪ㄝ᫂ኚᩘ࡜┠ⓗኚᩘ࡟ᑐࡍࡿእ㒊ኚᩘࡢᙳ㡪ࡶ⪃៖

ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋᮏ✏࡛ࡣࣔࢹࣝ

1

࡜ࣔࢹࣝ

2

࡜ඹ

࡟㸪௨ୗࡢࢥࣥࢺ࣮ࣟࣝኚᩘࢆ᥇⏝ࡍࡿࠋ

ᶅ ةۂ͹وໝʤSIZEʥ

ࠕ௻ᴗࡢつᶍࠖࡢ௦⌮ኚᩘ࡟ࡣ㸪ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘࢆ

⏝࠸ࡿࠋ୍⯡ⓗ࡟ゝ࠺࡜㸪௻ᴗࡢつᶍࡀ኱ࡁ࠸࡯࡝㸪㈨㔠ࡀ ㄪ㐩ࡋࡸࡍࡃ㸪ᑗ᮶ࡢⓎᒎྍ⬟ᛶࡀከᵝ࡛࠶ࡾ㸪Ⓨᒎ₯ᅾຊ

ࡶ኱ࡁ࠸ࠋࡲࡓ㸪⏕⏘㔞ࡢቑ኱࡟క࠸㸪ཎᮦᩱࡸປാຊ࡟ᚲ せ࡞ࢥࢫࢺࡀῶᑡࡋ㸪ຠ⋡ⓗ⏕⏘ࢆᐇ⌧ࡋ㸪௻ᴗ࡟኱つᶍࡢ

⤒῭ຠᯝࢆࡶࡓࡽࡋ㸪௻ᴗᴗ⦼࡜ṇࡢ㛵ಀ࡟࠶ࡿ࡜⪃࠼ࡿࠋ

ᶆ ϨηέʤLEVʥ

Mc Williams & Siegel

㹙

2000

㹛ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㔜ᅇ ᖐศᯒ࡟㝿ࡋ㸪ࢥࣥࢺ࣮ࣟࣝኚᩘ࡜ࡋ࡚㸪ࠕࣜࢫࢡࠖࢆຍ࠼

