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題名：企業社會責任對財務風險、資訊不對稱與資金成本之影響
作者：蕭莉芃
作者(外文)：Hsiao, Li-Peng
校院名稱：國立臺北大學
系所名稱：會計學系
指導教授：陳維慈
林灼榮
學位類別：博士
出版日期：2015
主題關鍵詞：企業社會責任；財務風險；資訊不對稱；資金成本；Corporate Social Responsibility；Financial Risk；Information Asymmetry；Cost of Capital
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　　自從聯合國秘書長Kofi Annan於1999年提出聯合國全球盟約（The UN Global Compact）後，企業家與機構團體逐漸重視企業社會責任（corporate social responsibility，CSR）或社會責任投資（socially responsible investments，SRI）。Idowu與Towler在2004的文章中更指出，在英國FTSE 100指數當中，有超過80%的公司在他們的年報中報導有關企業社會責任的資訊。由於逐漸增加的企業社會責任報告與活動，許多學者已開始對於公司的營運目標是否如過去文獻所述為極大化股東價值產生疑問。
　　藉由實證探討企業社會責任活動或績效對企業財務風險、資訊不對稱與資金成本的影響，本文推論，當公司積極從事企業社會責任活動或者公司具有優越的企業社會責任績效，公司會面臨較低的市場與流動性風險。然而，由於增加企業社會責任揭露所產生的負向附帶效果，企業社會責任的資訊也許會增加管理當局與投資者之間的資訊不對稱。我們的結果提出，企業社會責任資訊的精確性與企業社會責任活動或優越績效所降低的風險效果會大於資訊不對稱的效果，故公司積極從事企業社會責任活動或者公司具有優越的企業社會責任績效會面臨較低的資金成本。儘管如此，即使我們控制產業效果，公司治理的活動或績效會增加資金成本，一個可能的原因是因為公司治理機制會影響經理人的決策，若經理人因為自利因素而從事企業社會活動，那麼好的公司治理機制則扮演紀律處分機制（disciplinary mechanism），因此，企業社會責任與公司治理則呈現負向關係（Kim et al. 2012）。
Since the UN Global Compact has been proposed by United Nations Secretary General Kofi Annan in 1999, entrepreneurs and institutions have placed a steadily increasing emphasis on corporate social responsibility (CSR) or socially responsible investments (SRI) around the world. In 2004, more than 80% of the FTSE 100 index reported on corporate social responsibility within their annual reports (Idowu and Towler 2004). Due to the increased CSR reporting and activities, researchers have questioned whether the aim of the firm’s operation is to maximize shareholder value as mentioned in the prior literature.
By empirically assessing the effects of CSR activities or performance on financial risk, information asymmetry, and the cost of capital, we infer that a firm actively participating in CSR activities or a firm with superior CSR performance experiences lower market risk and liquidity risk. However, the release of CSR may increase the information asymmetry between management and investors due to the negative collateral effect of increased public disclosure. Finally, our results suggest that the effects of information precision and the decreased risks dominate the information asymmetry effect; therefore, CSR activities or performance reduce the cost of capital. Nevertheless, the activities or performance of corporate governance increase the cost of capital, even though we control for industry effects. A possible reason for this observed contradiction is that corporate governance system may influence the manager’s decisions. If managers engage in CSR activities stemmed from their self-interest, a good corporate governance system would serve as a disciplinary mechanism. Such an effect leads to an observed negative relationship between CSR and corporate governance (Kim et al. 2012).
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