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系統識別號 U0026-2907201823121000
論文名稱(中文) 信用評等、企業社會責任與債務資金成本的關聯性
論文名稱(英文) Credit Rating, Corporate Social Responsibility, and Cost of Debt
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 106
學期 2
出版年 107
研究生(中文) 王姿分
研究生(英文) Tzu-Fen Wang
學號 R87051150
學位類別 碩士
語文別 中文
論文頁數 31頁
口試委員 指導教授-謝喻婷
口試委員-周庭楷
口試委員-梁少懷
中文關鍵字 企業信用評等  債務資金成本  企業社會責任 
英文關鍵字 Credit Rating  Cost of Debt  Corporate Social Responsibility 
學科別分類
中文摘要 資金成本高低為影響企業投資決策,以及企業經營績效表現的重要因子之一,然而公司管理階層與利害關係人間普遍存在資訊不對稱,其所衍生的代理問題會提高資金提供者的投資風險。為避免代理問題的負面影響,透過專業客觀的信用風險評等機構對企業做合理的信評分級,可提供使用者做為參考依據,可以保護投資者權益並活絡交易市場。因此本研究探討企業信用評等等級與債務資金成本的關聯性,本研究以2012年至2016年台灣上市櫃公司作為研究樣本,實證結果顯示企業信用評等等級越差,其違約風險也相對高,故債權人會要求提高融資利率(風險貼水),使企業的債務資金成本因而增加。
此外,在企業追求經濟發展的同時,將履行企業社會責任纳入其在長期經營發展規劃核心的一環,已成為企業的重要課題之一。因此本研究進一步探討公司是否履行企業社會責任對於信用評等與債務資金成本關聯性的影響。研究結果發現,公司是否履行企業社會責任則對於信用評等與債務資金成本的負向影響具有調節效果,代表積極從事企業社會責任的企業,可增加其於市場上之聲譽及競爭力,因而降低信用評等好壞對於其債務資金成本的影響。
英文摘要 The cost of capital is one of the important factors affecting corporate investment decisions and business management performance. However, agency problems may increase the investment risk of fund providers. To mitigate the negative impact of agency problems, professional and objective credit risk rating agencies make reasonable credit ratings of enterprises, which may serve as a reference for users. Therefore, this study uses Taiwanese publicly traded companies from 2012 to 2016 to investigate the association between credit rating and the cost of debt. Empirical results show that the lower the enterprise credit rating, the higher the enterprise’s cost of debt.
In addition, corporate social responsibility has become a core part of enterprises’ long-term business development planning. Therefore, this study further examine the mitigation effect of corporate social responsibility (CSR) implementation on the association between credit rating and the cost of debt. The findings show that CSR implementation mitigates the negative relation between credit rating and cost of debt, suggesting that an enterprise actively engaging in corporate social responsibility can increase its reputation and market competitiveness, and therefore reduce the impact of credit rating on the cost of debt.
論文目次 目錄
摘要 I
ABSTRACT II
誌謝 VII
目錄 VIII
表目錄 IX
第一章 緒論 1
第二章 文獻探討與假說建立 4
第一節 企業信用評等 4
第二節 企業信用評等與債務資金成本的關聯性 5
第三節 企業社會責任與債務資金成本的關聯性 8
第三章 研究方法 13
第一節 研究期間及樣本選取 13
第二節 實證模型設計 14
第三節 變數定義與衡量 14
第四章 實證結果與分析 18
第一節 敘述性統計分析 18
第二節 相關係數分析 20
第三節 實證結果分析 22
第五章 研究結論與建議 26
參考文獻 27


表目錄
表4-1 敘述性統計表 19
表4-2 相關係數表 21
表4-3 模型一迴歸分析 24
表4-4 模型二迴歸分析 25

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