近年來由於環保議題與人權意識的抬頭，基於企業之永續發展，使得企業社會責任之重要性與日俱增。過去研究指出提高資訊之揭露程度能使企業之權益資金成本降低，企業社會責任之揭露係屬提高資訊揭露程度之一種，若企業自願揭露企業責任即是提高資訊揭露，其是否能使企業在籌資上較為容易。因此本研究探討企業社會責任揭露程度及其揭露環境構面、社會構面以及經濟構面程度，對於權益資金成本之影響。依上市所有已架設網頁之公司，所發佈之企業社會責任報告書，選取採GRI所編製之報告書，首先對企業社會責任三項構面合計之總分對權益資金成本之影響，實證結果發現，顯著與權益資金成本呈負向關係；再將企業社會責任揭露程度依構面區分，發現經濟構面、環境構面和社會構面，皆對權益資金成本有顯著負向影響，結果顯示企業揭露企業社會責任及相關構面皆能降低公司獲取權益資金之成本。
In recent years, due to social care about environmental issues and human rights, Corporate social responsibility is increasingly being taken seriously on the sustainable development of enterprises. Past research indicated that enterprises improve in-formation disclosure that will be able to reduce the cost of equity capital. Enterprises voluntarily disclose corporate responsibility is to improve the information disclosure. Whether disclosure level of corporate social responsibility affect the company's fi-nancing. Therefore, this research investigated whether disclosure level of corporate social responsibility on environmental dimension, social dimension, the economic dimension influence the cost of equity capital. Empirical results show that the total three dimensions of corporate social responsibility is negatively related with the cost of equity capital; and further, the three dimensions respectively are negatively related with the cost of equity capital. It means that enterprises disclose corporate social re-sponsibility in all aspects will reduce the cost of equity capital.
