近年來，中國企業也隨著全球趨勢開始重視企業社會責任揭露，本研究探討中國企業之社會責任揭露是否有如西方企業具有降低資金成本之效果？本研究基於中國企業的負債資金主要來自金融業而非資本市場，與歐美企業有別，因此分別觀察企業社會責任揭露水準對負債與權益資金成本之影響。企業社會責任資料來自中國企業2008年至2011年公布之企業社會責任報告書，並運用內容分析法對各企業揭露情形評分，進而在考慮時間序列固定效果與變數延遲效果下，運用縱橫資料回歸分析，觀察負債與權益資金成本與企業社會責任之關係。另外，再以資產報酬率作為干擾變項觀察其影響。研究結果顯示，中國企業之當年企業社會責任揭露水準會降低負債資金成本，然而會提高權益資金成本；且資產報酬率大於平均數的企業，其揭露水準會降低負債資金成本，而小於平均數的企業，其揭露水準對權益資金成本會在延遲兩年後才有降低之影響。

This paper investigates that the corporate social responsibility (CSR) whether lowers the cost of capital (COC) in China Financial Market? Chinese corporate debt capital mainly financed from the bank sector rather than the capital market, therefore we examine can CSR decrease the firm’s cost of debt and equity capital as the western country? Further, we classify our sample into two categories by utilizing the return of asset (ROA), and then investigate whether that ROA would significantly moderate the relation between CSR and firms’ cost of capital? The empirical results show that the current CSR performance does decrease the debt cost of capital but increase the debt cost of capital. In addition, the current CSR performance can decrease the debt cost of capital in firms with higher ROA ratio, however decrease the equity cost of capital in them with lower ROA ratio must to be in the two years lagged.

目錄
圖目錄	V
表目錄	VI
第壹章 緒論	1
第一節  研究背景與動機	1
第二節 研究目的	5
第三節 研究架構與流程	6
第貳章 文獻探討與假說建立	8
第一節 中國資本市場	8
第二節 企業社會責任	13
第三節 資金成本與企業社會責任揭露水準	15
第参章 研究設計	20
第一節 觀念架構	20
第二節 資料來源與研究方法	21
第三節 研究變數定義與衡量	23
第四節 實證模型	27
第肆章 實證結果分析	30
第一節 敘述性統計分析	30
第二節 相關分析	31
第三節 資金成本迴歸結果與分析	34
第四節 管理意涵	46
第伍章 結論與建議	47
第一節 研究結論	47
第二節研究限制與建議	48
参考文獻	49
附錄一、中國企業社會責任榜專家評價體系	54

圖目錄
圖1- 1中國企業資金來源分布	3
圖1- 2研究流程圖	7
圖3- 1 觀念架構	20

表目錄
表2- 1 世界證券交易所聯合會2012年前十大證券交易所	12
表4- 1 負債資金成本之敘述性統計	30
表4- 2 權益資金成本之敘述性統計	30
表4- 3 負債資金成本之Pearson相關係數	32
表4- 4 權益資金成本之Pearson相關係數	33
表4- 5 負債資金成本與企業社會責任迴歸分析	35
表4- 6 權益資金成本與企業社會責任迴歸分析	37
表4- 7 負債資金成本與資產報酬率大於平均數企業社會責任交乘項迴歸分析	39
表4- 8 負債資金成本與資產報酬率小於平均數企業社會責任交乘項迴歸分析	41
表4- 9 權益資金成本與資產報酬率大於平均數企業社會責任交乘項迴歸分析	43
表4- 10權益資金成本與資產報酬率小於平均數企業社會責任交乘項迴歸分析	45

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