ࡿᚲせᛶࢆ♧၀ࡋ࡚࠸ࡿࠋࠕࣜࢫࢡࠖࡢ௦⌮ኚᩘ࡜ࡋ࡚ࡣ㸪

ブ

[2015

㹛ࡢ◊✲ࢆཧ⪃࡟㸪⥲㈨⏘㈇മẚ⋡ࢆ⏝࠸ࡿࠋࡇࡢ

ẚ⋡ࡣࠕ㈇മ⥲㢠

÷

㈨⏘⥲㢠࡛ࠖ⟬ฟࡋ࡚࠾ࡾ㸪௻ᴗᴗ⦼࡜

㈇ࡢ㛵ಀࡀண᝿ࡉࢀࡿࠋ

ᶇ ੔ௗ੓ʤGROWʥ

ࠕᡂ㛗ᛶࠖࡢ௦⌮ኚᩘ࡜ࡋ࡚ࡣ㸪ࠕ኎ୖ㧗ቑຍ⋡ࠖࢆ⏝࠸

ࡿࠋ኎ୖ㧗ቑຍ⋡ࡣ௻ᴗࡢᙜᮇ኎ୖ㧗ࡀ๓ᮇ኎ୖ㧗࡜ẚ㍑

ࡋ࡚࡝ࡢ⛬ᗘఙࡧ࡚࠸ࡿ࠿ࢆ⾲ࡍᣦᶆ࡛࠶ࡿࠋᵝࠎ࡞Ⴀᴗ ࢥࢫࢺࢆ㈥࠺ࡇ࡜࡛

,

ࡑࢀࡒࢀࡢẁ㝵฼┈ࡢ※Ἠ࡜࡞ࡾ㸪ᰴ

୺ࡢ฼┈ࢆ⏕ࡳฟࡍࡶ࡜࡜࡞ࡿࡶࡢࡀ኎ୖ㧗࡛࠶ࡿࠋᚑࡗ

࡚㸪኎ୖ㧗ቑຍ⋡ࡣ኱ࡁ࠸࡯࡝Ⰻ࠸࡜ࡉࢀࡿࠋ௻ᴗᴗ⦼࡜ࡣ ṇࡢ㛵ಀࡀண᝿ࡉࢀࡿࠋ

ᮏ✏࡟࠾ࡅࡿᐇドศᯒࣔࢹࣝࡢタᐃኚᩘࡣ⾲

1

ࡢ㏻ࡾ࡛

࠶ࡿࠋ

3.3

ࣔࢹࣝᵓ㐀

ᮏ✏࡛ࡣ㸪ඛ⾜◊✲ࡢศᯒᡭἲ࡟౫ᣐࡋ࡚㸪௨ୗࡢࣔࢹࣝ

1

ᘧ࡜ࣔࢹࣝ

2

ᘧ࡛♧ࡋࡓ⥺ᙧࣔࢹࣝࢆ❧࡚ࣃࢿࣝࢹ࣮ࢱ ศᯒࢆ⾜࠺ࠋ

Yi, t=ߙȕX1i,WȕX2i,Wȕ;L,Wȕ;L,Wȕ5X5i,Wȕ6X6i,t +ߛ1SIZEi,t+ߛ2LEVi,t+ ߛ3GROWTHi,WİLW

ࣔࢹࣝ

1 Yi, t= ߙ ȕ

1

Z

1

LWȕ

2

Z

2

LWȕ

3

Z

3

LWȕ

4

Z

4

LWȕ

5

Z

5

i,t+ ߛ

¹

SIZEi,t

+ߛ

2

LEVi,t + ߛ

3

*52:7+LWİLW

ࣔࢹࣝ

2

ࡇࡇ࡛

i

ࡣಶู௻ᴗࢆ⾲ࡋ㸪ࢡࣟࢫࢭࢡࢩࣙࣥ᪉ྥࡢ᝟ሗ

࡛࠶ࡾ㸪

t

ࡣᮇ㛫㸦

2012-2019

ᖺ㸧ࢆ♧ࡋ㸪᫬⣔ิ᪉ྥࡢ᝟ሗ

ࢆ୚࠼ࡿࠋ

ȕ

ࡣㄝ᫂ኚᩘࡢᅇᖐಀᩘࢆ⾲ࡋ㸪

Ȗ

ࡣࢥࣥࢺ࣮ࣟ

⾲

2

グ㏙⤫ィ㔞

ኚᩘࡢタᐃ ኚᩘࢥ࣮ࢻ ᖹᆒ್ ᶆ‽೫ᕪ ᭱ᑠ್ ᭱኱್

⥲㈨⏘฼┈⋡ Y1 0.0710 0.0600 -0.220 0.324

⣧㈨⏘฼┈⋡ Y2 0.113 0.0850 -0.285 0.535 1ᰴᙜࡓࡾ฼┈ X1 0.772 0.789 -0.825 4.483

኎ୖཎ౯⋡ X2 0.576 0.228 0.171 0.978

㈙᥃㔠ᅇ㌿⋡ X3 10.47 10.49 0.355 48.20

ᙜᗙẚ⋡ X4 1.568 1.471 0.138 9.078

኎ୖ㧗ே௳㈝⋡ X5 0.134 0.0790 0.00400 0.436

኎ୖ㧗⛯㔠⋡ X6 0.105 0.0710 0.00100 0.414

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z1 17.64 5.514 -2.540 28.19 ᚑᴗဨ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z2 3.496 3.517 0 15 ౪⤥⪅,㢳ᐈ,ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z3 2.453 5.712 0 20

