學術產出-Theses
Article View/Open
Publication Export
-
題名 企業社會責任與銀行借款成本之關聯性
The relationship between Corporate social responsibility and cost of bank loan作者 王慧穎
Wang, Hui Ying貢獻者 屠美亞
Twu, Mia
王慧穎
Wang, Hui Ying關鍵詞 企業社會責任
銀行借款
資金成本
CSR
Bank loan
Cost of capital日期 2016 上傳時間 2-Aug-2016 16:00:05 (UTC+8) 摘要 本研究主要探討企業社會責任對公司與銀行往來關係、信用評等、以及銀行借款成本之影響，並探討企業社會責任在公司面臨景氣衝擊時，是否具有保險效果，使公司較不受景氣衰退的影響。本研究以2007 年至2015 年之上市公司為樣本，以研究期間天下企業公民獎之得獎名單作為是否有落實企業社會責任之判斷依據，研究發現有實踐企業社會責任之公司銀行往來家數較多、信用評等較好，亦可享有較低廉之銀行借款成本；在金融海嘯期間，有企業社會責任的公司亦較不受景氣衝擊影響。
This research mainly analyzes the effect of corporate social responsibility to banking relationships, credit ratings and the cost of bank loans. Moreover, this paper discuss whether corporate social responsibility has insurance-like effects when companies face with economics depression. This research use all listed companies in year 2007-2015 and define winners of the Corporate Citizenship Award conferred by Common Wealth Magazine as companies with CSR. We finally find out that companies with well CSR performances have multiple bankings, better credit ratings and cheaper cost of bank loans, furthermore, those companies are less influenced by the economics depression during the financial crisis of 2007-08.參考文獻 中文文獻李明機，證券櫃檯主題報導：主題二-簡析企業社會責任(CSR)之發展趨勢。洪瑞希，證券櫃檯主題報導：主題九-淺談台灣CSR時代的來臨。胡憲倫、許家偉、蒲彥穎，策略的企業社會責任：企業永續發展的新課題，應用倫理研究通訊 第 40 期 2006 年 11 月 頁 37-50。莫冬立，證券櫃檯主題報導：主題四-企業社會責任守則全球發展現況與未來趨勢。陳欽春，企業與社會的鑲嵌與接軌：企業社會責任的省思，政府與企業法制關係學術研討會。英文文獻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.Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.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.Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794-816.Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. Available at SSRN 1660470.Benson, B. W., & Davidson, W. N. (2010). The relation between stakeholder management, firm value, and CEO compensation: A test of enlightened value maximization. Financial Management, 39(3), 929-964.Berger, A. N., & Udell, G. F. (2002). Small business credit availability and relationship lending: The importance of bank organisational structure. The economic journal, 112(477), F32-F53.Berger, A. N., & Udell, G. F. (2004). The institutional memory hypothesis and the procyclicality of bank lending behavior. Journal of financial intermediation, 13(4), 458-495.Bhojraj, S., & Sengupta, P. (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.Bliss, R. R., & Kaufman, G. G. (2002). Bank procyclicality, credit crunches, and asymmetric monetary policy effects: a unifying model.Boot, A. W. (2000). Relationship banking: What do we know?. Journal of financial intermediation, 9(1), 7-25.Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.Carroll, A. B. (1999). Corporate social responsibility evolution of a definitional construct. Business & society, 38(3), 268-295.Czarnitzki, D., & Kraft, K. (2007). Are credit ratings valuable information?. Applied Financial Economics, 17(13), 1061-1070.Detragiache, E., Garella, P., & Guiso, L. (2000). Multiple versus single banking relationships: Theory and evidence. The Journal of Finance, 55(3), 1133-1161.Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of Accounting and Public Policy, 33(4), 328-355.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The journal of Finance, 46(4), 1325-1359.Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.Elsas, R., & Krahnen, J. P. (1998). Is relationship lending special? Evidence from credit-file data in Germany. Journal of Banking & Finance, 22(10), 1283-1316.Elyasiani, E., & Goldberg, L. G. (2004). Relationship lending: a survey of the literature. Journal of Economics and Business, 56(4), 315-330.Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The Accounting Review, 80(4), 1125-1162.Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777-798.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.Graham, A., Maher, J. J., & Northcut, W. D. (2001). Environmental liability information and bond ratings. Journal of Accounting, Auditing & Finance, 16(2), 93-116.Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate behavior. Journal of financial and quantitative analysis, 36(04), 431-449.Houston, J. F., & James, C. M. (2001). Do relationships have limits? Banking relationships, financial constraints, and investment. The Journal of Business, 74(3), 347-374.Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. The Journal of Finance, 51(5), 1863-1889.Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial economics, 97(3), 319-338.Jankowitsch, R., Pichler, S., & Schwaiger, W. S. (2007). Modelling the economic value of credit rating systems. Journal of Banking & Finance, 31(1), 181-198.Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.Kramer, M. R. (2011). Creating shared value. Harvard business review, 89(1/2), 62-77.Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7), 597-616.Lee, M. D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International journal of management reviews, 10(1), 53-73.Liu, P., Seyyed, F. J., & Smith, S. D. (1999). The independent impact of credit rating changes–the case of Moody`s rating refinement on yield premiums. Journal of Business Finance & Accounting, 26(3‐4), 337-363.Lummer, S. L., & McConnell, J. J. (1989). Further evidence on the bank lending process and the capital-market response to bank loan agreements. journal of Financial Economics, 25(1), 99-122.Matolcsy, Z. P., & Lianto, T. (1995). The incremental information content of bond rating revisions: The Australian evidence. Journal of Banking & Finance, 19(5), 891-902.Mei, J., & Saunders, A. (1997). Have US Financial Institutions` Real Estate Investments Exhibited “Trend-Chasing” Behavior?. Review of Economics and Statistics, 79(2), 248-258.Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75.Ongena, S., & Smith, D. C. (2000). What determines the number of bank relationships? Cross-country evidence. Journal of Financial intermediation, 9(1), 26-56.Ongena, S., Tümer-Alkan, G., & Westernhagen, N. V. (2012). Creditor concentration:an empirical investigation. European Economic Review, 56(4), 830-847.Peloza, J. (2006). Using corporate social responsibility as insurance for financial performance. California Management Review, 48(2), 52-72.Shiu, Y., & Yang, S. (2011). Does Engagement in Corporate Social Responsibility Provide Insurance-like Effects?. Working Paper, Department of Risk Management and Insurance, National Chengchi University, Department of Business Administration, National Cheng Kung University, Taiwan.Singal, M. (2013). Firm Credit Rating as a Measure of Organizational and Financial Performance. Journal of Business & Financial Affairs, 2013.Verwijmeren, P., & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance, 34(5), 956-964. 描述 碩士
國立政治大學
財務管理研究所
103357027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357027 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.advisor Twu, Mia en_US dc.contributor.author (Authors) 王慧穎 zh_TW dc.contributor.author (Authors) Wang, Hui Ying en_US dc.creator (作者) 王慧穎 zh_TW dc.creator (作者) Wang, Hui Ying en_US dc.date (日期) 2016 en_US dc.date.accessioned 2-Aug-2016 16:00:05 (UTC+8) - dc.date.available 2-Aug-2016 16:00:05 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2016 16:00:05 (UTC+8) - dc.identifier (Other Identifiers) G0103357027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99543 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 103357027 zh_TW dc.description.abstract (摘要) 本研究主要探討企業社會責任對公司與銀行往來關係、信用評等、以及銀行借款成本之影響，並探討企業社會責任在公司面臨景氣衝擊時，是否具有保險效果，使公司較不受景氣衰退的影響。本研究以2007 年至2015 年之上市公司為樣本，以研究期間天下企業公民獎之得獎名單作為是否有落實企業社會責任之判斷依據，研究發現有實踐企業社會責任之公司銀行往來家數較多、信用評等較好，亦可享有較低廉之銀行借款成本；在金融海嘯期間，有企業社會責任的公司亦較不受景氣衝擊影響。 zh_TW dc.description.abstract (摘要) This research mainly analyzes the effect of corporate social responsibility to banking relationships, credit ratings and the cost of bank loans. Moreover, this paper discuss whether corporate social responsibility has insurance-like effects when companies face with economics depression. This research use all listed companies in year 2007-2015 and define winners of the Corporate Citizenship Award conferred by Common Wealth Magazine as companies with CSR. We finally find out that companies with well CSR performances have multiple bankings, better credit ratings and cheaper cost of bank loans, furthermore, those companies are less influenced by the economics depression during the financial crisis of 2007-08. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景 1第二節 研究動機 2第三節 研究架構 2第二章 文獻探討 3第一節 企業社會責任的定義 3第二節 企業社會責任的發展 4第三節 銀行往來關係 5第四節 企業社會責任與信用評等TCRI 6第五節 企業社會責任與資金成本 8一、 權益資金成本 8二、 負債資金成本 9第六節 企業社會責任與景氣循環 10第三章 研究設計 11第一節 研究假說 11一、 企業社會責任對企業與銀行往來關係之影響 11二、 企業社會責任對企業信用評等之影響 11三、 企業社會責任對銀行借款利差之影響 12四、 企業社會責任與景氣循環之關係 12第二節 資料來源 14第三節 研究方法 15第四節 實證模型 16第五節 變數說明 17第四章 實證結果 21第一節 敘述統計分析 21第二節 多元迴歸分析 23第三節 額外測試 46第五章 結論與建議 57第一節 研究結論 57第二節 研究限制與建議 57 zh_TW dc.format.extent 850901 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357027 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 銀行借款 zh_TW dc.subject (關鍵詞) 資金成本 zh_TW dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) Bank loan en_US dc.subject (關鍵詞) Cost of capital en_US dc.title (題名) 企業社會責任與銀行借款成本之關聯性 zh_TW dc.title (題名) The relationship between Corporate social responsibility and cost of bank loan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻李明機，證券櫃檯主題報導：主題二-簡析企業社會責任(CSR)之發展趨勢。洪瑞希，證券櫃檯主題報導：主題九-淺談台灣CSR時代的來臨。胡憲倫、許家偉、蒲彥穎，策略的企業社會責任：企業永續發展的新課題，應用倫理研究通訊 第 40 期 2006 年 11 月 頁 37-50。莫冬立，證券櫃檯主題報導：主題四-企業社會責任守則全球發展現況與未來趨勢。陳欽春，企業與社會的鑲嵌與接軌：企業社會責任的省思，政府與企業法制關係學術研討會。英文文獻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.Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.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.Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794-816.Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. Available at SSRN 1660470.Benson, B. W., & Davidson, W. N. (2010). The relation between stakeholder management, firm value, and CEO compensation: A test of enlightened value maximization. Financial Management, 39(3), 929-964.Berger, A. N., & Udell, G. F. (2002). Small business credit availability and relationship lending: The importance of bank organisational structure. The economic journal, 112(477), F32-F53.Berger, A. N., & Udell, G. F. (2004). The institutional memory hypothesis and the procyclicality of bank lending behavior. Journal of financial intermediation, 13(4), 458-495.Bhojraj, S., & Sengupta, P. (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.Bliss, R. R., & Kaufman, G. G. (2002). Bank procyclicality, credit crunches, and asymmetric monetary policy effects: a unifying model.Boot, A. W. (2000). Relationship banking: What do we know?. Journal of financial intermediation, 9(1), 7-25.Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.Carroll, A. B. (1999). Corporate social responsibility evolution of a definitional construct. Business & society, 38(3), 268-295.Czarnitzki, D., & Kraft, K. (2007). Are credit ratings valuable information?. Applied Financial Economics, 17(13), 1061-1070.Detragiache, E., Garella, P., & Guiso, L. (2000). Multiple versus single banking relationships: Theory and evidence. The Journal of Finance, 55(3), 1133-1161.Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of Accounting and Public Policy, 33(4), 328-355.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The journal of Finance, 46(4), 1325-1359.Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.Elsas, R., & Krahnen, J. P. (1998). Is relationship lending special? Evidence from credit-file data in Germany. Journal of Banking & Finance, 22(10), 1283-1316.Elyasiani, E., & Goldberg, L. G. (2004). Relationship lending: a survey of the literature. Journal of Economics and Business, 56(4), 315-330.Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The Accounting Review, 80(4), 1125-1162.Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777-798.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.Graham, A., Maher, J. J., & Northcut, W. D. (2001). Environmental liability information and bond ratings. Journal of Accounting, Auditing & Finance, 16(2), 93-116.Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate behavior. Journal of financial and quantitative analysis, 36(04), 431-449.Houston, J. F., & James, C. M. (2001). Do relationships have limits? Banking relationships, financial constraints, and investment. The Journal of Business, 74(3), 347-374.Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. The Journal of Finance, 51(5), 1863-1889.Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial economics, 97(3), 319-338.Jankowitsch, R., Pichler, S., & Schwaiger, W. S. (2007). Modelling the economic value of credit rating systems. Journal of Banking & Finance, 31(1), 181-198.Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.Kisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.Kramer, M. R. (2011). Creating shared value. Harvard business review, 89(1/2), 62-77.Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7), 597-616.Lee, M. D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International journal of management reviews, 10(1), 53-73.Liu, P., Seyyed, F. J., & Smith, S. D. (1999). The independent impact of credit rating changes–the case of Moody`s rating refinement on yield premiums. Journal of Business Finance & Accounting, 26(3‐4), 337-363.Lummer, S. L., & McConnell, J. J. (1989). Further evidence on the bank lending process and the capital-market response to bank loan agreements. journal of Financial Economics, 25(1), 99-122.Matolcsy, Z. P., & Lianto, T. (1995). The incremental information content of bond rating revisions: The Australian evidence. Journal of Banking & Finance, 19(5), 891-902.Mei, J., & Saunders, A. (1997). Have US Financial Institutions` Real Estate Investments Exhibited “Trend-Chasing” Behavior?. Review of Economics and Statistics, 79(2), 248-258.Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75.Ongena, S., & Smith, D. C. (2000). What determines the number of bank relationships? Cross-country evidence. Journal of Financial intermediation, 9(1), 26-56.Ongena, S., Tümer-Alkan, G., & Westernhagen, N. V. (2012). Creditor concentration:an empirical investigation. European Economic Review, 56(4), 830-847.Peloza, J. (2006). Using corporate social responsibility as insurance for financial performance. California Management Review, 48(2), 52-72.Shiu, Y., & Yang, S. (2011). Does Engagement in Corporate Social Responsibility Provide Insurance-like Effects?. Working Paper, Department of Risk Management and Insurance, National Chengchi University, Department of Business Administration, National Cheng Kung University, Taiwan.Singal, M. (2013). Firm Credit Rating as a Measure of Organizational and Financial Performance. Journal of Business & Financial Affairs, 2013.Verwijmeren, P., & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance, 34(5), 956-964. zh_TW
