企業社會責任績效與銀行聯貸利率之關聯性

Abstract

本研究主要以台灣2007年至2015年上市櫃公司聯貸資料為樣本，首先探討聯合貸款的資金成本與企業社會責任績效之關聯性，發現企業社會責任表現較好的公司，可以取得較低的聯貸利率；接著深入探討當銀行團中，重視企業社會責任的銀行越多或外商銀行家數越多，企業社會責任表現較好的公司是否可以取得更低的聯貸利率，實證結果顯示聯貸利率反而增加，本研究推測可能原因為台灣對於企業社會責任的看法不同於北美、歐洲等地區，台灣企業大多以企業社會責任為行銷手段，因此在進行聯貸時反而無法取得較低之利率。

This study examines the correlation between borrower’s corporate social responsibility performance and syndicated loan spread. Based on a sample of listed companies in Taiwan from 2007 to 2015, the result indicates that companies with higher commitment to corporate social responsibility would have lower syndicated loan spread.Besides, this study further examines whether companies with higher commitment to corporate social responsibility would have much lower syndicated loan spread, when Management Group put more emphasis on corporate social responsibility or some of the participants are foreign banks. The empirical result shows that the syndicated loan spread is not lower but higher. The study assumes that the perspectives on corporate social responsibility are different between Taiwan and western countries. Using corporate social responsibility as a mean of promotion, therefore, most of Taiwanese companies can’t acquire lower syndicated loan spread.