隨著世界經濟起飛,企業要求以自身利益為最優先考量,在公司成長穩定之後,經理人會開始在乎企業的財務整體狀況是否良好、公司治理是否有確實做到、是否有落實企業社會責任,以及如何繼續永續經營,而在講求這些要素之前,「誠信」是企業不可或缺的元素之一,於是我國金管會於2014年開始頒布企業需要訂定「誠信經營守則」,藉由我國金管會發布此法規,本研究欲探討債務資金成本是否會根據企業重視誠信經營而影響其高低,而本研究以企業是否訂定「誠信經營守則」,當作企業重視誠信經營之「程度」,透過Heckman的兩階段方法來解決內生性問題,並以2018年及2019年台灣上市上櫃公司為研究樣本加以分析。實證結果顯示,企業無論是否有制定誠信經營守則時,都不會影響債務資金成本。
As the world economy takes off, companies require their own interests to be the top priority. After the company has grown and stabilized, managers will begin to care about whether the overall financial condition of the company is good, whether the corporate governance is indeed achieved, whether the corporate social responsibility is implemented, and how to sustainable operation. Before that, "integrity" is one of the indispensable elements of a company. Therefore, in 2014, the Financial Supervisory Commission began to promulgate the need for companies to formulate "Code of Integrity Management". This study intends to explore whether the cost of debt capital will be affected by the company’s emphasis on integrity management. This study uses whether the company has established a “Code of Integrity Management” as the “degree” of the company’s emphasis on integrity management. Heckman's two-stage method is used to solve the endogenous problem, and the samples of OTC companies in 2018 and 2019 are analyzed. The empirical results reveal that the cost of debt capital will not be affected regardless of whether the company has established a code of integrity management.
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