本研究以台灣上市櫃企業為研究主體，探討2006至2016年期間政治關係與企業社會責任表現對於企業之銀行長期借款成本之影響。主要研究結果如下：首先，本研究發現當企業董監事經理人具備政治相關經歷時，企業可能因財務風險較高、資訊透明程度較低、公司治理欠佳以及政治不確定性等因素，導致違約風險提高，造成銀行要求較高之風險溢酬，銀行借款成本隨之上升。其次，政治關係對公股銀行借款成本影響程度較民營銀行借款成本顯著，推論原因為政治關係企業因其違約風險高而較不易取得借款，因此會尋求政治關係之幫助，試圖於政治背景較強之公股銀行取得資金，公股銀行因承作較多高風險業務，進而要求較高的借款利率作為債權保障。第三，企業社會責任(CSR)表現較佳之企業，由於資訊透明程度較高加上經由第三方機構認證，故信用風險較低，企業之銀行借款成本會較低。最後，本研究更進一步發現，CSR表現較佳之政治關係企業，較容易獲得銀行之信任，因此原先受政治關係影響所導致較高的借款成本，能夠因此而降低。

This study takes Taiwan listed companies as samples to investigate the impact of political connections and corporate social responsibility (CSR) performance on Cost of long-term bank loan during the period from 2006 to 2016. The main findings are as follows: First, the study finds that when directors or managers have political related experience, the company may have higher cost of bank loan because of the high financial risks, low transparency of information, poor corporate governance, and political uncertainty triggering banks to ask higher risk premiums. Secondly, the impact of political connections on the borrowing costs of public banks is more significant than that of private banks. The reason is that political-related companies are less likely to obtain loans because of their high default risk, so they will try to get loans from public banks, which have stronger political background, via political connections. Since undertaking lots of high-risk business, public banks will require higher borrowing rates as protections of claims. Third, companies with better CSR performance, will have lower credit risk and cost of bank loan, because of the higher transparency of information and certification by third-party institutions. Finally, this study further finds that political-related companies with better CSR performance are more likely to gain the trust from banks. Therefore, the higher cost of bank loan that was originally affected by political connections can be reduced significantly.

摘要 ii
Abstract iii
目錄 iv
表次 v
第一章　緒論 1
第二章　文獻探討與假說建立 3
第一節　政治關係與債務資金成本 3
第二節　企業社會責任(CSR)與債務資金成本 5
第三章　研究方法 6
第一節　實證模型 6
第二節　變數之定義 11
第三節　資料來源與樣本選擇 15
第四章　實證結果 17
第一節　敘述性統計與相關係數分析 17
第二節　單變量分析 20
第三節　回歸分析結果 23
第五章　結論與建議 29
參考文獻 30

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