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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 10-Aug-2017 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。\r\n 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.\r\nThis 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\r\n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。\r\n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。\r\n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。\r\n英文文獻\r\nAllen 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.\r\nAshbaugh-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.\r\nBauer, Rob, and Daniel Hann. \"Corporate environmental management and credit risk.\" (2010).\r\nBouslah, K. B. H., Kryzanowski, L., & M`Zali, B. (2016). Social performance and firm risk: impact of the financial crisis. Journal of Business Ethics.\r\nCarmelo Reverte(2009).Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms ,Journal of Business Ethics,88(2),351–366.\r\nChava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247.\r\nCheng, Beiting, Ioannis Ioannou, and George Serafeim.(2014).Corporate Social Responsibility and Access to Finance. Strategic management journal,35(1),1–23.\r\nCho, 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.\r\nChung-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.\r\nDan 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.\r\nDARREN J. KISGEN(2006).Credit Ratings and Capital Structure. The Journal of Finance,61(3).\r\nDirk Czarnitzki、Kornelius Kraft(2007).Are credit ratings valuable information?Journal Applied Financial Economics,17(13),1061-1070.\r\nDu, 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.\r\nHoward Rothmann Bowen(2013).Social responsibilities of the businessman\r\nIoannis Oikonomou,Chris Brooks,Stephen Pavelin(2012) .The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis.41(2), 483–515.\r\nIoannis 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.\r\nNajah Attig,Sadok El Ghoul,Omrane Guedhami,Jungwon Suh(2013).Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics,117(4), 679–694.\r\nNapatsorn Jiraporn,Adisak Boeprasert,Kiyoung Chang(2014). Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification.Financial Management,43(3),505–531.\r\nPartha Sengupta(1998). Corporate Disclosure Quality and the Cost of Debt. The Accounting Review,73(4) ,459-474.\r\nPorter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard business review, 80(12), 56-68.\r\nSanjeev 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.\r\nSpicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 94-111.\r\nŞtefan 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.\r\nSumon C. Mazumdar and Partha Sengupta(2005).Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal ,61(3), 83-95.\r\nSun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.\r\nKisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.\r\nWenxia Ge , Mingzhi Liu(2012).Corporate Social Responsibility and the Cost of Corporate Bonds.Journal of Accounting and Public Policy,34(6),597–624.\r\nBae, 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
dc.contributor.advisor 屠美亞zh_TW
dc.contributor.author (Authors) 鍾汶希zh_TW
dc.creator (作者) 鍾汶希zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 10-Aug-2017 09:45:16 (UTC+8)-
dc.date.available 10-Aug-2017 09:45:16 (UTC+8)-
dc.date.issued (上傳時間) 10-Aug-2017 09:45:16 (UTC+8)-
dc.identifier (Other Identifiers) G0104357031en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=128595-
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) 104357031zh_TW
dc.description.abstract (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。\r\n 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。zh_TW
dc.description.abstract (摘要) 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.\r\nThis 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.en_US
dc.description.tableofcontents 第一章 緒論 1\r\n第一節 研究背景 1\r\n第二節 研究動機 2\r\n第三節 研究架構與研究流程 3\r\n第二章 文獻回顧 4\r\n第一節 企業社會責任 5\r\n第二節 企業社會責任與負債資金成本 6\r\n第三節 企業社會責任與信用評等 8\r\n第三章 研究設計 10\r\n第一節 研究假說 10\r\n第二節 資料來源 12\r\n第三節 研究方法 13\r\n第四節 實證模型 17\r\n第五節 變數說明 20\r\n第四章 實證結果 26\r\n第一節 敘述統計 26\r\n第二節 多元迴歸模型 28\r\n第三節 單一樣本/母體平均數T檢定 34\r\n第五章 結論與建議 36\r\n第一節 研究結論 36\r\n第二節 研究限制與建議 36\r\n參考文獻 37zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357031en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 銀行借款成本zh_TW
dc.subject (關鍵詞) 傾向分數配對法zh_TW
dc.title (題名) 企業社會責任與銀行借款成本之關係zh_TW
dc.title (題名) The relationship between CSR and cost of borrowingen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻\r\n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。\r\n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。\r\n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。\r\n英文文獻\r\nAllen 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.\r\nAshbaugh-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.\r\nBauer, Rob, and Daniel Hann. \"Corporate environmental management and credit risk.\" (2010).\r\nBouslah, K. B. H., Kryzanowski, L., & M`Zali, B. (2016). Social performance and firm risk: impact of the financial crisis. Journal of Business Ethics.\r\nCarmelo Reverte(2009).Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms ,Journal of Business Ethics,88(2),351–366.\r\nChava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247.\r\nCheng, Beiting, Ioannis Ioannou, and George Serafeim.(2014).Corporate Social Responsibility and Access to Finance. Strategic management journal,35(1),1–23.\r\nCho, 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.\r\nChung-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.\r\nDan 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.\r\nDARREN J. KISGEN(2006).Credit Ratings and Capital Structure. The Journal of Finance,61(3).\r\nDirk Czarnitzki、Kornelius Kraft(2007).Are credit ratings valuable information?Journal Applied Financial Economics,17(13),1061-1070.\r\nDu, 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.\r\nHoward Rothmann Bowen(2013).Social responsibilities of the businessman\r\nIoannis Oikonomou,Chris Brooks,Stephen Pavelin(2012) .The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis.41(2), 483–515.\r\nIoannis 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.\r\nNajah Attig,Sadok El Ghoul,Omrane Guedhami,Jungwon Suh(2013).Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics,117(4), 679–694.\r\nNapatsorn Jiraporn,Adisak Boeprasert,Kiyoung Chang(2014). Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification.Financial Management,43(3),505–531.\r\nPartha Sengupta(1998). Corporate Disclosure Quality and the Cost of Debt. The Accounting Review,73(4) ,459-474.\r\nPorter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard business review, 80(12), 56-68.\r\nSanjeev 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.\r\nSpicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 94-111.\r\nŞtefan 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.\r\nSumon C. Mazumdar and Partha Sengupta(2005).Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal ,61(3), 83-95.\r\nSun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.\r\nKisgen, D. J. (2006). Credit ratings and capital structure. The Journal of Finance, 61(3), 1035-1072.\r\nWenxia Ge , Mingzhi Liu(2012).Corporate Social Responsibility and the Cost of Corporate Bonds.Journal of Accounting and Public Policy,34(6),597–624.\r\nBae, S. C., Chang, K., and Yi, H. C. (2014). Corporate Social Responsibility, Credit Rating, and Private Debt Contracting: New Evidence from Syndicated Loan Market.zh_TW