本研究探討企業社會責任對信用風險評等之影響，以資訊不對稱程度作為中介效果，以台灣企業信用風險指標（TCRI）之綜合評分作為信用風險評等之衡量，並以企業社會責任報告書之編製作為企業社會責任之衡量。以2015至2019年上市上櫃公司為研究樣本。研究實證結果可以發現信用風險評等機構會傾向給予落實企業社會責任的公司較佳的信用風險評等分數，而資訊不對稱程度於信用風險評等與企業社會責任中存在了部分中介效果，據此，本研究實證結果顯示信用風險評等不是直接受到企業社會責任影響，而是透過降低資訊不對稱程度對信用風險評等產生部分中介效果。

This study examines the impacts of corporate social responsibility on credit risk rating, information asymmetry as the mediating effect, using the comprehensive score of the Taiwan Corporate Credit Risk Index (TCRI) as the credit risk rating measurement, and using whether compile the corporate social responsibility report as a measure of corporate social responsibility, by using the data of Taiwan’s listed firms from 2015 to 2019. Based on the empirical results of the research, it can be found that credit risk rating agencies tend to give better credit risk rating scores to companies that implement corporate social responsibility, and the degree of information asymmetry has a partial intermediary effect in credit risk rating and corporate social responsibility. Therefore, it is believed that that credit risk rating is not directly affected by corporate social responsibility, but a partial intermediary effect on credit risk rating through reducing the degree of information asymmetry.

目錄
第壹章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	4
第三節 研究流程	5
第貳章 文獻探討與假說發展	7
第一節 企業信用風險	7
第二節 企業社會責任與信用風險評等	9
第三節 企業社會責任與資訊不對稱程度	14
第四節 資訊不對稱程度與信用風險評等	17
第五節 企業社會責任、資訊不對稱程度對於信用風險評等的影響	18
第參章 研究方法	20
第一節 研究架構	20
第二節 資料來源與樣本選取	21
第三節 研究變數衡量	23
第四節 迴歸模型	25
第肆章 實證結果	27
第一節 敘述性統計	27
第二節 相關性分析	29
第三節 迴歸分析	31
第四節 額外分析	36
第伍章 結論	56
第一節 研究結論	56
第二節 研究建議	57
第三節 研究限制	58
參考文獻	59
表目錄
表1 全球具代表性之CSR規範	10
表2 樣本資料篩選過程	21
表3 樣本分布表	22
表4 敘述性統計	28
表5 Pearson相關係數矩陣	30
表6 企業社會責任與信用風險評等之回歸結果	32
表7 企業社會責任與資訊不對稱程度之回歸結果	33
表8 資訊不對稱程度與信用風險評等之回歸結果	34
表9 IA之中介回歸結果	35
表10 企業社會責任與信用風險評等之回歸結果－以股票買賣價差衡量	37
表11 企業社會責任與資訊不對稱程度之回歸結果－以股票買賣價差衡量	38
表12 資訊不對稱程度與信用風險評等之回歸結果－以股票買賣價差衡量	39
表13 SPREAD之中介回歸結果	40
表14 二分法分群樣本迴歸結果比較表-IA（高風險群）	43
表15 二分法分群樣本迴歸結果比較表-SPREAD（高風險群）	45
表16 二分法分群樣本迴歸結果比較表-IA（低風險群）	47
表17 二分法分群樣本迴歸結果比較表-SPREAD（低風險群）	49
表18 TCRI高、中、低風險分群樣本迴歸結果比較表-高風險群	52
表19 TCRI高、中、低風險分群樣本迴歸結果比較表-中風險群	53
表20 TCRI高、中、低風險分群樣本迴歸結果比較表-低風險群	54
圖目錄
圖1研究流程圖	6
圖2 TCRI等級定義與放款搭配	8
圖3研究架構圖	20

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