本研究探討了盈餘管理活動如何影響資公司的金成本和聲譽。台灣證券交易所和金融監督管理委員會自2014年起，即刻要求食品、化學、金融以及特定產業資本額達到10億元以上的上市公司，必須出具一份獨立的企業社會責任報告書。因此，本研究更進一步地調查企業社會責任在盈餘管理對公司資金成本和聲譽之間所扮演的角色。
本研究以2015-2017年有揭露企業社會責任報告書的上市公司為樣本。研究結果顯示，當公司從事一單位的盈餘管理時，會促使其資金成本增加1.2%。並且在本研究中還發現，當公司參與企業社會責任活動的程度達到其平均水準(7分)時，增加一單位的盈餘管會促使其資金成本增加1.5%。更重要的是，在本研究中甚至發現，當公司參與企業社會責任的程度高於其平均值一個標準差時(9.6分)，增加一單位的盈餘管理會促使其資金成本提高達2.3%，企業社會責任在盈餘管理和資金成本間具有正向中介影響。相比之下，在研究卻發現，盈餘管理和企業社會責任在聲譽中並無交互作用，盈餘管理會對企業聲譽造成負面影響，而企業社會責任則會對聲譽產生正面影響。

This study examines how earnings management (EM) activities affect cost of capital (CC) and reputation (REP) of firms. Further, the Taiwan Stock Exchange (TWSE) and Financial Supervisory Commission announced that listed companies in specific industries, such as food processing, chemical, and financial services, and those whose paid-in capital is above NT$10 billion are required to issue a standalone corporate social responsibility (CSR) report starting in 2014. Thus, this study further investigates if CSR activities play any role in explaining the relation between EM and CC (REP).
The sample of this study comprises listed company in Taiwan with disclosed CSR reports from 2015 to 2017. The results show that CC increases by 1.2% if firm engagement in EM increases by one given level. Moreover, I find that when firms participate in CSR activities at the average level (7-point), one-given level increase in EM increases CC by 1.5%. More importantly, I find that when firms engage in CSR at the level of one standard deviation above the average (9.6-point), one-given level increase in EM increases CC by 2.3%, suggesting CSR has a positive moderating impact on the EM-CC relation. By contrast, I find that EM (CSR) has a negative (positive) on REP and no interaction effect between CSR and EM.

摘要 I
ABSTRACT II
目錄 III
圖表目錄 IV
第一章 緒論 1
第一節、研究背景與動機 1
第二節、研究問題與目的 3
第三節、研究流程 4
第二章 文獻回顧與研究假說 5
第一節、盈餘管理、資金成本和聲譽 5
第二節、企業社會責任、資金成本和聲譽 6
第三節、以企業社會責任作為盈餘管理的操作工具 7
第三章 研究方法 9
第一節、樣本選擇和數據來源 9
第二節、變數定義 9
第三節、回歸模型 13
第四章 實證結果 17
第一節、敘述統計分析 17
第二節、相關性分析 20
第三節、主測試實證分析 22
第五章 結論與建議 31
第一節、研究結論 31
第二節、研究限制 32
第三節、後續研究建議 32
參考文獻 33
附錄 37
附錄一：盈餘管理測量程序 37
附錄二：企業社會責任計分程序 38

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