近年來,在企業以最大獲利為導向的情況下,衍生出許多嚴重的黑心食品問題,而這些社會成本更是無法估計,利害關係人更難以從企業財務報告中得知這些內部訊息。隨著企業財務報告已不能滿足利害關係人對企業經營品質「知」的渴望,非財務資訊的揭露將是利害關係人未來關注的重點。企業未來對外所出具的報告,將從「財務報告」擴展至「報告」,包含財務與非財務訊息。本研究以台灣上市公司為研究之樣本,樣本期間為1991年至2013年,各變數資料來源主要來自股市公開資訊觀測站之重大訊息,以探討權益資金成本與企業社會責任及公司治理之關聯性。 本文研究結果發現:針對於企業社會責任環保汙染及勞資糾紛方面與資金成本呈現顯著負相關,資訊揭露方面卻呈現不顯著負相關。而在資訊透明度與資金成本方面,資訊透明度與資金成本呈現顯著負相關。最後在針對公司治理與權益資金成本方面,在公司治理方面,信用評等方面呈現顯著正相關,機構持股方面呈現負相關卻不顯著,股份盈餘分離程度方面呈現顯著正相關。
In recent years, because of maximum profit-making orient, it resulted in many serious lacking of conscience food problems, which is difficult to estimate the social costs. The interested parties are more difficult to know the inside information from the corporate financial statements. The financial statements cannot satisfy investors to understand the quality of corporation governance; investors will focus more concern on nonfinancial information. The corporation’s report will from financial statements to financial reporting which include financial and nonfinancial information. We use Taiwan’s listing companies as samples, from 1991 to 2013 as ample period, to analyze the impact of corporate social responsibility disclosure on the cost of equity capital and corporation governance. The empirical results show: The cost of equity capital is negative with environmental pollution and labor disputes, but not significant with Information disclosure. The cost of equity capital is negative with information transparency. For corporation governance, credit rating, the deviation between cash flow right and control right are positive with cost of equity capital.