The Impact of Corporate Social Responsibility on Credit Ratings and the Equity Capital Cost

• Main Authors: Wu, Yan-Jhen, 吳晏甄
• Other Authors: Lee, Yi-Hsi
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/84197037906325307112

碩士 === 國立高雄第一科技大學 === 金融系碩士班 === 105 === Credit rating is an important investment reference for investors. This paper is to investigate the impact of corporate social responsibility on credit ratings and the equity capital cost in China. There are totally 223 observations from 2012 to 2016. In general, it is difficult for the listed companies to upgrade the credit ratings through the better performance of corporate social responsibility. However, companies with moderate risk have the opportunity to improve the credit rating level by using the responsibility management and social responsibility strategies. In addition, the company has the chance to reduce the equity capital cost by promoting the social responsibility. High-risk companies are more able to rely on the management of market responsibility to enhance the credit rating. And companies with moderate equity capital cost have more opportunities to lower the equity capital cost by implementing the social responsibility.