⎔ቃ࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z4 2.542 5.941 0 23

♫఍࡟ᑐࡍࡿ㈐௵ࡢᚓⅬ Z5 6.643 3.532 -10 17.68 ᮇᮎ⥲㈨⏘ࡢ⮬↛ᑐᩘ SIZE 22.82 1.193 20.58 25.39

⥲㈨⏘㈇മẚ⋡ LEV 0.375 0.185 0.0620 0.843

኎ୖ㧗ቑຍ⋡ GROW 0.103 0.284 -0.703 2.300

桑原　順子 王　氷，李　文忠

୰ᅜ࡟࠾ࡅࡿ

CSR

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶ

ᶒ⪅࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟ᑐࡋ㸪

1

㸣ࡢ᭷ព Ỉ‽࡛࠶ࡾ㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ṇࡢ㛵ಀࡀ࠶ࡿ࡜࠸࠺

⤖ᯝ࡛࠶ࡗࡓࠋ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟ᑐࡍࡿṇࡢ㛵ಀࡢ⛬

ᗘࢆ㧗࠸㡰࡟୪࡭ࡿ࡜㸪ᰴ୺㸼മᶒ⪅࡜࡞ࡗࡓࠋ୍᪉㸪ᾘ㈝

⪅࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜

5

㸣᭷ពỈ‽࡛㈇

ࡢ㛵ಀࡀ࠶ࡾ㸪ᚑᴗဨ㸪ᨻᗓ࡟ᑐࡍࡿ㈐௵ࡣ

1

㸣᭷ពỈ‽࡛

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜㈇ࡢ㛵ಀ࡟࠶ࡿ࡜ࡢ⤖ᯝࡀᚓࡽࢀࡓࠋ

㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟ᑐࡍࡿ㈇ࡢ㛵ಀࡢ⛬ᗘࢆ㧗࠸㡰࡟୪

࡭ࡿ࡜㸪ᚑᴗဨ㸼ᨻᗓ㸼ᾘ㈝⪅࡜࡞ࡗࡓࠋࡋ࠿ࡋ㸪౪⤥⪅࡟

ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶࡣ᭷ព࡛࡞࠸⤖

ᯝࡀ♧၀ࡉࢀࡓࠋ

ROE

ࢆ⏝࠸ࡓศᯒ⤖ᯝ࡛ࡣ

,

ᾘ㈝⪅࡟ᑐ ࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀᛶࡣ᭷ព࡛࡞࠸࡜࠸

࠺⤖ᯝࡀᚓࡽࢀࡓࠋࡑࡢ௚ࡢ

5

㡯┠࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ

࡜ࡢ㛵ಀᛶࡣ

, ROA

ࢆ⏝࠸ࡓศᯒ⤖ᯝ࡜

Ά·ಋͣͲ͍Ζɽ

ࣔ

ࢹࣝ

2

࡟ࡘ࠸࡚

, ROA

ࢆ⏝࠸ࡓศᯒ⤖ᯝ࡛ࡣ㸪ᰴ୺

,

♫

఍࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟ᑐࡋ

1

㸣ࡢỈ‽࡛

᭷ព࡛࠶ࡾ㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ṇࡢ㛵ಀࡀ࠶ࡿ࡜࠸࠺

⤖ᯝ࡛࠶ࡿࠋ౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ

࢛࣮࣐ࣥࢫ࡟ᑐࡋ

1

㸣ࡢỈ‽࡛᭷ព࡛࠶ࡾ㸪㈈ົࣃࣇ࢛࣮࣐

ࣥࢫ࡜㈇ࡢ㛵ಀࡀ࠶ࡿ࡜࠸࠺⤖ᯝ࡛࠶ࡿࠋࡋ࠿ࡋ㸪⎔ቃ࡟ᑐ ࡍࡿ㈐௵ࡸᚑᴗဨ࡟ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ࡢ 㛫࡟ࡣ᭷ព࡞㛵ಀᛶࡀฟࡎ

, ROE

ࢆ⏝࠸ࡓศᯒ⤖ᯝ࡜

ROA

ࢆ⏝࠸ࡓศᯒ⤖ᯝ࡜࡯ࡰྠࡌ࡛࠶ࡿࠋ

ࡇࡢࡼ࠺࡟㸪ࣔࢹࣝ

1

࡜ࣔࢹࣝ

2

ࡢ᥎ィ⤖ᯝࢆ⥲ࡌ࡚ぢ

ࡿ࡜㸪ᰴ୺

,

മᶒ⪅

,

♫఍࡟ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ ࡢ㛫࡟ࡣṇࡢ㛵ಀࡀ♧ࡉࢀࡓ㸦௬ㄝ

1

㸧ࠋࡲࡓ

,

౪⤥⪅࣭ᾘ㈝

⪅

,

ᚑᴗဨ

,

ᨻᗓ࡟ᑐࡍࡿ㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛫

࡟ࡣ㈇ࡢ㛵ಀࡀ♧ࡉࢀࡓ㸦௬ㄝ

2

㸧ࠋࡉࡽ࡟

,

⎔ቃ࡟ᑐࡍࡿ

㈐௵࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛫࡟᭷ព㛵ಀࡣ࡞࠸࡜࠸࠺⤖

ᯝࢆᚓࡓࠋ

5.

