本研究旨在探討企業社會責任績效與權益資金成本之關聯，並進一步探討相對於非新冠肺炎疫情期間，於疫情期間是否能加強企業社會責任績效與權益資金成本之關聯性。以2005年至2020年之美國上市櫃公司為研究樣本，實證結果顯示 : (一) 企業社會責任績效對權益資金成本具有顯著之負向影響，支持企業社會責任績效水準越高，除了提升企業價值，亦降低資訊不對稱，降低企業之權益資金成本。(二) 相對於非新冠肺炎疫情期間，於新冠肺炎疫情期間加強企業社會責任績效與權益資金成本之關聯，表示於疫情期間，CSR績效好的企業受投資人偏好，願意以更大的耐心持有，亦可作為避險資產，使企業權益資金成本降低。

The purpose of this study is to examine the relationship between CSR and the cost of equity capital. In addition, this study further examines whether or not COVID-19 improves the association between CSR and the cost of equity capital. Using a sample of U.S. listed and OTC companies from 2005 to 2020, the empirical results indicate the following: (1) CSR has a significant negative impact on the cost of equity capital. This implies that higher CSR not only enhances corporate value, but it also reduces information asymmetry, resulting in a lower cost of equity capital for companies. (2) Compared with the non-COVID-19 pandemic period, the relationship between CSR and the cost of equity capital has been strengthened during the COVID-19 pandemic period. It has been stated that during the pandemic period companies with good CSR are preferred by investors who are willing to give such companies a lower cost of equity capital.

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