近年來，企業負面新聞層出不窮，在全球對於企業社會責任越來越重視的趨勢下，傳統財務資訊已經無法滿足利害關係人之需求，國際間接連開始要求企業出具企業社會責任報告書，而本國也於2014年起，強制規範部分企業須出具企業社會責任報告書。本研究主要探討企業社會責任揭露與資金成本之關聯，此外，更進一步將企業出具報告書之性質加以區分，探討自願出具以及強制出具報告書之企業與資金成本的關聯，最後，本研究欲了解企業社會責任報告書之優劣是否會影響企業之資金成本，以《天下雜誌》企業公民獎之獲選名單作為依據來探討其與資金成本之關聯。本文以我國2014年至2016年上市上櫃企業為研究對象，並以負債資金成本、權益資金成本以及加權平均資金成本作為資金成本的衡量指標。實證結果顯示，自願出具報告書之企業相較於強制出具以及未出具報告書之企業，有較低之資金成本；有獲得《天下雜誌》企業公民獎之企業相較於未獲獎之企業，有較低之資金成本。最後，本研究進行三項敏感性測試以加強本研究之穩健性。

Recently, corporate scandal emerges frequently. The disclosure of Corporate Social Responsibility(CSR) has become more important for companies. Many countries have issued laws to require companies to issue CSR reports. The government in Taiwan has enforced some corporates to issue CSR reports since 2014. This study investigates the association between the disclosure of CSR information and cost of capital. Further, we investigate whether companies of voluntary-issued CSR reports, compared to those of mandatory-issued CSR reports, have lower cost of capital. Final, we use the winners of “Excellence in Corporate Social Responsibility Prize” of CommonWealth Magazine to test whether companies with higher quality of CSR information have lower cost of capital. The study collects data during 2014-2016 from TSE (Taiwan Stock Exchange) and Mops (Market Observation Post System), and uses cost of debt, cost of equity and weighted average cost of capital as proxies of cost of capital. Empirical results show that companies of voluntary-issued CSR reports have lower cost of capital and companies who have better quality of CSR information get lower cost of capital than others. Finally, three sensitivity tests show that the empirical results are robust.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧及假說發展 5
第一節 企業社會責任 5
第二節 資金成本 8
第三節 企業社會責任與資金成本之關聯性 9
第三章 研究設計 15
第一節 實證模型 15
第二節 變數說明 18
第三節 資料來源與樣本選取 24
第四章 實證結果與分析 25
第一節 敘述性統計 25
第二節 相關係數分析 33
第三節 實證結果 42
第四節 敏感性分析 50
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制與建議 64
參考文獻 65
一、 中文文獻 65
二、 英文文獻 65

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