本研究探討企業從事盈餘管理行為對其舉借債務的資金成本是否造成影響，企業所發佈之財務報告通常是債權人做為授信條件決策的主要依據，若企業從事較多的盈餘管理，將導致財報品質降低，在債權人較不易衡量公司真實的經營成果之下，債權人對於債務人隱匿消息疑慮增加時，評估其違約風險程度將增加，因此債權人會要求較高的風險貼水，導致債務人舉債的資金成本提高。本文以2012至2016年台灣上市櫃公司為樣本，實證結果發現當企業從事盈餘管理的程度越高，其債務資金成本也越高。
此外，本研究也探討企業是否履行社會責任行為與取得債務資金成本之關聯性。企業社會責任為當今國際環境之趨勢，為求永續經營，企業必需同時兼顧企業的經濟績效與社會績效，市場普遍認為企業社會責任評等較高之企業，有較佳之聲譽及競爭力，同時也能取得較低的債務資金成本。本研究結果發現企業社會責任評等較高的公司，其債務資金成本也越高，可能的原因為企業社會責任觀念在國內為剛起步階段，債權人在做出授信決策時，對此資訊納入評估考量之比重偏低，亦有可能係公司為了在市場上樹立社會責任形象，投入過多的成本在履行企業社會責任，進而影響公司整體獲利能力，造成債務資金成本增加。

This study examines the association between earnings management and the cost of debt to the firm. Financial reports released by enterprises are usually the basis for creditor’ credit decision-making. The extent of a company engaging in earnings management will raise the creditor’s concern of hiding information and higher default risk, and therefore increase the company’s cost of debt. Investigating publicly traded in Taiwan from 2012 to 2016, empirical results show that the higher the degree of enterprises’ earnings management, the higher the cost of debt.
In addition, this study also investigate the relationship between corporate social responsibility (CSR) implementation and cost of debt. The findings suggest that companies actively implementing social responsibility have higher cost of debt. The possible explanation is that the concept of corporate social responsibility only just been popularized in Taiwan. As such, creditors may not include such information as a consideration. Moreover, companies’ heavy costs on fulfilling social responsibility affect the company’s overall profitability, resulting in an increased cost of debt.

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