企業執行CSR之策略與權益資金成本之關聯性

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姓名

吳筌翔(Chiuan-Shiang Wu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

企業執行CSR之策略與權益資金成本之關聯性
(The Relationship between Enterprise’s CSR Strategy and Cost of Equity)

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至系統瀏覽論文 (2025-7-1以後開放)

摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 企業社會責任
★ 權益資金成本

關鍵字(英)

★ CSR
★ Cost of equity

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第一章緒論 1
1-1研究背景與動機 1
1-2研究特徵與貢獻 2
第二章文獻回顧 4
2-1從事企業社會責任活動對於企業營運之影響 4
 2-1-1 CSR活動對企業營運具有正向效果的文獻回顧 5
 2-1-2 CSR活動對企業營運的其他文獻回顧 6
2-2利害關係人管理相關文獻回顧 6
2-3在CSR活動中的利害關係人管理相關文獻回顧 7
第三章研究設計 8
3-1研究假說 8
 3-1-1 自願發行報告書與權益資金成本之關聯性 8
 3-1-2 與利害關係人對CSR議題的共識與權益資金成本之關聯性 8
 3-1-3 營運能力對與利害關係人共識程度影響權益資金成本差異 9
3-2樣本描述 10
3-3變數敘述 11
 3-3-1 自變數 11
 3-3-2 應變數 14
 3-3-3 控制變數 15
3-4敘述統計 17
3-5模型設計 20
第四章實證分析結果 21
4-1 假說ㄧ之實證分析結果 21
4-2 假說二之實證分析結果 23
4-3 假說三之實證分析結果 25
4-4 額外檢測之分析結果 27
第五章研究結論與未來建議 29
第六章參考文獻 31

參考文獻

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指導教授

李韋憲

審核日期

2020-7-10

推文