本文主要探討企業社會責任與銀行借款成本之關係，並研究信評差之公司是否能透過企業社會責任降低其銀行借款成本。
本研究以2007-2015年台灣上市櫃公司(不含金融類股)為研究樣本，並以天下公民獎做為實踐企業社會責任之判斷依據，探討企業社會責任與銀行借款成本之間的關係，為解決內生性及選擇偏誤問題發生，本研究亦以傾向分數配對法，依規模、獲利能力及管理能力作為特性變數進行配對，實證研究發現，落實企業社會責任能使公司降低其銀行借款成本，獲頒天下公民獎後，公司之銀行借款成本也有顯著的下降。但信評差之公司無法透過企業社會責任的實踐降低其銀行借款成本，可能之因為企業實行企業社會責任會產生許多額外成本，會使公司負擔更大，相關的營運風險及財務風險也可能上升，進一步推升其銀行借款成本。

This research mainly analyzes the relationship between corporate social responsibility(CSR) and cost of bank loans. This paper also analyze whether the company with poor credit rating can improve the cost of bank loans by practicing the corporate social responsibility.
This research uses all listed companies(excluding financial stocks) data in year 2007-2015 and defines winners of the Corporate Citizenship Award as companies with CSR. We also use propensity score matching method to avoid the contamination of CSR-effect and the selection bias and try to analyze the difference between the CSR firms and non-CSR firms.Result suggests that companies with good CSR performance have lower cost of bank loans. However, companies with poor credit rating can’t lower its borrowing rate by practicing CSR because practicing CSR may contribute to additional costs and risks.

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