| Summary: | 碩士 === 輔仁大學 === 會計學系碩士班 === 104 === The purpose of this thesis is to identify the impact of Corporate Social Responsibility performance on the Cost of Equity Capital. The research model is based on the studies of the cost of equity capital of Azizkhani, Monroe, and Shailer(2013), using a sample of Taiwan’s companies listed on the TSE and the TPEX from the period of 2011 to 2014. The CSR performance draws upon standard quantitative calculations from the notes of annual reports, while the cost of equity capital is estimated through GLS Model(Gebhardt, Lee, and Swaminathan, 2001). The study reveals a U-shape correlation between CSR performance and the cost of equity capital. As the score of performance increases, the cost of equity capital first experiences a sharp decline before it goes up. The information revealled in annual report notes because of the reading by CPAs and is supposed to have a certain confidence level, but this paper shows that the actual confidence level is not high, it depends on the mandatory audit of expanding the range of corporate social responsibility report in the future. This relatively reliable calculation method makes it possible to cover the majority of companies listed on the TSE and TPEX as research samples. This thesis will provide valuable information for study on Corporate Social Responsibility in Taiwan.
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