ᮏ◊✲ࡢ㝈⏺࡜௒ᚋࡢㄢ㢟

ᮏ✏࡟࠾ࡅࡿ◊✲ࢹࢨ࢖ࣥ࡜ࢹ࣮ࢱศᯒ࡟ࡣ㸪ḟࡢࡼ࠺

࡞㝈⏺ࡀ࠶ࡿࠋձ୰ᅜ௻ᴗࡢ

CSR

᝟ሗ㛤♧ࡣ୙༑ศ࡞ࡓࡵ

,

ୡ⏺」ྜ㑇⏘ಖ᭷ᆅࡢ௻ᴗࢆ⥙⨶ࡋ࡚࠸࡞࠸ࠋࡲࡓ

,

๓㏙ࡋ ࡓࡼ࠺࡟ほගᴗࡣከᒱ࡟ࢃࡓࡿࡀ

,

ከࡃࡢ୰ᑠ௻ᴗࡢࢹ࣮

ࢱࡣධᡭ୙ྍ⬟࡞ࡓࡵ

,

༑ศ࡞஦ᐇࢆㄝ࡛᫂ࡁࡿࢧࣥࣉࣝ

ࢹ࣮ࢱࡀ࠶ࡿ࡜ࡣゝ࠸㞴࠸ࠋղ ㄝ᫂ኚᩘ࡜ࢥࣥࢺ࣮ࣟࣝኚ

ᩘࡢ㑅ᢥ࡟ࡘ࠸࡚

,

ほග௻ᴗࡀᛴ㏿࡟ኚ໬ࡍࡿᕷሙ⎔ቃ࡟࠾

࠸࡚㸪ᅜࡢᨻ⟇ࡸᆅᇦ⤒῭ᡂ㛗࡞࡝㸪௻ᴗࡢ㈈ົࣃࣇ࢛࣮࣐

ࣥࢫ࡟୚࠼ࡿᙳ㡪せᅉࡀከ࠸ࡓࡵ

,

ࡼࡾᐈほⓗ࡞

CSR

ホ౯ ᣦᶆ㸦ኚᩘ㑅ᢥ㸧ࡢ㛤♧ࡀᮃࡲࡋ࠸ࠋ

௒ᚋࡢㄢ㢟࡜ࡋ࡚㸪ࡇࡢ

4

ᆅᇦ࡟࠾ࡅࡿほග௻ᴗཬࡧほ ගᐈ࡟ᑐࡋ࡚⌧ᆅㄪᰝ࡜࢔ࣥࢣ࣮ࢺㄪᰝࢆᐇ᪋ࡋ

,

ࡼࡾᐈほ

ⓗ࡞

CSR

ホ౯ᣦᶆࢆᚓ࡚㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ࡢ㛵ಀࢆ᫂

ࡽ࠿࡟ࡋࡓ࠸ࠋ

6.

࠾ࢃࡾ࡟

ᮏ✏࡛ࡣ,୰ᅜୡ⏺」ྜ㑇⏘ࢆಖ᭷ࡍࡿほගᆅ࡟࠾ࡅࡿ ほග௻ᴗࡢ

8

ᖺ㛫࡟࠾ࡅࡿࣃࢿࣝࢹ࣮ࢱࢆ⏝࠸࡚

CSR

ྲྀ⤌

࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵ಀࢆศᯒࡋࡓࠋ᥎ィ⤖ᯝࢆ⥲ᣓ ࡍࡿ࡜

, 4

ᆅᇦࡢほග௻ᴗࡀᰴ୺

,

മᶒ⪅

,

♫఍ࡢ

3

㡯┠࡬ࡢ

ྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ࡣṇࡢ㛵ಀ࡛࠶ࡿࡢ࡟ᑐࡋ࡚

,

ᨻᗓࡢ

1

㡯┠࡬ࡢྲྀ⤌࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ࡜ࡣ㈇ࡢ㛵 ಀࡀ♧ࡉࢀࡓࠋᴫࡡ࣏ࢪࢸ࢕ࣈⓗ࡞ᙳ㡪ࡀ࠶ࡿ࡜࠸࠼ࡿࠋࡇ ࡢࡼ࠺࡟ᮏ✏ࡣ,࢚ࢥࢶ࣮ࣜࢬ࣒࡜ࢧࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ

