本研究主要探討企業社會責任與負債資金成本之關聯性,以及信用風險評等在企業社會責任與負債資金成本間的調節效果。採2012-2013年有揭露社會責任報告書之上市櫃公司為研究樣本。研究發現,有揭露企業社會責任報告書的公司,負債資金成本較低;以及相較於未揭露企業社會責任報告書之企業,有揭露企業社會責任報告書的公司,在信用評等較好的情況下,能取得較低之負債資金成本。
The main purpose of this study is to investigate the relationship between Corporate Social Responsibility and costs of debt. Besides, this study also examines the moderating effect of Credit Rating Index on the relationship between Corporate Social Responsibility and costs of debt. Corporate Social Responsibility index came from Market Observation Post System. The sample used in this study includes all, except financial-related firms, the listed company in Taiwan between 2012 and 2013. The empirical results show that the firms with more CSR have better costs of debt. Furthermore, this research also find that credit rating Index play a significant moderating role in the relationship between corporate social responsibility and costs of debt.