本文根據2014至2018年間台灣上市(櫃)一般產業公司，共4681個資料樣本數，探討公司發布企業社會責任報告書對債務資金成本與信用風險評等之影響。在控制公司獲利、安全性、規模等變數下，本文實證結果顯示：(1)公司是否發布企業社會責任報告書並不會顯著影響其債務資金成本及信用風險評等。(2)有發布企業社會責任報告書的公司，更容易透過提升獲利能力，來降低債務資金成本。(3)有發布企業社會責任報告書的公司，更容易透過提升獲利能力、安全性、公司規模，來獲取較佳的信用風險評等。(4)有發布企業社會責任報告書的公司，若能適度地舉債，會有較佳的信用風險評等。

The aim of this study is to investigate the effect of corporate social responsibility reports on the cost of debt and credit rating. Using a sample of 4681 data to Taiwanese listed company (2014-2018), and controlling profitability, security and firm-size factors, we find that: (1) There is no significant relationship between corporate social responsibility reports and cost of debt, nor between credit rating. (2) Companies that publish corporate social responsibility reports are more likely to reduce the cost of debt by improving profitability. (3) Companies that publish corporate social responsibility reports are more likely to increase credit risk ratings by improving profitability, safety, and firm-size. (4) Through borrowing, companies that publish corporate social responsibility would have a better credit rating.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與貢獻 3
第三節 論文章節與架構 4
第二章 文獻回顧 5
第一節 企業社會責任 5
第二節 企業社會責任與債務資金成本 8
第三節 企業社會責任與信用風險評等 11
第四節 研究假說 12
第三章 資料描述與研究方法 13
第一節 資料來源 13
第二節 變數定義 13
第三節 統計方法及步驟 18
第四節 實證模型 22
第四章 實證結果 23
第一節 敘述統計量分析 23
第二節 相關係數分析 26
第三節 迴歸分析 28
第五章 結論與建議 33
第一節 研究結論 33
第二節 研究限制與建議 34

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