本研究以2014年至2022年台灣上市櫃公司之公司治理評鑑結果為樣本，探討企業社會責任表現與企業破產風險之關聯性。研究結果顯示，無論是用信用評等、基於會計基礎的破產預測模型，還是股價崩跌風險來衡量公司的破產風險，公司治理評鑑等級愈高，公司的破產風險越低。額外測試的結果顯示，只有用TCRI和Ohlson (1980) 模型衡量破產風險時，疫情會對公司治理評鑑結果和破產風險之間的負相關產生顯著差異，使其更為強烈。使用Altman (1968) 模型、Zmijewski(1984) 模型和負偏態收益係數衡量破產風險時，疫情則會削弱公司治理評鑑結果和破產風險之間的負向關聯，但疫情所產生的差異並不顯著。綜上所述，公司治理評鑑系統可以做為投資人評價公司的工具之一。

This paper uses the results of the Corporate Governance Evaluation of Taiwanese listed and OTC firms from 2014 to 2022 as a sample. This paper aims to examine whether corporate social responsibility (CSR) performance affects the level of firms' financial distress risk. This study finds that there is a significant negative relationship between CSR rating and financial distress risk, regardless of whether credit ratings, accounting-based bankruptcy prediction models, or stock price crash risk are used to measure firms' financial distress risk. The results of the robustness test indicated that only when TCRI and Ohlson (1980) model are used to measure FDR, the epidemic makes a significant difference to the negative correlation between CSR rating and financial distress risk, that is, it makes the negative correlation stronger. For Altman (1968) model, Zmijewski (1984) model, and NCSKEW, the outbreak would weaken the negative correlation between CSR rating and financial distress risk, yet the difference generated by epidemics is not significant. In conclusion, my empirical results show that the Company Governance Evaluation System can be used as one of the information tools for investors to evaluate a company, whether before or after the outbreak.

Agarwal, V., and R. Taffler. 2008. Comparing the performance of market-based and accounting-based bankruptcy prediction models. Journal of Banking & Finance 32 (8):1541-1551.
Al‐Hadi, A., B. Chatterjee, A. Yaftian, G. Taylor, and M. Monzur Hasan. 2019. Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting & Finance 59 (2):961-989.
Albuquerque, R., Y. Koskinen, and C. Zhang. 2019. Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Management Science 65 (10):4451-4469.
Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (4):589-609.
Andreou, C. K., P. C. Andreou, and N. Lambertides. 2021. Financial distress risk and stock price crashes. Journal of Corporate Finance 67:101870.
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 (1-2):203-243.
Attig, N., S. El Ghoul, O. Guedhami, and J. Suh. 2013. Corporate social responsibility and credit ratings. Journal of Business Ethics 117:679-694.
Beaver, W. H. 1966. Financial ratios as predictors of failure. Journal of Accounting Research:71-111.
Black, F., and M. Scholes. 1973. The pricing of options and corporate liabilities. Journal of political economy 81 (3):637-654.
Botosan, C. A., and M. A. Plumlee. 2002. A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 (1):21-40.
Boubaker, S., A. Cellier, R. Manita, and A. Saeed. 2020. Does corporate social responsibility reduce financial distress risk? Economic Modelling 91:835-851.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of management review 4 (4):497-505.
Chaganti, R., and F. Damanpour. 1991. Institutional ownership, capital structure, and firm performance. Strategic Management Journal 12 (7):479-491.
Chang, Y., and Chung-Hua Shen. 2014. Corporate Social Responsibility and Profitability-Cost of Debt as the Mediator. Taipei Economic Inquiry 50 (2):291-357.
Chen, J.-P., Tzu-Ching Weng, and Quan-Bin Zhuo. 2009. The effect of disclosure level on credit rating and cost of debt capital. Journal of Financial Studies 17 (2):71-110.
Chen, J., H. Hong, and J. C. Stein. 2001. Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics 61 (3):345-381.
Donaldson, T., and L. E. Preston. 1995. The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of management review 20 (1):65-91.
