| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 107 === The exposure of major environmental pollution and food safety cases has made corporate investors and stakeholders no longer only pay attention to financial information. The information disclosed in the Corporate Social Responsibility Report is mostly non-financial information. When the company's corporate social responsibility report makes the higher degree of disclosure, it makes the information asymmetry lower, the creditors will think that the business operation risk is low, and the company can raise funds at a lower cost. This study intends to use the listed companies listed on the Taiwan Stock Exchange from 2015 to 2017 as a research sample to explore whether the disclosure of corporate social responsibility reports has a significant impact on corporate value, which in turn affects enterprises' cost of funds. The empirical results are as follows: The degree of disclosure of the CSR report is positively related to the cost of the corporate bonds. When the CSR report is disclosed more, the cost of the corporate bonds is higher. We speculate that the corporate social activities are highly discretionary, and the implementation of corporate social responsibility may not be able to effectively reduce the risk of default, so that enterprises need to spend more cost to raise funds; the higher the institutional investor's shareholding can reduce the cost of corporate bonds.It means that outside supervisory effect is stronger, which can increase the creditor's confidence. However, when the corporate social responsibility report is disclosed more, the external supervision effect is reduced and the cost of corporate bonds is increased. The corporation's illegal behavior increases the cost of corporate bond, but the enterprise can disclose more corporate social responsibility activities to rebuild the corporate image, increase the willingness of creditors to invest, and thus reduce the cost of corporate debt.
|
|---|