࣒ࡢどⅬ࠿ࡽ,୰ᅜ࡟࠾ࡅࡿ

4

ࡘࡢୡ⏺」ྜ㑇⏘ࡢಖ᭷ᆅ࡛ ࡢほග௻ᴗࡢ♫఍ⓗ㈐௵㸦

CSR

㸧࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫࡢ㛵 ಀࡢゎ᫂࡟ඛ㥑ⓗ㈉⊩ࡀ࠶ࡿࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ

᭱ᚋ࡟

,

ࡇࡢ

4

ᆅᇦ࡟࠾ࡅࡿほග௻ᴗ࡟ᑐࡋ࡚♫఍ⓗ㈐௵

࡬ࡢྲྀ⤌ࢆࡼࡾ୍ᒙࡢ᥎㐍ࢆᮇᚅࡋࡓ࠸ࠋࡑࡢୖ

,

ࡇࢀࡲ࡛ ࡢ

CSR

㛤♧ᣦᶆࡢ࡯࠿

,

ḟࡢ㏣ຍᥦ᱌ࢆࡋࡓ࠸ࠋձ௻ᴗࡀ

SDGs

┠ᶆ

11

ࠕఫࡳ⥆ࡅࡽࢀࡿ⾤సࡾࠖ࡬ࡢ

CSR

ྲྀ⤌࡜ࡋ

࡚

,

ୡ⏺」ྜ㑇⏘ࡢಖㆤ

,

♫ဨᩍ⫱

,

ほගᐈ࡟㑇⏘ಖㆤព㆑

ࢆྥୖࡉࡏࡿάືཬࡧࡑࡢᣦᶆࡢ㛤♧ࡀᮃࡲࢀࡿࠋղᆅᇦ ᨻᗓࡣୡ⏺」ྜ㑇⏘࡟ᑐࡋ࡚ࢧࢫࢸࢼࣈࣝࢶ࣮ࣜࢬ࣒࡟㛵 ࡍࡿ⟶⌮ࢩࢫࢸ࣒ࢆ෌ᵓ⠏ࡋ

,

ᆅᇦ௻ᴗࡀࡑࡢせồ஦㡯࡟㛵 ࡍࡿ㐩ᡂᗘࢆබ⾲ࡍࡿࡇ࡜ࡀᮃࡲࢀࡿࠋճ௻ᴗࡢୡ⏺」ྜ 㑇⏘ಖㆤ࡟ᑐࡍࡿ♫఍ࢥࢫࢺࡢᣐฟ㢠ࢆ㛤♧ࡋ

,

ᆅᇦ㈉⊩ ᗘࢆホ౯ࡍࡿ௙⤌ࡢᵓ⠏ࡀᮃࡲࢀࡿࠋ

1㸧ୡ⏺㑇⏘ࡣࡑࡢ≉㉁࡟ᛂࡌ࡚ᩥ໬㑇⏘,⮬↛㑇⏘,」ྜ㑇⏘㸦ᩥ໬㑇⏘࣭⮬

↛㈨⏘㸧࡟ศ㢮ࡉࢀࡿࠋୡ⏺㑇⏘Ⓩ㘓ᩘࡣ1154௳㸦2021ᖺ8᭶⌧ᅾ㸧࡛,࠺ ࡕ ᩥ ໬ 㑇 ⏘ 897 ௳,⮬ ↛ 㑇 ⏘ 218 ௳,」 ྜ 㑇 ⏘ 39 ௳ ࡛ ࠶ ࡿ 㸦 እ 㒊 ┬ https://www.mofa.go.jp/mofaj/gaiko/culture/kyoryoku/unesco/isan/world/᳨ ⣴ ᪥ 㸸 2022ᖺ4᭶1᪥㸧

