近年我國企業發生許多重創企業形象、社會大眾信心及國際形象之負面事件,間接顯示企業在追求利潤最大化的同時罔顧社會責任。因此,我國金管會因應市場對於CSR報告書揭露之需求,於2014年9月發布,並於隔年度開始實施。 過去已有許多自願性非財務資訊揭露對資金成本之研究,然而,企業社會責任之強制性揭露在誘因、動機與目的與自願性有所差異。家族企業為我國商業環境之一大特色,過去有關家族企業與企業社會責任之研究未有一致結論。基於上述,本研究旨在檢測家族企業對於首次CSR報告書的強制出具對資金成本之影響。 本研究以我國因強制性揭露政策首次出具CSR報告書之企業為樣本。實證結果顯示,企業社會責任之強制性揭露有助於改善資訊不對稱,進而降低權益與負債資金成本;進一步比較家族企業方面,強制性揭露之政策並未改善權益資金成本,但顯著提高負債資金成本。
In recent years, Taiwan's enterprises have a lot of negative events which hurt the corporate image, public confidence and national image, showing that the enterprises ignore social responsibility while chasing the profit maximization. Therefore, in order to meet the market demand for corporate social responsibility (CSR) disclosure, Financial Supervisory Commission R.O.C. (Taiwan) issued a press release in September 2014, and announced that enterprises should issue the CSR report since 2015. Much of the literature has examined the relationship between voluntary non-financial information disclosure and costs of capital. However, the incentives, motivations and purposes are different between voluntary and mandatory non-financial information disclosure. Moreover, family business is one of the major characteristics in Taiwan’s business environment. The studies made on family business and CSR are mixed. Based on the above, the purpose of this study is to examine the impact of family firms and initial mandatory disclosure of corporate social responsibility report on costs of capital. This study uses the sample of firms listed in Taiwan Stock Exchange which were the first time issued the CSR report due to mandatory disclosure policy. The empirical results show that the mandatory disclosure of CSR helps an enterprise to improve the information asymmetry, thereby reducing the cost of capital. To further compare the family business, the mandatory disclosure of the policy did not improve the cost of equity capital, but improve the cost of debt.