English  |  正體中文  |  简体中文  |  Items with full text/Total items : 49621/84835 (58%)
Visitors : 7689240      Online Users : 90
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/102320


    Title: 中國資金成本與企業社會責任揭露水準之關係
    Other Titles: The relation between corporate social responsibility and cost of capital in China financial market
    Authors: 鄭惠月;Cheng, Hui-Yueh
    Contributors: 淡江大學會計學系碩士班
    葉金成;Yeh, Chin-Chen
    Keywords: 負債資金成本;權益資金成本;企業社會責任;內容分析法;Debt cost of capital;Equity cost of capital;corporate social responsibility;Content Analysis
    Date: 2014
    Issue Date: 2015-05-04 09:52:46 (UTC+8)
    Abstract: 近年來,中國企業也隨著全球趨勢開始重視企業社會責任揭露,本研究探討中國企業之社會責任揭露是否有如西方企業具有降低資金成本之效果?本研究基於中國企業的負債資金主要來自金融業而非資本市場,與歐美企業有別,因此分別觀察企業社會責任揭露水準對負債與權益資金成本之影響。企業社會責任資料來自中國企業2008年至2011年公布之企業社會責任報告書,並運用內容分析法對各企業揭露情形評分,進而在考慮時間序列固定效果與變數延遲效果下,運用縱橫資料回歸分析,觀察負債與權益資金成本與企業社會責任之關係。另外,再以資產報酬率作為干擾變項觀察其影響。研究結果顯示,中國企業之當年企業社會責任揭露水準會降低負債資金成本,然而會提高權益資金成本;且資產報酬率大於平均數的企業,其揭露水準會降低負債資金成本,而小於平均數的企業,其揭露水準對權益資金成本會在延遲兩年後才有降低之影響。
    This paper investigates that the corporate social responsibility (CSR) whether lowers the cost of capital (COC) in China Financial Market? Chinese corporate debt capital mainly financed from the bank sector rather than the capital market, therefore we examine can CSR decrease the firm’s cost of debt and equity capital as the western country? Further, we classify our sample into two categories by utilizing the return of asset (ROA), and then investigate whether that ROA would significantly moderate the relation between CSR and firms’ cost of capital? The empirical results show that the current CSR performance does decrease the debt cost of capital but increase the debt cost of capital. In addition, the current CSR performance can decrease the debt cost of capital in firms with higher ROA ratio, however decrease the equity cost of capital in them with lower ROA ratio must to be in the two years lagged.
    Appears in Collections:[會計學系暨研究所] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML143View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback