本研究以2013年至2018年台灣上市櫃公司資料及利用普通最小平方法進行多元迴歸分析，探討國際化程度、企業社會責任與銀行貸款利率之關聯性。本研究之實證結果顯示：首先，就個別影響而言，公司國際化之文化距離指標愈高，或是企業社會責任ESG分數愈高時，均可降低次年度銀行貸款利率；反之，代表公司國際化深度之外銷比率愈高，則下一會計年度之銀行貸款利率將提高。其次，在共同考慮國際化程度與企業社會責任之前提下，當公司國際化深度愈淺且ESG綜合分數愈高，亦或是公司國際化之文化距離指標及ESG綜合分數愈高，皆有利於降低接續年度之銀行貸款利率。最後，在探討國際化與企業社會責任之交互效果時，發現國際化之文化距離指標且ESG綜合分數均較高的企業，存在降低隔年銀行貸款利率之交互效果。綜上所述，本研究除了將國際化程度拆分為深度與文化距離兩個層次外，更進一步分析外銷比率及文化距離指標分別對ESG分數之交互影響，並從研究結果中發現企業國際化必須考慮文化距離因素，才能有助於降低未來之銀行申貸利率，達到企業之經營及策略管理意涵。

This study investigates how the degree of corporate internationalization and corporate social responsibility (CSR) affect bank loan interest rates. I conduct multiple regression analysis by using the ordinary least square method based on the sample drawn of TWSE listed companies from 2013 to 2018. Three main results of this research are as follows. First, in terms of the impact from individual variables, firms enjoy lower bank loan interest rates either if they invest in overseas countries with further cultural distance (CD), or if their ESG score in previous years are higher. By contrast, firms suffer from higher bank loan interest rate if their degree of internationalization, measured by foreign sales ratios, are higher in previous year. Second, when considering the joint impact from both the degree of internationalization and CSR, firms enjoy lower bank loan interest rates if both their depth of internationalization (foreign sales ratio) is lower and ESG score is higher in previous years, or they invest in overseas countries with further CD and have higher ESG score in previous years. Finally, this study demonstrates that for firms attempt to obtain lower bank loan interest rate, the impact from investing in overseas countries with further CD interacts with that from having higher ESG score. This implies that companies need to reconsider allocating limited resources appropriately according to their financial status and investment strategies in order to effectively obtain better loan rates. To sum up, in addition to employing two methods to measure the degrees of internationalization, i.e., foreign sales ratio and the index of CD, this study analyzes the possible tradeoffs between firms’ investment in internationalization and that on improving their ESG scores. Most importantly, the results from this study suggest that when firms attempt to reduce their cost of bank loan borrowing by investment globally, firms should also take into account the cultural distance of the host countries as this may provide companies with advantages of diversification.

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