| Summary: | 碩士 === 中國文化大學 === 會計學系 === 105 === This study examines the impact of corporate social responsibility on the cost of equity capital and explores the interference of information asymmetry on these relationships. Research examples are China's top 300 listed companies, which have published corporate social responsibility reports from 2012 to 2015. Equity cost of capital is based on the Fama & French’s (1993) three-factor measurement model. The score of corporate social responsibility from ‘hexun.com’ is used to measure the performance of corporate social responsibility. The information transparency is measured by the bid-ask spread. The empirical results show that the performance of corporate social responsibility has a significantly negative impact on the cost of equity capital, especially in the shareholder responsibility. In addition, the study found that less information transparency companies, whose implementation of corporate social responsibility to reduce the cost of equity capital, have a greater impact with interference effect.
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