2 ISO26000ࡣ, ISO㸦ᅜ㝿ᶆ‽໬ᶵᵓ㸸ᮏ㒊ࢪࣗࢿ࣮ࣈ㸧ࡀ2010ᖺ11᭶1

᪥࡟Ⓨ⾜ࡋࡓ⤌⧊ࡢ♫఍ⓗ㈐௵࡟㛵ࡍࡿᅜ㝿つ᱁࡛࠶ࡿࠋࡑࡢෆᐜ࡟ࡘ࠸࡚ ࡣ, ♫఍ⓗ㈐௵ྥୖࡢࡓࡵࡢNPO/NGOࢿࢵࢺ࣮࣡ࢡࢆཧ↷ࡢࡇ࡜ࠋ 3㸧᪥ᮏ⤒῭ᅋయ㐃ྜయ㸦⤒ᅋ㐃㸧㸦https://www.keidanren.or.jp/announce/2017/ 1108.html, ᳨⣴᪥㸸2022ᖺ4᭶1᪥㸧ࠋ

4㸧࿴イ࢙࢘ࣈࢧ࢖ࢺࡣ,ୖሙ௻ᴗࡀබ⾲ࡋࡓ♫఍ⓗ㈐௵ሗ࿌ࡢࢹ࣮ࢱ࡟ᇶ࡙ ࡁ,ࠕᰴ୺㈐௵ࠖ,ࠕᚑᴗဨ㈐௵ࠖ,ࠕ౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅ࡢ㈐௵ࠖ,ࠕ⎔ቃ

㈐௵ࠖ,ࠕ♫఍㈐௵ࠖ࡜࠸࠺ 5 ࡘࡢ࢝ࢸࢦ࣮ࣜࢆ⏝࠸࡚᱁௜ࡅホ౯ࡋ࡚࠸

ࡿࠋ ࡞࠾,ྛ࢝ࢸࢦ࣮ࣜ࡟ᑐࡋ࡚ 2 ⣭ᣦᶆ㸦13 㡯┠㸧࡜ 3 ⣭ᣦᶆ㸦37 㡯

┠㸧ࢆタࡅ࡚ࡑࡢᚓⅬࢆ⥲ྜⓗ࡟ホ౯ࡋ࡚࠸ࡿࠋࡲࡓ,ᴗ✀ู࡟ 5 ࡘࡢ࢝ࢸ ࢦ࣮ࣜࡢ༨ࡵࡿ๭ྜࡀ㔜せᗘ࡟ࡼࡾタᐃࢆࡋ࡚࠸ࡿࠋ ࡑࡢ๭ྜࡣ୍⯡ⓗ࡟,

ᰴ୺㈐௵ 30㸣, ᚑᴗဨ㈐௵ 15㸣, ౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅㈐௵ 15㸣, ⎔ቃ㈐

௵ 20㸣, ♫఍㈐௵ 20㸣,ྜࢃࡏ࡚ 100㸣࡜࡞ࡗ࡚࠸ࡿࠋణࡋ,〇㐀ᴗࡢሙྜ

࡟ࡣᰴ୺㈐௵ 30㸣, ᚑᴗဨ㈐௵ 15㸣, ౪⤥⪅࣭㢳ᐈ࣭ᾘ㈝⪅㈐௵ 15㸣, ⎔ ቃ㈐௵ 30㸣, ♫఍㈐௵ 10㸣,ྜࢃࡏ࡚ 100㸣࡜࡞ࡗ࡚࠸ࡿࠋ

5㸧Aᰴᘧࡣୖᾏドๆྲྀᘬᡤ࡜῝ࢭࣥドๆྲྀᘬᡤ࡟࠾࠸࡚ேẸඖᘓ࡚࡛ྲྀᘬ ࡉࢀ࡚࠸ࡿࠋ୰ᅜᅜෆᢞ㈨ᐙ࡜㐺᱁࡞እᅜேᶵ㛵ᢞ㈨ᐙ㸦QFII㸧ࡣ┤᥋ྲྀᘬ ࡀྍ⬟࡛࠶ࡿ࡯࠿,2014ᖺ11᭶࠿ࡽୖᾏAᰴᘧࡣ㤶 ྲྀᘬᡤ⤒⏤࡛ᾏእࡢ ಶேᢞ㈨ᐙࡶྲྀᘬྍ⬟࡜࡞ࡗࡓࠋ

