本研究探討企業執行企業社會責任(Corporate Social Responsibility, CSR)的動機與策略性與資金成本的關聯性。使用企業發行CSR報告書之自願性代表企業執行CSR活動之動機，並且利用CSR報告書中之利害關係人重大議題矩陣，定義出企業與利害關係人對於CSR議題之看法做為企業執行CSR活動之策略性並進一步衡量此二效果對於企業資金成本之影響。 企業若自願發行報告書，代表其為積極主動的履行企業社會責任，對於社會的回饋以及自我道德規範表現得很好，才願意公開自己表現的成果，本研究推測可以降低企業之權益資金成本。 本研究切割CSR報告書中之利害關係人重大議題矩陣，並定義出企業與利害關係人對於CSR議題有共識之區塊，並且推測若處於此區塊之議題越多，代表企業與利害關係人在CSR活動的執行上有越高的一致性，可以降低企業之權益資金成本。 使用台灣上市櫃公司資料，期間涵蓋2008年至2017年，結果表明自願發行CSR報告書並無有效降低權益資金成本之效果。但企業與利害關係人在CSR議題上之共識能有效降低權益資金成本，且在進階測試中發現，營運能力較差之企業，該共識降低企業權益資金成本之程度越高。 ;This study aims to study the relationship between the motivation and strategy of enterprise fulfill its corporate social responsibility (CSR) and enterprise’s cost of capital. Using the voluntary of enterprise publishing CSR report to represent the motivation of it to execute CSR activities. Furthermore, using the materiality matrix in the CSR report to define the alignment between enterprise and its stakeholder on CSR issues to represent its CSR strategy and studying how these two factors affect enterprise’s cost of equity. If an enterprise voluntarily issues a report, it is acting on its own initiative to fulfill its corporate social responsibilities, and doing well on giving back to the society and self-ethics. Only then is it willing to disclose the results of its performance. This study speculates that it can reduce the company′s capital cost. In this study, I divided the materiality matrixes in CSR reports, and defined an area where represent that enterprise and stakeholders have a consensus on the CSR issues. I conjectured that with more the issues in the area, which represent the higher level of alignment between enterprise and stakeholders, the cost of equity of the firm can be lower. The data of the study includes the listed companies from 2009 to 2017.The results show that the voluntary of enterprise publishing CSR report can’t affect the cost of equity of firms. However, the alignment between enterprise and its stakeholder on CSR issues is able to decrease the cost of equity of firms. Furthermore, in advanced test, I also found that in the sample of companies with worse operating ability, the effect of the alignment is stronger.
