企業發布社會責任報告書是否影響公司的銀行貸款成本：台灣上市櫃公司的實證分析

Is Bank Loan Cost of Firm Associated With Social Responsibility Report Issuing: Empirical Evidence on Listed Companies in Taiwan

10.6295/TAMJ.201902_19(1).0004

謝佩娟(Pei-Chuan Hsieh)；林淑惠(Shu-Hui Lin)；張元(Yuan Chang)

企業社會責任 ； 社會責任報告書 ； 非財務資訊揭露 ； 銀行貸款成本 ； corporate social responsibility ； corporate social responsibility report ； nonfinancial information disclosure ； bank loan cost

台灣管理學刊

19卷1期（2019 / 02 / 01）

47 - 75

繁體中文

近年來企業財務醜聞與違反經營倫理的案例層出不窮，使得社會大眾更為關注企業永續經營的重要性，也因此企業社會責任在當今管理實務與學術研究中已經成為了一門顯學。企業社會責任的基本概念乃倡議企業在追求利潤的同時，不僅只追求股東財富極大化，也應該對社會中其他的利益關係人盡到責任。由於公司在社會責任上的具體作為大多表現在企業社會責任報告書中，且既有研究中已指出企業的非財務資訊揭露有助於公司向公眾投射其為注重永續經營之好公司的訊號，降低訊息不對稱問題進而降低融資成本，因此本文根據2013年至2016年間台灣上市上櫃非金融產業共1,524家公司的資料，檢驗公司發布社會責任報告書之情形（作為公司在社會責任表現上的代理變數）與企業向銀行貸款時的核貸利率之間的關係，亦探討自願性發布社會責任報告書以及經公正之第三方認證是否進一步影響公司的銀行貸款利率。實證結果發現，發布社會責任報告書的公司，對應著較低的銀行貸款利率，以至於享有較低的銀行貸款成本，但那些自願性發布社會責任報告書以及經公正第三方認證之社會責任報告書的公司，則未有顯著較低的銀行貸款利率。

In recent years, frequent corporate scandals and cases of business ethics violations have raised public awareness of the importance of business sustainability. Therefore, Corporate Social Responsibility (CSR) has become a prominent subject in contemporary management practice and academic research. The basic principles of CSR advocates that in the pursuit of profit, a firm not only should seek to maximize the wealth of shareholders, but also be responsible for other stakeholders in society. The company's investment and concrete activities on CSR is shown in its CSR report, and existing research has indicated that nonfinancial information disclosure helps firm signal its conducts on sustainable management to reduce the information asymmetry and thus reduce the financing cost. Therefore, this paper employs the data of 1,524 listed companies in Taiwan covering the period of 2013 - 2016 to examine the relationship between company's social responsibility report issuing and the firm's bank loan interest rate. In addition, this study also examines the effects of voluntary publication CSR report versus guaranteed by independent third party on firm's bank loan rates. Empirical result shows that companies that publish CSR reports corresponding to lower bank lending rates, and thus enjoy lower bank loan costs. However, firms with voluntarily CSR reports issuing and firms with voluntarily CSR reports issuing that are certified by third party did not show evidence of significant lowered bank loan inetrest rates.

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