企業社會責任報告書自願性確信對於權益資金成本之影響

The Effect of Voluntary Assurance of Corporate Social Responsibility Report on the Cost of Equity Capital

10.29416/JMS.202301_30(1).0004

陳瑞斌(Jui-Pin Chen)；楊采妮(Tsai-Ni Yang)

企業社會責任報告書 ； 自願性確信 ； 權益資金成本 ； Voluntary Assurance ； Corporate Social Responsibility Report ； Cost of Equity Capital

管理與系統

30卷1期（2023 / 01 / 01）

115 - 141

繁體中文;英文

本文旨在探討公司將企業社會責任報告書自願性交付獨立第三方確信對於權益資金成本之影響，以2014年至2017年台灣上市櫃公司為研究樣本，實證結果發現確信有助於提升企業社會責任報告書的可靠性及投資人的信任，進而減輕投資人購買公司股票所承擔的資訊風險，以致於投資人願意降低其所要求的必要報酬率，使得公司的權益資金成本降低約0.55%。進一步分析發現，前述企業社會責任報告書自願性交付確信會使得權益資金成本降低的結果主要是來自於確信之獨立第三方為顧問機構。

This study aims to examine the effect of voluntary assurance of corporate social responsibility (CSR) report on the cost of equity capital. Using 2014-2017 Taiwanese listed companies as the sample, the results show that assurance helps to improve the reliability of CSR report and the trust of investors, thereby reducing the information risk assumed by investors when buying stocks. Therefore, investors are willing to lower the rates of return required by them, so that the cost of equity capital of companies will be reduced about 0.55%. This result is mainly driven by the independent third parties which are consultant firms instead of accountant firms.

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