政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/111738
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113822/144841 (79%)
造訪人次 : 51814944      線上人數 : 382
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/111738


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/111738


    題名: 企業社會責任與銀行借款成本之關係
    The relationship between CSR and cost of borrowing
    作者: 鍾汶希
    貢獻者: 屠美亞
    鍾汶希
    關鍵詞: 企業社會責任
    銀行借款成本
    傾向分數配對法
    日期: 2017
    上傳時間: 2017-08-10 09:45:16 (UTC+8)
    摘要: 本文主要探討企業社會責任與銀行借款成本之關係，並研究信評差之公司是否能透過企業社會責任降低其銀行借款成本。
    本研究以2007-2015年台灣上市櫃公司(不含金融類股)為研究樣本，並以天下公民獎做為實踐企業社會責任之判斷依據，探討企業社會責任與銀行借款成本之間的關係，為解決內生性及選擇偏誤問題發生，本研究亦以傾向分數配對法，依規模、獲利能力及管理能力作為特性變數進行配對，實證研究發現，落實企業社會責任能使公司降低其銀行借款成本，獲頒天下公民獎後，公司之銀行借款成本也有顯著的下降。但信評差之公司無法透過企業社會責任的實踐降低其銀行借款成本，可能之因為企業實行企業社會責任會產生許多額外成本，會使公司負擔更大，相關的營運風險及財務風險也可能上升，進一步推升其銀行借款成本。
    This research mainly analyzes the relationship between corporate social responsibility(CSR) and cost of bank loans. This paper also analyze whether the company with poor credit rating can improve the cost of bank loans by practicing the corporate social responsibility.
    This research uses all listed companies(excluding financial stocks) data in year 2007-2015 and defines winners of the Corporate Citizenship Award as companies with CSR. We also use propensity score matching method to avoid the contamination of CSR-effect and the selection bias and try to analyze the difference between the CSR firms and non-CSR firms.Result suggests that companies with good CSR performance have lower cost of bank loans. However, companies with poor credit rating can’t lower its borrowing rate by practicing CSR because practicing CSR may contribute to additional costs and risks.
    參考文獻: 中文文獻
    沈中華與張元，2008，企業的社會責任行為可以改善財務績效嗎?-以英國FTSE社會責任指數為例，經濟論文，第36卷第3期：339-385。
    陳瑞斌、許崇源，資訊揭露水準對於權益資金成本之影響，東吳經紀商學學報2008年6月頁67-108。
    葉保強，企業社會責任的發展與國家角色，應用倫理研究通訊第四十一期2007 年 2 月 頁 35-47。
    英文文獻
    Allen Goss,Gordon S. Roberts.(2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance,35(7),1794–1810.
    Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of accounting and economics, 42(1), 203-243.
    Bauer, Rob, and Daniel Hann. "Corporate environmental management and credit risk." (2010).
    Bouslah, K. B. H., Kryzanowski, L., & M`Zali, B. (2016). Social performance and firm risk: impact of the financial crisis. Journal of Business Ethics.
    Carmelo Reverte(2009).Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms ,Journal of Business Ethics,88(2),351–366.
    Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247.
    Cheng, Beiting, Ioannis Ioannou, and George Serafeim.(2014).Corporate Social Responsibility and Access to Finance. Strategic management journal,35(1),1–23.
    Cho, Seong Y., Cheol Lee, and Ray J. Pfeiffer. "Corporate social responsibility performance and information asymmetry." Journal of Accounting and Public Policy 32.1 (2013): 71-83.
    Chung-Hua Shen. Yu-Li Huang.Iftekhar Hasan(2012).Asymmetric benchmarking in bank credit rating.Journal of International Financial Markets, Institutions and Money,22(1),171-193.
    Dan S. Dhaliwal, Oliver Zhen Li, Albert Tsang, Yong George Yang(2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting.The Accounting Review,86(1), 59-100.
    DARREN J. KISGEN(2006).Credit Ratings and Capital Structure. The Journal of Finance,61(3).
    Dirk Czarnitzki、Kornelius Kraft(2007).Are credit ratings valuable information?Journal Applied Financial Economics,17(13),1061-1070.
    Du, S., Bhattacharya, C. B., & Sen, S. (2010). Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews, 12(1), 8-19.
    Howard Rothmann Bowen(2013).Social responsibilities of the businessman
    Ioannis Oikonomou,Chris Brooks,Stephen Pavelin(2012) .The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis.41(2), 483–515.
    Ioannis Oikonomou,Chris Brooks,Stephen Pavelin(2014).The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings. Financial Review, 49(1),49–75.
    Najah Attig,Sadok El Ghoul,Omrane Guedhami,Jungwon Suh(2013).Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics,117(4), 679–694.
    Napatsorn Jiraporn,Adisak Boeprasert,Kiyoung Chang(2014). Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification.Financial Management,43(3),505–531.
    Partha Sengupta(1998). Corporate Disclosure Quality and the Cost of Debt. The Accounting Review,73(4) ,459-474.
    Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard business review, 80(12), 56-68.
    Sanjeev Bhojraj & Partha Sengupta(2003) .Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors.The Journal of Business,76(3), 455-475.
    Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 94-111.
    Ştefan Cristian Gherghina ,Georgeta Vintilă ,Diana Dobrescu (2015).An Empirical Research on the Relationship Between Corporate Social Responsibility Ratings and U.S. Listed Companies’ Value. Journal of Economics Studies and Research,1 – 11.
    Sumon C. Mazumdar and Partha Sengupta(2005).Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal ,61(3), 83-95.
    Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
    Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.
    Wenxia Ge , Mingzhi Liu(2012).Corporate Social Responsibility and the Cost of Corporate Bonds.Journal of Accounting and Public Policy,34(6),597–624.
    Bae, S. C., Chang, K., and Yi, H. C. (2014). Corporate Social Responsibility, Credit Rating, and Private Debt Contracting: New Evidence from Syndicated Loan Market.
    描述: 碩士
    國立政治大學
    財務管理研究所
    104357031
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104357031
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    index.html0KbHTML2234檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