本篇研究主要探討在以全球創新指數的評估下,企業社會責任對於權益資金成 本是否產生影響。本研究從 2007 年至 2013 年,並考量全球 130 幾個國家的創新能 力。我們利用由歐洲工商管理學院、康乃爾大學、世界智慧財產權組織所出版的全 球創新指數來評估國家創新能力,並用 Thomson Reuters ASSET4 的企業社會責任分 數代表各公司的企業社會責任能力。更進一步,我們將國家分為已開發國家和開發 中國家,探討企業社會責任和全球創新指數在已開發國家中對權益資金成本是否產 生影響。
研究結果顯示在已開發國家中,企業社會責任表現越好的公司,其權益資金成 本越低。我們認為這是因為在已開發國家的企業社會責任競爭策略發展成熟、完善 的規範制度且資訊揭露較透明。另外,根據結果來看,在國家創新能力越佳的公司, 其權益資金成本越低。就不同的經濟開發程度來說,本研究發現在已開發中國家的 創新能力更顯著於開發中國家。由於對基礎建設的投入、教育的培養、知識的創新 與完善的市場制度等,使國家創新能力好的公司亦享有較低之權益資金成本。本文 實證發現在已開發國家的企業社會責任和國家創新能力皆是影響公司權益資金成 本的重要因素,這些結論大致上合乎我們的預期。

This paper examines the influence of corporate social responsibility and global innovation index on the cost of equity capital. We used the Global Innovation Index which was published by INSEAD, Cornell University and WIPO to evaluate country innovation capacity from 2007 to 2013, covering 130 countries. We collected the corporate social responsibility score from Thomson Reuters ASSET4 and made it the capacity for corporate social responsibility on the part of the companies under consideration. Further, we grouped countries into two types, developed countries and developing countries. We tested whether the impact of CSR and GII in developed countries exists in regard to the cost of equity capital.
The firms with better CSR have lower cost of equity capital in developed countries because as corporate social responsibility become more mature, complete regulations, information disclosure and more transparency occurred in developed countries. Additionally, according to the results, we find the firms in countries with better innovation have decreased cost of equity capital. As to the different stages of economic development, the innovation capacity of developed countries is significantly higher than that of developing countries. A healthy infrastructure, cultivation of education, knowledge innovation and a sound market help firms in more innovative countries obtain lower cost of equity capital. This paper indicated that CSR and the global innovation index in developed countries are the important factors influencing cost of equity capital. General speaking, these conclusions corresponded to our expectations.

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