本文的主要研究目的在於探討企業社會責任對公司權益資金成本之影響，以及研發支出密度的調節效果。此研究將找出企業社會責任、研發支出密度以及權益資金成本三者的關係，並探討影響三者關係的可能原因。
本研究以2002年到2012年來自全球34個國家的7,895筆公司為樣本資料，經由實證研究發現，企業社會責任與公司權益資金成本有顯著的正向關係，本文推測各國的政治、經濟狀況、歷史發展以及文化之間的差異，造成實施企業社會責任的效果不同，導致在全球樣本下企業社會責任與權益資金成本呈現正向關係。而研發支出密度與公司權益資金成本則有顯著負向關係，顯示研發支出密度確實會影響公司價值。此外，本研究也指出研發支出密度對企業社會責任與權益資金成本的關係不具有顯著的調節效果，亦即企業社會責任對權益資金成本的關係不受研發支出密度的影響。本文推測可能是公司若同時執行企業社會責任以及增加研發支出會造成龐大的費用並提升未來的不確定性。因此，透過本文的實證研究發現，在全球樣本之下，企業社會責任與研發支出密度各別對權益資金成本有顯著影響，但研發支出密度不影響企業社會責任與權益資金成本的關係。

This paper investigates the relation between corporate social responsibility and ex-ante cost of equity capital, and attempts to discover the moderating effect of R&D intensity. Furthermore, this study examines the relation among CSR, R&D, and cost of equity capital, and figures out the possible reasons behind their relation.
A sample of 7,895 global observations from 2002 to 2012 was used and other variables as well as industry and year fixed effect were also controlled. This paper finds that firms with higher CSR score will have higher cost of equity capital, and further infer that the differences in political and financial condition, historical background, and culture lead to the different value of CSR in various countries. R&D intensity negatively associates with cost of equity capital, which implies R&D intensity truly impacts market value of firm. Then, this paper discovers the moderate effect of R&D on the relation between CSR and cost of equity capital is not significant, thus implying that R&D intensity will not influence the relation between CSR and cost of equity capital. With this result, this paper deduces that it could be when a firm simultaneously executes CSR and R&D, it increases the uncertainty and dampens moderate effect because of heavy spending. Therefore, through empirical analysis from global perspective, this paper points out CSR and R&D intensity respectively have significant influence on CSR, while R&D intensity does not impact the relation between CSR and cost of equity capital.

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