臺灣博碩士論文加值系統

因近年來很多企業醜聞與違反企業倫理的案例層出不窮，使得社會大眾開始關注企業永續經營的重要性，也因此企業社會責任在當今管理實務與學術研究中已經成為了一門顯學。企業社會責任的基本概念乃倡議企業在追求利潤的同時，不僅止追求股東財富極大化，也應該對社會中其他的利益關係人盡到責任。由於公司在社會責任上的具體作為表現在企業社會責任報告書中，且既有研究中已指出企業的非財務資訊揭露有助於公司向公眾投射其為注重永續經營之好公司的訊號，降低訊息不對稱問題進而降低融資成本，因此本論文根據2013至2016年間臺灣上市上櫃非金融產業共1,524家公司的資料，檢驗公司發布社會責任報告書之情形(作為企業社會責任的代理變數)與企業向銀行貸款時的核貸利率之間的關係，亦探討自願性發布社會責任報告書以及第三方認證是否進一步影響公司的銀行貸款利率。實證結果發現，發布社會責任報告書的公司，對應著較低的銀行貸款利率，以至於享有較低的銀行貸款成本，但那些自願性發布社會責任報告書以及經過公正第三方認證之社會責任報告書的公司，則未有顯著較低的銀行貸款利率。

In recent years, frequent corporate scandals and cases of business ethics violations have raised public awareness of the importance of business sustainability. Therefore, Corporate Social Responsibility (CSR) has become a prominent subject in contemporary management practice and academic research. The basic principles of CSR advocates that in the pursuit of profit, a firm not only should seek to maximize the wealth of shareholders, but also be responsible for other stakeholders in society. The company's investment and concrete activities on CSR is shown in its CSR report, and existing research has indicated that (voluntary) non-financial information disclosure helps firm signal its conducts on sustainable management to reduce the information asymmetry and thus reduce the financing cost. Therefore, this master thesis employs the data of 1,524 listed companies in Taiwan to examine the relationship between the company's social responsibility report and the firm’s bank loan interest rate. In addition, this study also examines the effects of voluntary publication CSR report versus guaranteed by independent third party on firm’s bank loan rate. Empirical results show that companies that publish CSR reports correspond to lower bank lending rates, and thus enjoy lower bank loan costs. However, those who voluntarily issue CSR reports that are certified by a third party tend not to have a significantly lower bank loan interest rate.

謝 誌 I
摘 要 II
ABSTRACT III
目 錄 IV
圖目錄 VI
表目錄 VII
第壹章 緒論 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究目的 6
第四節 研究架構與流程 6
第貳章 文獻探討 9
第一節 企業社會責任的理論發展 9
第二節 企業編製社會責任報告書的發展與相關規範 15
第三節 企業編製社會責任報告書的利益與成本 17
第參章 變數、實證模型與資料 23
第一節 變數 23
第二節 計量模型 30
第三節 樣本與資料來源 32
第肆章 實證結果 33
第一節 敘述統計量與相關分析 33
第二節 迴歸估計結果 40
第伍章 結論與建議 50
第一節 研究結論 50
第二節 政策建議 52
第三節 研究限制與建議 52
參考文獻 54

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