企業社會責任揭露對權益資金成本之影響

The Impact of Corporate Social Responsibility Disclosure on the Cost of Equity Capital

10.6697/TBPJ.201406_7(2).0002

黃瓊瑤(Chung-Yao Huang)；張瑞元(Ruei-Yuan Chang)；林金賢(Chin-Shien Lin)

企業社會責任 ； 資訊揭露 ； 權益資金成本 ； Corporate Social Responsibility ； Information Disclosure ； Cost of Equity Capital

臺灣企業績效學刊

7卷2期（2014 / 06 / 01）

103 - 124

繁體中文

在企業社會責任表現越趨重要的大環境下，利害關係人對於企業社會責任資訊的需求日益提升，使得企業社會責任資訊對於利害關係人決策之影響成為學術界與實務界共同關注課題。基於權益資金成本是企業日常營運中重要的財務決策一環，因此本文聚焦於企業社會責任揭露對於權益資金成本之影響。以2009年台灣上市、櫃電子產業為研究對象，實證結果發現企業社會責任揭露與權益資金成本存在顯著負向關係，意謂著企業透過企業社會責任資訊揭露，可獲致降低權益資金成本之潛在效益。依據此實證結果，本研究針對學術界與實務界提出相關建議，以及未來可能的研究方向以供參考。

As corporate social responsibility has been increasingly important nowadays, the requirement for corporate social responsibility disclosure has been demanding too. Consequently disclosure of corporate social responsibility has become one of the most concerned issues among the academia and practice. Since cost of equity is one of the main issues in the financial decisions, this study is focusing on the impact of corporate social responsibility disclosure on the cost of equity capital. Based on the listed electronic companies in Taiwan Stock Exchange market, this research finds that corporate social responsibility disclosure has significantly negative effect on the cost of equity capital. According to this finding, we discuss the managerial implications for academia and practice. Future research suggestions are also discussed in the final section.

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