本文檢驗2005~2011年臺灣上市公司社會責任(Corporate Social Responsibility)與公司權益資金成本(Cost of Equity)的關聯性。近年來企業社會責任已經成為世界各國財金專家學者所關注的熱門議題，但大多數既有實證研究皆在檢驗社會責任對公司績效影響，較少探討社會責任如何影響公司資金成本。El Ghoul et al. (2011)指出一家執行企業社會責任的公司由於較沒有資訊不對稱的問題，所以能吸引較多的投資人去進行投資，故每位投資人分散風險的機會較多，因而會要求較低的必要報酬率。此外，具社會責任的公司其期望收益的不確定性亦會相對較低，也會有較少的訴訟風險及衍生出的財務風險。因此，具有社會責任的公司應該會對應著較低的風險貼水及資金成本。我們利用遠見雜誌與天下雜誌所進行的社會責任評比來衡量社會責任變數，以檢驗企業社會責任與公司資金成本的關聯性，實證結果顯示，企業社會責任與權益資金成本呈現負向的關係，社會責任執行程度較佳的公司，在籌措資金時所需付出的權益成本將會愈低。這表示一家公司是否有執行企業社會責任這項行為，將會成為影響此公司籌措權益資金時能否享有較低成本之重要因素。最後，經由兩階段估計以矯正樣本選擇偏誤(Selection Bias)下的實證結果並未有明顯的改變。

The relationship between corporate social responsibility (CSR) and firm’s financial performance is well-documented in prior studies, but the impact of CSR on cost of equity is relative rare. Theoretically, firm with CSR tends to have larger investor base and lower perceived risks. The characteristics of less-risky provide firms with an advantageous position of financing, namely, enjoying a lowered risk premium and thus cost of equity. Using industrial companies listed on Taiwan Stock Exchange from 2005 to 2011, we examine whether a firm with CSR tends to have lower cost of equity. Our results show that CSR-firm tends to have lower cost of equity. The evidence supports the positive linkage between CSR and the ease of equity financing, and establish the linkage that a favorable cost of equity is a channel through which financial markets encourage firms to be more socially responsible. The main result does not change among various specification of regression estimation, employing two-stage estimation and separation of full samples into high-tech companies versus non-high-tech ones.

第一章 緒論1
第一節 研究背景與動機1
第二節 研究目的3
第三節 研究架構與流程4
第二章 文獻回顧6
第一節 企業社會責任的起源與定義6
第二節 企業社會責任對於財務績效的影響9
第三節 企業社會責任與資金成本間的關係14
第三章 研究變數與實證方法19
第一節 資料來源與樣本選取19
第二節 研究變數之定義25
第三節 研究方法34
第四章 實證結果分析36
第一節 敘述統計量與相關係數37
第二節 迴歸實證分析結果41
第三節 敏感度分析55
第四節 權益資金成本是否為影響企業社會責任與財務績效的中介變數66
第五章 結論與建議75
第一節 結論75
第二節 研究限制77
第三節 後續研究建議78
參考文獻79

圖表目錄
圖1-1.論文的研究流程5
表3-1.樣本分配狀況22
表3-2.獲獎公司名單23
表3-3.變數定義33
表4-1.敘述統計量39
表4-2.Pearson 積差相關係數矩陣40
表4-3.企業社會責任對權益資金成本之影響的階層迴歸實證結果( g為0%~1.5%)42
表4-4.企業社會責任對權益資金成本之影響的階層迴歸實證結果( g為2%~3.5%)43
表4-5.企業社會責任對權益資金成本之影響的階層迴歸實證結果( g為4%~5.5%)44
表4-6.企業社會責任對權益資金成本之影響的階層迴歸實證結果( g為6%~7.5%)45
表4-7.企業社會責任對權益資金成本之影響的階層迴歸實證結果( g為8%~10% )46
表4-8.企業社會責任對權益資金成本之影響的階層迴歸實證結果(CAPM)47
表4-9.高科技類股與非高科技類股公司之企業社會責任對權益資金成本之影響53
表4-10.兩階段最小平方法分析之實證結果( g為0%~1%)57
表4-11.兩階段最小平方法分析之實證結果( g為1.5%~2.5%)58
表4-12.兩階段最小平方法分析之實證結果( g為3%~4%)59
表4-13.兩階段最小平方法分析之實證結果( g為4.5%~5.5%)60
表4-14.兩階段最小平方法分析之實證結果( g為6%~7%)61
表4-15.兩階段最小平方法分析之實證結果( g為7.5%~8.5%)62
表4-16.兩階段最小平方法分析之實證結果( g為9%~10%)63
表4-17.兩階段最小平方法分析之實證結果(CAPM)64
表4-18.企業社會責任對財務績效之影響的階層迴歸實證結果69
表4-19.企業社會責任對權益資金成本之影響的階層迴歸實證結果70
表4-20.以權益資金成本做為企業社會責任與財務績效的中介變數之階層迴歸實證結果71

【中文文獻】
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2.林嬌能 (2011)，家族企業、盈餘平穩化與權益資金成本之相關性，當代會計，2011年第十二卷第一期，第57-84頁。
3.康峰菁 (2002)，企業社會責任、財務績效與盈餘管理之國際實證研究，國立臺北大學合作經濟學系研究所碩士論文。
4.黃旭森 (2006)，環保支出與環境資訊揭露對資金成本的影響，國立成功大學會計學研究所碩士論文。
5.廖嘉瑜 (2009)，社會責任型指數與一般股票指數報酬波動之比較分析，逢甲大學合作經濟學系碩士班碩士論文。
6.陳瑞斌與許崇源 (2008)，資訊揭露水準對於權益資金成本之影響，東吳經濟商學學報，第六十一期，第67-108頁。
7.《遠見雜誌》「企業社會責任獎」： http://www.gvm.com.tw/CSR2012/index.html
8.《天下雜誌》「企業公民獎」 ：   http://issue.cw.com.tw/issue/csr/index.jsp

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