本研究在於檢測企業社會責任履行成效對權益資金成本之影響，並探討資訊不對稱對上述關係之干擾情形。研究中以2012至2015年有公布企業社會責任報告之中國前三百大企業為對象，權益資金成本採用Fama and French (1993)三因子衡量模式，企業社會責任履行成效採用和訊網企業社會責任分數，資訊透明度採用股價買賣價差作為衡量。實證結果顯示，企業社會責任履行成效對權益資金成本有顯著負向影響，尤於股東責任履行成效；另資訊較不透明公司，其企業社會責任履行成效對降低權益資金成本有較強之影響效果。
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.
