本研究探討公司治理機制是否會降低公司籌措資金時投資人所要求的權益資金成本，並檢驗公司治理與企業社會責任揭露之關聯性，以及企業社會責任與資金成本之關聯性，並進一步分析公司治理機制是否會調節企業社會責任與資金成本之關係。本文以 2014 至 2015 年台灣上市櫃公司為樣本，針對公司治理評級以及個別公司治理指標(董事會規模、董事獨立性、內部人持股、控制股東持股、機構投資人持股)，探討其對企業籌資資金成本之影響。實證結果指出，公司治理評級確實會影響投資人所要求的資金成本，反映出公司治理增加公司價值之成效；而治理機制良窳亦影響企業社會責任揭露，反映出其保障利害關係人權益之成效，呼應 OECD 之公司治理應兼顧其他利害關係人利益下保障股東權益之核心。顯示公司強化治理機制有增益公司價值、資訊揭露以及企業永續性等誘因；而股東投資決策時，應將公司治理評鑑等級資訊詳加考量。雖然，CSR 為較寬闊的報導範疇，能降低 CSR 層面資訊不對稱以及加強價值攸關資訊之透明度，但可能因為國內剛為起步階段，而使投資人對於此資訊於決策時應用偏低，揭露與否尚不會對權益資金成本產生顯著影響。然而，研究結果指出以公司治理評鑑等級衡量之，企業社會責任揭露此一非財務性資訊揭露與公司治理於資金成本存在調節效果，亦即治理機制優異之公司揭露其社會責任之誘因將更為明顯。

This paper aims to study whether corporate governance mechanism(CG) will reduce the company's cost of equity capital(COC), and to examine the relation between CG and Corporate social responsibility disclosure(CSD), as well as the relation between CSD and COC. It is further to analyze the moderated relation between CSD and COC by CG. Using 2014-2015 years Taiwan listed companies as a sample, the study also investigates the impact of CG rating as well as each CG individual (Board size, Independence of Director, Insider Holdings, holdings of controlling shareholders, institutional investors) on COC. The results show that the CG evaluation level has an influence on COC required by investors, reflecting the effect of CG promote the firms values. The CG evaluation level will also affect the CSD, reflects the effect of protection of stakeholder’s rights, echoing the core principle of OECD corporate governance mechanism that protection of shareholder’s rights, provided that the other interested party taken into account. The strengthened CG have the incentives of promotion corporate value, information disclosure and corporate sustainability. As to the investment decisions by shareholders, the information of CG rating level should be carefully considered. Although the CSR for a wide coverage area can reduce the level of CSR asymmetric information, as well as enhance the transparency of value relevant information, but probably because Taiwan is in the initial stage, leaving the investors applying this information rarely, so that CSD may not have a significant impact on the COC. However, as measured by the CG rating, CG will moderate the relation between CSD and COC. It appears to indicate that the corporations with well CG have an incentive to disclosure social responsibility.

第壹章 緒論.................................................................................... 1
研究背景與動機 ............................................................................. 1
研究目的 ....................................................................................... 3
研究流程 ....................................................................................... 4
第貳章 文獻探討與假說................................................................... 6
公司治理 ....................................................................................... 6
公司治理與資金成本 ..................................................................... 10
CSR 揭露 ..................................................................................... 19
公司治理與 CSR 揭露 ................................................................... 21
CSR 揭露與資金成本 .................................................................... 29
公司治理以及社會責任揭露交互作用對資金成本之影響 .................. 32
第參章 研究方法........................................................................... 35
研究架構 ..................................................................................... 35
資料來源與樣本選取 .................................................................... 37
變數定義與研究模型 .................................................................... 38
資料分析方法 .............................................................................. 43
第肆章 研究結果........................................................................... 44
敘述性統計 .................................................................................. 44
相關性分析 .................................................................................. 47
多元迴歸分析 ............................................................................... 49
第伍章 結論.................................................................................. 58
研究結論 ..................................................................................... 58
管理意涵 ..................................................................................... 59
研究限制與建議 ........................................................................... 61
參考文獻...................................................................................... 62

圖表目錄
圖1-1 研究流程圖...................................................................................................................................5 
圖2-1遴選董事候選人之主要管道.......................................................................................................7 
圖2-2 挑選董事候選人之考量因素......................................................................................................7 
圖2-3 設置獨立董事之目的...................................................................................................................8 
圖2-4 提名獨立董事之參考依據...........................................................................................................8 
圖3-1 研究架構圖...............................................................................................................................35 
表3-1 研究假說彙總表.........................................................................................................................36 
表3-2 樣本選取過程...........................................................................................................................37 
表3-3 變數說明表...............................................................................................................................42 
表4-1 敘述性統計...............................................................................................................................45 
表4-2 樣本比例次數分配表（董事會規模及獨立董事）...............................................................46 
表4-3 公司治理、企業社會責任揭露與資金成本之交叉分析表...................................................46 
表4-4 各變數之PEARSON 相關係數矩陣.......................................................................................48 
表4-5 呈現以公司治理對於資金成本影響的迴歸結果...................................................................54 
表4-6 呈現公司治理對於企業社會責任報告發布與否影響的迴歸結果.......................................55 
表4-7 公司治理與社會責任交互作用對於資金成本影響之迴歸結果......................................56
表4-8 公司治理、企業社會責任與資金成本之迴歸結果彙總表...................................................57

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