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研究生:劉于鳳
研究生(外文):Yu Feng Liu
論文名稱:企業社會責任對公司資金成本的影響 -分量迴歸的應用
論文名稱(外文):Corporate Social Responsibility and Cost of Capital: An Application of Quantile Regression
指導教授:王雍智王雍智引用關係
指導教授(外文):Dr. George Y. Wang
口試委員:周建新王瑪如
口試日期:2013-06-07
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:國際企業系碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:48
中文關鍵詞:企業社會責任公司績效公司價值資金成本分量迴歸
外文關鍵詞:corporate social responsibilityfirm performancecorporate valuecost of capitalquantile regression
相關次數:
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企業社會責任 (corporate social responsibility, CSR) 乃指企業的營運方式達到或超越道德、法律及公眾要求的標準,而進行商業活動時亦考慮到對各利害關係人 (stakeholders) 造成的影響。過去相關研究多在探討 CSR 與公司績效 (firm performance) 或公司價值 (firm value) 的關係。本研究為國內首次以利害關係人的四構面模型衡量企業對社會責任的貢獻度,探討企業社會責任與公司資金成本 (cost of capital) 的關聯性。本研究以台灣股票上市企業為研究對象,以分量迴歸 (quantile regression, QR) 的方法來實證探討企業社會責任的履行對資金成本的影響。研究結果發現:一、 CSR 有可能因公司的內部成本或代理成本而造成公司權益資金成本的增加。二、由分量迴歸的結果顯示, CSR 的履行對於低資金成本 (高公司價值) 的公司影響程度,大於對於高資金成本 (低公司價值) 的公司影響程度。三、本研究發現在企業社會責任的履行上,存在著顯著的產業差異效果,在其它因素不變的情況下,科技業的權益資金成本低於傳產製造業。
Corporate social responsibility (CSR) is referred to as a firm’s operations exceeding the standards of moral, legal, and public requirements. Furthermore, CSR is also involved with its influence on corporate stakeholders. Earlier research on CSR is mostly emphasized its relationship with firm performance or firm value. This study is the first one in an attempt to explore how CSR would impact on the cost of capital (CC) by evaluating CSR with the four dimensional model (i.e., economic, social, environmental, and governance). The method of quantile regression is introduced on the Taiwan empirical data of the publicly-listed companies. The findings of the results are as follows: First, the fulfillment of CSR could induce additional internal cost or agency cost, leading to the increase in cost of equity capital. Second, the impact of CSR on the high CC firms is greater than the impact of the low CC firms. Third, the industry effect of fulfilling CSR is significant. In particular, with regard to the fulfillment of CSR, the cost of capital in the technology industry is lower than that in the manufacturing industry.
中文摘要-----------------------------------------------------ⅰ
英文摘要-----------------------------------------------------ⅱ
致謝---------------------------------------------------------ⅲ
目錄---------------------------------------------------------ⅳ
表目錄-------------------------------------------------------ⅴ
圖目錄------------------------------------------------------ ⅵ
第一章 緒論-------------------------------------------------1
第一節 研究背景及動機-----------------------------------1
第二節 研究目的-----------------------------------------3
第三節 研究流程-----------------------------------------5
第二章 文獻探討---------------------------------------------6
第一節 企業社會責任概念發展-----------------------------6
第二節 國際社會對企業社會責任的規範---------------------9
第三節 企業社會責任與公司績效及資金成本----------------12
第四節 分量迴歸的方法與模型----------------------------15
第三章 研究方法--------------------------------------------18
第一節 研究架構----------------------------------------18
第二節 研究假說----------------------------------------20
第三節 變數定義----------------------------------------21
第四節 資料來源----------------------------------------28
第四章 研究結果--------------------------------------------29
第一節 敘述性統計--------------------------------------29
第二節 相關性及共線性分析------------------------------31
第三節 迴歸分析----------------------------------------33
第四節 小結--------------------------------------------39
第五章 結論------------------------------------------------40
第一節 結論---------------------------------------------40
第二節 研究限制與建議-----------------------------------42
參考文獻----------------------------------------------------43

一、中文文獻
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