6㸧CSMAR㸦The China Stock Market and Accounting ResearchDatabase㸧ࡣ, ୰ ᅜࡢ㔠⼥ࢧ࣮ࣅࢫ௻ᴗ࡛࠶ࡾ, GTA♫ࡀ㛤Ⓨࡋࡓ୰ᅜᅜෆ᭱኱⣭ࡢ⤒῭࣭㔠

⼥᝟ሗࢧ࣮ࣅࢫ௻ᴗ࡛࠶ࡿࠋ཰㘓ࢹ࣮ࢱࡢ㇏ᐩࡉ࡜ṇ☜ࡉ, ࡲࡓ᧯సࡢࡋࡸ ࡍࡉ࠿ࡽ, ୡ⏺500௨ୖࡢ኱Ꮫ, 㔠⼥ᶵ㛵࡛ࡢ᥇⏝ᐇ⦼ࢆ㄂ࡿࠋ

7㸧ࠕSTไᗘ㸦≉ูฎ⌮㖭᯶ Special Treatment㸧ࠖ࡜ࡣ,୰ᅜᮏᅵᕷሙ࡟ୖሙ ࡍࡿ㖭᯶ࡢ࠺ࡕ, ᢞ㈨ࣜࢫࢡࡢ㧗࠸ࡶࡢࢆᣦࡍࠋලయⓗ࡟ࡣ, ┤㏆1఍ィᖺ ᗘ࡛മົ㉸㐣࡟㝗ࡗࡓሙྜ࡞࡝ࡀࡇࢀ࡟࠶ࡓࡾ, ๓᪥ࡢ⤊್࠿ࡽࡢ್ᖜࡀୖ

ୗ5㸣࡟ไ㝈ࡉࢀࡿ㸦㏻ᖖࡣྠ10㸣㸧ࠋࠕ*STไᗘࠖ࡜ࡣ, STࡼࡾࡶࡉࡽ࡟ୖ ሙᗫṆࡢ༴㝤ᛶࡀ㧗࠸㖭᯶ࢆᣦࡍࠋ┤㏆2఍ィᖺᗘ࡛㐃⥆ࡋ࡚㉥Ꮠࢆィୖࡋ ࡓሙྜ࡞࡝࡟㐺⏝ࡉࢀ, *STᣦᐃᚋࡶ㉥Ꮠࡀ⥅⥆ࡋࡓሙྜ࡞࡝࡟ࡣ, ୖሙ୍

᫬೵Ṇ࡜࡞ࡿࠋ

中国におけるCSR取組と財務パフォーマンスの関係性

⋤ị㸪ᮤᩥᛅ

⋡㸦

X6:

ᨻᗓ࡟ᑐࡍࡿ㈐௵㸧ࡢ㛫࡟ࡣṇࡢ㛵ಀࡀぢࡽࢀࡓࡀ㸪

኎ୖཎ౯⋡㸦

X2

㸸ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵㸧㸪㈙᥃㔠ᅇ㌿⋡㸦

X3:

౪⤥⪅࡟ᑐࡍࡿ㈐௵㸧㸪኎ୖே௳㈝⋡㸦

X5:

ᚑᴗဨ࡟ᑐࡍࡿ

㈐௵㸧࡜ࡢ㛫࡟ࡣ㈇ࡢ㛵ಀࡀ࠶ࡿ࡜♧ࡉࢀࡓࠋࡑࡋ࡚

,

ᙜᗙ ẚ⋡㸦

X4:

മᶒ⪅࡟ᑐࡍࡿ㈐௵㸧࡜

ROA

ࡢ㛫࡟ࡣṇࡢ㛵ಀ ࡀぢࡽࢀࡓࡀ

,ROE

࡜ࡢ㛫࡟ࡣ↓㛵ಀ࡛࠶ࡿࠋ┦㛵ಀᩘ࠿ࡽ

ࡳࡿ࡜

,

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡣ㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡟୍␒ᙉ

