企業社會責任(Corporate Social Responsibility, CSR) 近年來在業界與學術界越來越受到關注。在台灣，透過政府積極的倡導以及媒體不遺餘力地報導及宣傳。越來越多企業履行CSR，投入各種相關活動並將成果作為CSR報告書，揭示社會大眾及投資人。台灣公開資訊觀測站提供企業揭露CSR報告書的原因。於2014及2015年，在所有提交CSR報告書的企業中，百分之六十的公司是因應法律要求而提交，剩餘的百分之四十則為自願履行及提交報告書。此外，過去的研究以台灣市場研究公司績效與CSR之關聯以及資金成本與CSR之關聯，其樣本的選用為天下雜誌或遠見雜誌所評比的CSR優等的公司。本研究以自願投入CSR活動以及CSR申報為主，探討企業自願履行CSR是否能提升財務績效及降低企業的資金成本。研究結果顯示，自願投入CSR的企業，其財務績效小幅度地顯著上升，其權益資金成本則無顯著改變。

Corporate social responsibility (CSR) is receiving a growing attention from both academic researchers and business managers. In Taiwan, through vigorous promotion by government, more and more firms start to engage in CSR and do CSR reports. Market Observation Post System (Mops) disclosed the reason for firms do CSR reports, with 60% of them are mandatory and 40% of them are voluntary disclosure. Prior research use the CSR winners awarded by Common Wealth Magazine to examine the relation between CSR and firm performance as well as cost of capital. The results suggests that CSR effectively improves a firm’s performance and decreases the cost of capital. Compared to prior research, we include all firms that submit their CSR reports rather than awarded firms only in 2014 and 2015. Furthermore, we classify them into voluntary and mandatory disclosure. We are curious about whether firms implement and report their corporate social responsibility on their own will would improve their firm performance and decrease cost of equity. The results suggest that firm performance gets better with a small extent through voluntary disclosure while the change on cost of equity is insignificant.

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