本研究目的在檢視臺灣金融保險業善盡企業社會責任（Corporate Social Responsibility, CSR）的情況，並探討其CSR與信用評等之關聯性。企業藉由報告書來揭露在經濟、社會和環境面向的努力成果，用以彰顯實踐社會責任的用心與決心，可藉此來衡量CSR績效。信用評等為企業綜合評估的結果，可以捕捉到CSR績效對財務和非財務資訊的影響。
因此，以全球報告書協會（Global Reporting Initiatives, GRI）發佈之綱領評比2011年至2013年臺灣金融保險業的CSR報告書來獲取CSR績效，並同時檢視其落實社會責任之情況，再進一步運用Ordered Probit Model驗證CSR績效對信用評等的影響。評估結果發現到在報告書的撰寫上，質與量皆隨時間而提升，金控的表現又比證券和保險來的好。實證結果驗證了善盡CSR的程度與信用評等呈現正向關係，CSR落實的愈好信用評等也會愈佳。

The purpose of this paper is to review the condition of corporate social responsibility (CSR) in Taiwanese finance and insurance industries, and examine the relationship between CSR and credit ratings. The function of CSR reports is to disclose ethical, legal, social and ecological information. CSR reports can show how much companies devote to CSR and be used to evaluate the performance of CSR. Credit rating is the result of composite evaluation of companies which can capture the influence of CSR on financial and nonfinancial information.
This paper establishes the performance of CSR and reviews the condition of CSR based on CSR report of Taiwanese finance and insurance industries by global reporting initiative guidelines from 2011 to 2013. Then, we use Ordered Probit Model to examine the effect of CSR’s performance on credit ratings of firms. The findings show both the quantity and quality of sustainability information are increasing. Moreover, the performance of financial holdings companies is better than that of securities and insurance companies. The empirical result shows that there is a positive relationship between CSR and credit ratings. The better CSR performance is, the higher credit rating exhibits.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構與內容 5
第二章 企業社會責任議題相關之文獻與現況 7
第一節 企業社會責任 7
第二節 企業社會責任報告書 17
第三節 金融保險業之企業社會責任相關現況 26
第四節 企業信用評等 29
第五節 企業社會責任與信用評等之關係 33
第三章 研究方法 36
第一節 樣本來源 36
第二節 研究設計 37
第三節 變數衡量 40
第四章 實證結果分析 44
第一節 企業社會責任績效評估 44
第二節 基本統計量 47
第三節 單變量分析 48
第四節 Ordered Probit迴歸結果 49
第五節 敏感性分析 51
第五章 結論與建議 52
參考文獻 54
附錄 59

中文參考文獻
1. 林宛瑩、許崇源、戚務君與陳宜伶（2009），「公司治理與信用風險」，臺大管理論叢，第十九卷第二期， 71-98頁。
2. 許永聲、陳俊合與曾奕菱（2013），「企業社會責任與信用風險評等」，會計學報，第五卷第一期， 1-26頁。
3. 陳欽春（2006），企業與社會的鑲嵌與接軌：企業社會責任的省思，政府與企業法制關係學術研討會。
4. 黃玉麗（2014），「信用評等調整是否影響企業資本結構的決定」，兩岸金融季刊，第二卷第一期， 31-61頁。
5. 甯向東與吳曉亮（2006），「企業社會責任及其承擔」，Working Paper，清華大學經濟管理學院。
英文參考文獻
1. Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond（2006）, “The Effects of Corporate Governance on Firms’ Credit Ratings”, Journal of Accounting and Economics, 42, 203-243.
2. Attig, N., S. El Ghoul, O. Guedhami, and J. Suh（2013）, “Corporate Social Responsibility and Credit Ratings”, Journal of Business Ethics, 117, 679-694.
3. Arrow, K. J.（1973）, “Social Responsibility and Economic Efficiency”, Public Policy, 21, 303-318.
4. Bhojraj, S. and P. Sengupta（2003）, “Effect of Corporate Governance on Bond Ratings and Yields : The Role of Institutional Investors and Outside Directors”, Journal of Business, 76, 455-475.
5. Boutin-Dufresne, F. and P. Savaria（2004）, “Corporate Social Responsibility and Financial Risk”, Journal of Investing, 13, 57–66.
6. Bowen, H. R.（1953）, Social Responsibilities of the Businessman, New York, Harper and Row.
7. Chatterji, A. K., D. I. Levine, and M. W. Toffel（2009）, “How Well Do Social Ratings Actually Measure Corporate Social Responsibility?”, Journal of Economics and Management Strategy, 18, 125–169.
8. El Ghoul, S., O. Guedhami, C. C. Kwok, and D. Mishra（2011）, “Does Corporate Social Responsibility Affect the Cost of Capital?”, Journal of Banking and Finance, 35, 2388–2406.
9. Feldman, S. J., P. A. Soyka, and P. Ameer（1997）, “Does Improving a Firm’s Environmental Management System and EnvironmentFal Performance Result in a Higher Stock Price?”, Journal of Investing, 6, 87–97.