࠸ṇࡢ㛵ಀᛶࡀࡳࡽࢀࡿࡢ࡟ᑐࡋ

,

ᾘ㈝⪅࡟ᑐࡍࡿ㈐௵࡟

ࡣ㏫࡟᭱ࡶᙉ࠸㈇ࡢ㛵ಀࡀࡳࡽࢀࡿࡢ࡛࠶ࡿࠋ

୍᪉㸪⾲

4

㸦ࣔࢹࣝ

2

ࡢศᯒ⤖ᯝ㸧࡛ࡣ

,

඲㒊ࡢㄝ᫂ኚᩘ

࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ࡜ࡢ㛫࡟ṇࡢ┦㛵ࡀ࠶ࡿࡇ࡜ࡀ᫂ࡽ

࠿࡜࡞ࡗࡓࠋ┦㛵ಀᩘ࠿ࡽぢࡿ࡜

,

ᰴ୺࡟ᑐࡍࡿ㈐௵ࡣ㈈ົ

ࣃࣇ࢛࣮࣐ࣥࢫ࡟୍␒ᙉ࠸ṇࡢ㛵ಀᛶࡶࡳࡽࢀ

,

ࡑࡢḟ࡟

ᙉ࠸ṇࡢ㛵ಀᛶࢆ᭷ࡋࡓࡢࡣ♫఍࡟ᑐࡍࡿ㈐௵࡜࡞ࡗ࡚࠸

ࡿࠋ

ࡲࡓ㸪୍⯡ⓗ࡟ࡣ

VIF

ࡀ

10

ࢆୖᅇࡿሙྜ㸪ከ㔜ඹ⥺ᛶࡀ

࠶ࡿ࡜ㄆࡵࡽࢀ࡚࠸ࡿࠋᮏ✏࡛ࡣ㸪ྛኚᩘࡢ

VIF

ࡣ

10

௨ୗ

࡞ࡢ࡛㸪ከ㔜ඹ⥺ᛶࡣ࡞࠸࡜ุ᩿ࡋ㸪ከኚ㔞ศᯒࢆ㐍ࡵࡿࠋ

4.3

᥎ィ⤖ᯝ

ࣃࢿࣝࢹ࣮ࢱศᯒ࡟㝿ࡋ࡚ࡣ㸪

F

᳨ᐃ㸦ࣉ࣮ࣜࣥࢢᅇᖐࣔ

ࢹࣝ࡜ᅛᐃຠᯝࣔࢹࣝࡢẚ㍑㸧㸪

Breusch and Pagan

᳨ᐃ㸦ࣉ

࣮ ࣜ ࣥ ࢢ ᅇ ᖐ ࣔ ࢹ ࣝ ࡜ ࣛ ࣥ ࢲ ࣒ ຠ ᯝ ࣔ ࢹ ࣝ ࡢ ẚ ㍑ 㸧 㸪

Hausman

᳨ᐃ㸦ᅛᐃຠᯝࣔࢹࣝ࡜ࣛࣥࢲ࣒ຠᯝࣔࢹࣝࡢẚ

㍑㸧ࢆ⾜ࡗࡓࠋ⤖ᯝ࡜ࡋ࡚㸪㈈ົࣃࣇ࢛࣮࣐ࣥࢫᣦᶆ࡟

ROA

ࢆ⏝࠸ࡓࡶࡢཬࡧ

ROE

ࢆ⏝࠸ࡓࡶࡢ࡜ඹ࡟㸪ࣉ࣮ࣜࣥࢢ ᅇᖐࣔࢹࣝ㸺ࣛࣥࢲ࣒ຠᯝࣔࢹࣝ㸺ᅛᐃຠᯝࣔࢹࣝ࡜࠸࠺

ᗎิ࡜࡞ࡾ㸪ᅛᐃຠᯝࣔࢹࣝࡀ᥇ᢥࡉࢀࡓࠋࡲࡓ㸪஧ඖ㓄⨨

ᅛᐃຠᯝࣔࢹࣝ㸦ᖺࢲ࣑࣮ධࢀ㸧࡜୍ඖ㓄⨨ᅛᐃຠᯝࣔࢹࣝ

㸦ᖺࢲ࣑࣮࡞ࡋ㸧࡟ࡘ࠸࡚ࡶ

F

᳨ᐃࢆ⾜࠸㸪஧ඖ㓄⨨ᅛᐃ

ຠᯝࣔࢹࣝࡀ᥇ᢥࡉࢀࡓࠋࣔࢹࣝ

1

࡜ࣔࢹࣝ

2

࡟ࡼ