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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/111738
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111738


    Title: 企業社會責任與銀行借款成本之關係
    The relationship between CSR and cost of borrowing
    Authors: 鍾汶希
    Contributors: 屠美亞
    鍾汶希
    Keywords: 企業社會責任
    銀行借款成本
    傾向分數配對法
    Date: 2017
    Issue Date: 2017-08-10 09:45:16 (UTC+8)
    Abstract: 本文主要探討企業社會責任與銀行借款成本之關係,並研究信評差之公司是否能透過企業社會責任降低其銀行借款成本。
    本研究以2007-2015年台灣上市櫃公司(不含金融類股)為研究樣本,並以天下公民獎做為實踐企業社會責任之判斷依據,探討企業社會責任與銀行借款成本之間的關係,為解決內生性及選擇偏誤問題發生,本研究亦以傾向分數配對法,依規模、獲利能力及管理能力作為特性變數進行配對,實證研究發現,落實企業社會責任能使公司降低其銀行借款成本,獲頒天下公民獎後,公司之銀行借款成本也有顯著的下降。但信評差之公司無法透過企業社會責任的實踐降低其銀行借款成本,可能之因為企業實行企業社會責任會產生許多額外成本,會使公司負擔更大,相關的營運風險及財務風險也可能上升,進一步推升其銀行借款成本。
    This research mainly analyzes the relationship between corporate social responsibility(CSR) and cost of bank loans. This paper also analyze whether the company with poor credit rating can improve the cost of bank loans by practicing the corporate social responsibility.
    This research uses all listed companies(excluding financial stocks) data in year 2007-2015 and defines winners of the Corporate Citizenship Award as companies with CSR. We also use propensity score matching method to avoid the contamination of CSR-effect and the selection bias and try to analyze the difference between the CSR firms and non-CSR firms.Result suggests that companies with good CSR performance have lower cost of bank loans. However, companies with poor credit rating can’t lower its borrowing rate by practicing CSR because practicing CSR may contribute to additional costs and risks.
    Reference: 中文文獻
    沈中華與張元,2008,企業的社會責任行為可以改善財務績效嗎?-以英國FTSE社會責任指數為例,經濟論文,第36卷第3期:339-385。
    陳瑞斌、許崇源,資訊揭露水準對於權益資金成本之影響,東吳經紀商學學報2008年6月頁67-108。
    葉保強,企業社會責任的發展與國家角色,應用倫理研究通訊第四十一期2007 年 2 月 頁 35-47。
    英文文獻
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    Sanjeev Bhojraj & Partha Sengupta(2003) .Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors.The Journal of Business,76(3), 455-475.
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    Ştefan Cristian Gherghina ,Georgeta Vintilă ,Diana Dobrescu (2015).An Empirical Research on the Relationship Between Corporate Social Responsibility Ratings and U.S. Listed Companies’ Value. Journal of Economics Studies and Research,1 – 11.
    Sumon C. Mazumdar and Partha Sengupta(2005).Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal ,61(3), 83-95.
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    Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    104357031
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357031
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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