本研究探討整合性報導與債務資金成本之關聯，並且將整合性報導的四個組成指標，公司治理、經濟、環境、社會進一步的與債務資金成本之關聯做探討。在固定產業及年度效果之後，實證結果發現整合性報導程度較高的企業，其債務資金成本有較低的現象，推估可能是貸款人能從中獲得較完整的資訊並能據以判斷，降低不確定性從而減少風險補償。進一步組成指標分析結果顯示公司治理指標、經濟指標與社會指標評級愈高的企業，其債務資金成本也會較低，但環境指標則無顯著的關聯。推測可能是由於公司治理指標、經濟指標與社會指標較環境指標編製完整，其評級也較高，因而對於貸款人來說較為攸關而傾向以公司治理指標、經濟指標與社會指標為考量因素，所以當企業公司治理指標、經濟指標與社會指標程度較高時，能有效地降低債務資金成本。

In this paper, I examine the relationship between Integrated Reporting (IR) and cost of debt. I also examine the link between four pillars (corporate governance, economic, environmental and social) which are the components of IR and cost of debt. I find that firms with better IR rating exhibit lower cost of debt after controlling industry and year fixed effects. It may be that lenders can obtain more complete information from IR to make judgement. The risk of uncertainty can be reduced, thus reducing the motivation of risk compensation. Among the four pillars of IR, I find that firms with better corporate governance pillar rating, economic pillar rating and social pillar rating exhibit lower cost of debt. But environmental pillar exhibits no significant impact on firms’ cost of debt. I can only surmise that corporate governance pillar, economic pillar and social pillar are more complete than environmental pillar, so their ratings are higher. Thus corporate governance pillar, economic pillar and social pillar are more critical for lenders who tend to use these pillars as considerations. It can reduce the cost of debt effectively when corporate governance pillar, economic pillar and social pillar are better prepared by firms.

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