社會企業責任已是一股席捲全球的浪潮，既有的文獻中多數探討企業社會責任與財務績效的關聯性，或是社會企業指數及社會企業責任投資的績效報酬，較少針對社會企業責任與企業本身違約風險或舉債成本之研究，本研究試圖以天下雜誌企業社會公民2007年至2016年得獎企業為研究對象，分析得獎企業之違約風險是否顯著低於所屬產業水準，以及得獎企業在不同的企業社會責任項目，如公司治理、環境保護、企業承諾及社會參與等四項得分，分別對企業違約風險的影響。實證結果顯示，當企業獲獎程度增加至一定次數之上時，獲獎企業違約風險將顯著優於產業平均及從未獲獎企業，也就是享有較低的舉債成本，另在控制企業規模及不同年份中所隱含的總體經濟變數後，天下雜誌社會企業公民得獎企業之總得分亦顯著影響企業的違約風險，其中又以環境保護對企業違約風險的相關性最為顯著。企業執行社會責任的資源投入，並非僅具有財務績效意義，在不同的經營層面上，亦給予企業不同的優勢，端看企業經營團隊如何運用其優勢，如滾雪球一般極大化利害關係人之利益。

CSR is a worldwide concerned issue in corporate management nowadays. There are many researches indicating the engagement of CSR affect the profit of enterprises and their stock returns. This research is trying to figure out how a CSR-award-list benefits the awarded corporates in their loan interest. Throughout the samples collected and evaluated by the Commom-Wealth magazine from 2007 to 2016, this study is trying to tell the corporate influence from the aggregate and individual component CSR cores, respectively. The analysis finds that for corporate who were selected for more than times in the CSR-award-list has lower loan interest. Controlling for firm sizes and the yearly dummy variables, CSR cores significantly correlate to corporate’s probabilities of default. CSR activities are relevant to economics issues to firms. The authorities of firms could use these advantages to enhance their revenues and devote to maximizing the profit of stakeholders.

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