Eccles, R. G., G. Serafeim, and M. P. Krzus. 2011. Market interest in nonfinancial information. Journal of Applied Corporate Finance 23 (4):113-127.
Ederington, L. H., J. B. Yawitz, and B. E. Roberts. 1987. The informational content of bond ratings. Journal of Financial Research 10 (3):211-226.
El Ghoul, S., O. Guedhami, C. C. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance 35 (9):2388-2406.
Fombrun, C., and M. Shanley. 1990. What's in a name? Reputation building and corporate strategy. Academy of management Journal 33 (2):233-258.
Freeman, R. 1984. Strategic management: A stakeholder approach.
Griffin, J. J., and J. F. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & society 36 (1):5-31.
Harvey, C. R., and A. Siddique. 2000. Conditional skewness in asset pricing tests. The Journal of Finance 55 (3):1263-1295.
Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31 (1-3):405-440.
Hemingway, C. A., and P. W. Maclagan. 2004. Managers' personal values as drivers of corporate social responsibility. Journal of Business Ethics 50 (1):33-44.
Hsu, P.-H., H.-H. Lee, A. Z. Liu, and Z. Zhang. 2015. Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance 35:329-344.
Hsu, Y.-S., C.-H. Chen, and Y.-L. Tseng. 2013. The Relationship between Corporate Social Responsibility and Credit Rating Index. SOOCHOW JOURNAL OF ACCOUNTING 5 (1):1-26.
Ioannou, I., and G. Serafeim. 2015. The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic Management Journal 36 (7):1053-1081.
Jo, H., and M. A. Harjoto. 2012. The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics 106 (1):53-72.
Kim, D.-y., and J. Kim. 2014. Effects of corporate social responsibility and governance on its credit ratings. The scientific world journal 2014.
Kim, Y., H. Li, and S. Li. 2014. Corporate social responsibility and stock price crash risk. Journal of Banking & Finance 43:1-13.
Lee, T. S., and Y. H. Yeh. 2004. Corporate governance and financial distress: Evidence from Taiwan: Wiley Online Library, 378-388.
Lin, C.-M., C. C. S. Chen, S.-Y. Yang, and W.-R. Wang. 2020. The Effects of Corporate Governance on Credit Ratings: The Role of Corporate Social Responsibility. Emerging Markets Finance and Trade 56 (5):1093-1112.
Merton, R. C. 1974. On the pricing of corporate debt: The risk structure of interest rates. The Journal of Finance 29 (2):449-470.
Mitchell, R. K., B. R. Agle, and D. J. Wood. 1997. Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of management review 22 (4):853-886.
Ohlson, J. A. 1980. Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research:109-131.
Orlitzky, M., F. L. Schmidt, and S. L. Rynes. 2003. Corporate social and financial performance: A meta-analysis. Organization studies 24 (3):403-441.
Peloza, J. 2009. The challenge of measuring financial impacts from investments in corporate social performance. Journal of management 35 (6):1518-1541.
Piotroski, J. D., and D. T. Roulstone. 2004. The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm‐specific information into stock prices. The accounting review 79 (4):1119-1151.
Saeidi, S. P., S. Sofian, P. Saeidi, S. P. Saeidi, and S. A. Saaeidi. 2015. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of business research 68 (2):341-350.
Sharpe, I. G., and A. Stadnik. 2007. Financial distress in Australian general insurers. Journal of Risk and Insurance 74 (2):377-399.
Starks, L. T. 2009. EFA keynote speech:“Corporate governance and corporate social responsibility: What do investors care about? What should investors care about?”. Financial Review 44 (4):461-468.
Verwijmeren, P., and J. Derwall. 2010. Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance 34 (5):956-964.
Waddock, S. A., and S. B. Graves. 1997. The corporate social performance–financial performance link. Strategic Management Journal 18 (4):303-319.
Wright, P., and S. P. Ferris. 1997. Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal 18 (1):77-83.
Zmijewski, M. E. 1984. Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research:59-82.