10. Fombrun, C. and M. Shanley（1990）, “ What’s in a Name? Reputation Building and Corporate Strategy”, Academy of Management Journal, 33, 233–258.
11. Herremans, I. M. and P. Akathaporn（1993）, “An Investigation of Corporate Social Reputation and Economic Performance”, Accounting, Organizations and Society, 18, 587–604.
12. Gamerschlag, R., K. Möller, and F. Verbeeten（2011）, “Determinants of Voluntary CSR Disclosure : Empirical Evidence from Germany”, Review of Managerial Science, 5, 233-262.
13. Greening, D. W. and D. B. Turban（2000）, “Corporate Social Performance as a Competitive Advantage in Attracting a Quality Workforce”, Business and Society, 39, 254–280.
14. Global Reporting Initiative（2013）, “G4 Sustainability Reporting Guidelines：Reporting Principles and Standard Disclosures”, Global Reporting Initiative.
15. Konar, S. and M. A. Cohen（2001）, “Does the Market Value Environmental Performance? ”, The Review of Economics and Statistics, 83, 281-289.
16. Lee, D. D. and R. W. Faff（2009）, “Corporate Sustainability Performance and Idiosyncratic Risk：A Global Perspective”, Financial Review, 44, 213–237.
17. Margolis, J. D., H. A. Elfenbein, and J. P. Walsh（2009）, “Does it Pay to Be Good? A Meta-Analysis Andredirection of Research on the Relationship between Corporate Social and Financial Performance”, Working Paper, Harvard Business School.
18. Martin, R. L.（2002）, “The Virtue Matrix: Calculating the Return on Corporate Responsibility”, Harvard Business Review, 5-11.
19. McGuire, J. B., A. Sundgren, and T. Schneeweis（1988）, “Corporate Social Responsibility and Firm Financial Performance”, The Academy of Management Journal, 31, 854-872.
20. McWilliams, A. and D. Siegel（2000）, “Corporate Social Responsibility and Financial Performance：Correlation or Misspecification?”, Strategic Management Journal, 21, 603-609.
21. Miles, M.P. and J.G. Covin（2000）, “Environmental Marketing: A Source of Reputational, Competitive and Financial Advantage”, Journal of Business Ethics, 23, 299-311.
22. Mio, C.（2010）, “Corporate Social Reporting in Italian Multi-utility Companies : An Empirical Analysis”, Corporate Social Responsibility and Environmental Management, 17, 247–271.
23. Nelling, E. and E. Webb（2009）, “Corporate Social Responsibility and Financial Performance：The “Virtuous Circle” Revisited”, Review of Quantitative Finance and Accounting, 32, 197-209.
24. Orlitzky, M., D. S. Siegel, and D. A. Waldman（2011）, “Strategic Corporate Social Responsibility and Environmental Sustainability”, Business and Society, 50, 6–27.
25. Peters, R. and M. Mullen（2009）, “Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance”, The Journal of Global Business Issue, 3, 1-14.
26. Porter, M.E. and M. R. Kramer（2002）, “The Competitive Advantage of Corporate Philanthropy”, Harvard Business Review, 56-68.
27. Posnikoff, J. F. (1997), “Disinvestment from South Africa: They Did Well by Doing Good”, Contemporary Economic Policy, 15, 76–86.
28. Roberts, P. W. and G. R. Dowling（2002）, “Corporate Reputation and Sustained Financial Performance”, Strategic Management Journal, 23, 1077-1093.
29. Romolini, A., S. Fissi, and E. Gori（2014）, “Scoring CSR Reporting in Listed Companies – Evidence from Italian Best Practices”, Corporate Social Responsibility and Environmental Management, 21, 65-81.
30. Sengupta, P.（1998）, “Corporate Disclosure Quality and the Cost of Debt”, The Accounting Review, 73, 459-474.
31. Shane, P. and B. Spicer（1983）, “Market Response to Environmental Information Produced Outside the Firm”, Accounting Review, 58, 521–538.
32. Teoh, S. H., I. Welch, and C. P. Wazzan（1999）, “The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott”, Journal of Business, 72, 35–89.
33. Waddock, S. and S. Graves（1997）, “The Corporate Social Performance Financial Performance Link”, Strategic Management Journal, 18, 303–319.
34. Whitehouse, L.（2006）, “Corporate Social Responsibility：Views from the Frontline”, Journal of Business Ethics, 63, 279–296.
35. Wright, P. and S. Ferris（1997）, “Agency Conflict and Corporate Strategy：The Effect of Divestment on Corporate Value”, Strategic Management Journal, 18, 77–83.
相關網站
1. 中央銀行，http://www.cbc.gov.tw/。
2. 中華信用評等，http://www.taiwanratings.com/。
3. 行政院主計處，http://www.dgbas.gov.tw/。
4. 赤道原則，http://www.equator-principles.com/。
5. 金融監督管理委員會，http://www.fsc.gov.tw/。
6. 臺灣證券交易所，http://www.fsc.gov.tw/。
7. 臺灣證券交易所公司治理中心，http://cgc.twse.com.tw/。