本研究主要探討企業社會責任對公司權益資金成本之影響。由於權益資金成本為股東之要求報酬率，故若權益資金成本較低的公司將可享有較高之公司價值，而公司實行企業社會責任亦可降低公司在未來面臨法律訴訟的機率，也降低了公司可能的風險，避免了一些高額罰款與賠償，故能提升公司價值。本研究以分析師預測之數據為基礎來計算公司的權益資金成本，實證企業社會責任評比對公司權益資金成本之影響。
我們的結果顯示，若以全球大型公司作為樣本，企業社會責任表現越好的公司，其權益資金成本反而更高。我們的研究也指出，在經濟、環境、社會與公司治理這四個構面上，只要公司的經濟表現越佳，其權益資金成本將會顯著降低，這結果說明公司在於企業社會責任上的投資，並不能提升公司價值。

This research mainly discusses whether corporate social responsibility (CSR) affects the equity cost of capital. The equity cost of capital is also shareholders’ required return, thus, the firm with lower equity cost of capital will have higher firm value. In addition, a company with better corporate social performance not only can reduce the possibility of being sued in the future, but also avoid some fines and indemnities. This research uses analysts’ predicting data to calculate the equity cost of capital and to further test the relation between CSR and equity cost of capital.
Our result shows that under the sample of globally large-scale companies, firms with better corporate social responsibility performance exhibit more expensive cost of equity capital. We then separate the overall CSR performance into four dimensions, economic, environmental, social and corporate governance, respectively. Our study reveals that the economic performance is negatively related to cost of equity capital, while other three parts have positive relation.

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