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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/99752
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99752


    Title: 企業社會責任與信用風險及借款利率關聯性之探討
    An Association of Corporate Social Responsibility with Credit Risk and Lending Interest Rates.
    Authors: 陳律揮
    Chen, Lu Hui
    Contributors: 林宛瑩
    陳律揮
    Chen, Lu Hui
    Keywords: 企業社會責任
    信用風險評等
    銀行借款利率
    Corporate social responsibility
    Credit rating
    Loan rates
    Date: 2016
    Issue Date: 2016-08-09 10:08:21 (UTC+8)
    Abstract: 隨著赤道原則概念的推行,銀行的授信決策中,逐漸考量公司的環境、社會、公司治理等面向的表現,顯示企業社會責任表現已成為銀行風險評估的因素之一。因此,本研究以信用風險評等與銀行借款利率作為企業風險之代理變數,探討企業社會責任表現是否會影響信評機構與銀行對公司之預期風險。
    在控制財務特性及公司治理變數下,本研究實證結果顯示:(1)企業社會責任負面表現(環保與安全、資訊公告、其他違法與違規及綜合指標面向)與信用風險評等呈正向關係;(2)企業社會責任負面表現(其他違法與違規面向)與銀行借款利率呈正向關係;(3)額外之測試顯示,長期借款利率較短期借款利率更能反映企業社會責任對利率的影響。綜合上述分析結果,信評機構及銀行皆會將企業社會責任負面表現視為風險因子,提升公司信用風險評等及借款利率,使得公司的融資門檻提高。
    With the promotion of the Equator Principles, environmental, social and governance performance of the business is becoming considerations for bank loan decisions. It shows that corporate social responsibility has been one of the factors for risk considerations. Therefore, our study uses credit rating as well as loan rates as proxies for business risk to investigate whether the CSR performance affects the risk anticipation of banks and credit rating agencies.
    After controlling firm-specific and corporate governance factors, we find that: (1) A significantly positive association exits between CSR negative performance (environmental protection and safety, information announcement, other violations and the whole) and credit rating; (2) A significantly positive association also exits between CSR negative performance (other violations) and loan rates; (3) the analysis of additional tests indicates that CSR negative performance has greater effect on long-term loan rates than on short-term rates. To sum up, the CSR negative performance is one of the risk factors for banks and credit rating agencies to increase the credit rating and loan rates, simultaneously raising the financing threshold for the business.
    Reference: 中文部分
    林宛瑩、許崇源、戚務君、陳宜伶,2009,公司治理與信用風險,臺大管理論叢,第19卷第S2期,71-98頁。
    林宛瑩、戚務君、韓建婷,2009,公司治理與銀行融資利率,研討會。
    鄭桂蕙、林宛瑩、許崇源,2006,董監事持股高低對庫藏股買回誘因之影響,東吳經濟商學學報,第五十四期:1-26。

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    參考網頁
    證券櫃檯買賣中心_企業社會責任專區,網址:http://www.tpex.org.tw/web/csr/content/resource.php
    中華民國企業永續發展協會,網址:http://www.bcsd.org.tw/domain_node/domainnode/23
    Description: 碩士
    國立政治大學
    會計學系
    103353004
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103353004
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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