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研究生:劉鎮嘉
研究生(外文):Liu, Chen Chia
論文名稱:企業社會責任與銀行聯貸利差之關聯性
論文名稱(外文):The Relationship between Corporate Social Responsibility and Syndicated Loan Spread
指導教授:詹凌菁詹凌菁引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:103
語文別:中文
論文頁數:71
中文關鍵詞:企業社會責任聯貸利差依賴銀行資金
外文關鍵詞:Corporate Social ResponsibilitySyndicated Loan SpreadBank-dependent
相關次數:
  • 被引用被引用:2
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本研究以2001年至2012年美國上市公司且向銀行聯貸之企業為樣本,探討企業社會責任評量表現與聯合貸款利息差額之關聯性。本研究發現企業社會責任評量總分越高,其聯貸利差越小。此外,這現象對於較依賴銀行作為資金來源的公司更加明顯。顯示企業社會責任評量表現較好之企業,能提升聲譽及形象、建立銀行之信賴、降低聯貸利息差額;若同時依賴銀行作為資金來源之企業,更能降低聯貸利息差額。另外,本研究進一步拆解企業社會責任評量總分,對組成項目進行迴歸分析,實證結果顯示,企業投入慈善活動及社區參與、僱傭平等、員工關係及權益、產品這四個正面項目,能降低聯貸利差。
This study examines the relationship between corporate social responsibility performance and syndicated loan spread. Based on a sample of companies in the US from 2001 to 2012, I find that companies with higher corporate social responsibility performance have lower syndicated loan spreads. Moreover, the decrease in loan spreads are more pronounced among bank-dependent companies. This suggests that companies with better corporate social responsibility performance can set up their enterprise image and establish bank trust, which would then reduce their cost of debt financing. Besides, by analyzing the components of corporate social responsibility indicators, I find that the reduction in loan spreads is associated with strengths in community, diversity, employee relations, and product.
第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 5
第一節 企業社會責任定義及發展 5
第二節 企業社會責任與財務績效表現 8
第三節 資訊揭露與資金成本 9
第四節 聯合貸款基本概念 12
第五節 美國聯貸市場發展及現況 16
第六節 銀行聯合貸款相關文獻 18
第七節 依賴銀行資金 19
第三章 研究設計 22
第一節 研究假說 22
第二節 資料來源 24
第三節 統計分析方法 26
第四節 實證模型 27
第五節 變數意義 28
第四章 實證結果 37
第一節 敘述性統計分析 37
第二節 相關係數分析 39
第三節 迴歸結果 42
第四節 額外測試 48
第五章 結論與建議 64
第一節 研究結論 64
第二節 研究貢獻 65
第三節 研究限制與建議 65
第六章 參考文獻 67

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