食品行业上市公司社会责任与资本成本相关性研究

发布时间：2018-01-09 15:10

本文关键词：食品行业上市公司社会责任与资本成本相关性研究　出处：《陕西科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：食品行业是我国国民经济的重要支柱,2015年全国食品工业总产值已达11.34万亿。一方面,食品行业与人民生活紧密相关,直接关乎公众的生命与健康,社会责任极其重大。但近年来,我国食品安全问题屡禁不绝,社会责任形势严峻,推进食品行业社会责任的履行和披露,是食品类企业可持续发展的必由之路。另一方面,食品行业作为传统行业,融资难的问题长期存在,融资筹划具有很大的空间,探讨食品行业的资本成本是一个必然选择。本文以我国食品行业上市公司为样本,研究其社会责任承担对资本成本的影响,为食品企业推动社会责任的履行和改善社会责任信息的披露状况,降低融资成本提供理论支持与经验数据。本文从我国食品行业上市公司社会责任的特点及现状出发,以70多家A股上市公司为研究对象,选取2011-2015五年数据,构建实证指标体系:以权益资本成本和债务资本成本为被解释变量;以国家责任贡献率、员工责任贡献率、投资者责任贡献率、供应商责任贡献率、消费者责任贡献率、社区责任贡献率和食品质量管理披露情况为解释变量;以过度投资为中介变量;以法律环境和市场进程指数为调节变量,建立固定效应模型,对食品行业上市公司加强社会责任是否可以降低资本成本,以及两者间的作用机理进行研究。本文研究发现:(1)食品行业上市公司对不同利益相关者承担社会责任,总体上能够降低资本成本,但对权益资本成本和债务资本成本的影响存在差异。具体来说,企业承担对国家、员工、投资者、消费者的责任均可以显著降低权益资本成本和债务资本成本,但承担对社区和食品安全的责任仅对降低权益资本成本具有显著效果,承担对供应商的责任仅能有效降低债务资本成本。(2)抑制过度投资是企业社会责任降低资本成本的重要路径。加入过度投资变量后,大部分解释变量都失去了原有的显著性,并且过度投资分别与权益资本成本和债务资本成本呈显著负相关,说明企业社会责任可以通过抑制过度投资,来达到降低资本成本的目的。(3)履行和披露社会责任能够降低资本成本,但这种降低作用受到市场化程度和法律环境的影响。在模型中分别加入市场化进程指数和法律环境变量后,发现二者均与资本成本呈显著负相关,说明市场化程度越高,法律环境越好,企业社会责任能够更加有效地降低资本成本。基于此,本文提出:推进社会责任的履行和披露是食品行业降低资本成本的重要路径,在积极承担企业各类社会责任的同时,企业还应重点关注食品质量方面的管理和信息披露。此外,推进市场化进程、优化法律环境,也是我国在加快企业社会责任建设时需重点关注的内容。
[Abstract]:Food industry is an important pillar of our national economy. In 2015, the total output value of national food industry has reached 11.34 tillion. On the one hand, the food industry is closely related to people's life. Directly related to the life and health of the public, social responsibility is extremely important. However, in recent years, China's food safety problems are repeatedly prohibited, the situation of social responsibility is severe, promote the implementation and disclosure of social responsibility in the food industry. Food industry is the only way to sustainable development of food enterprises. On the other hand, as a traditional industry, the problem of financing is difficult for a long time, financing planning has a lot of space. It is an inevitable choice to discuss the cost of capital in food industry. This paper takes the listed companies of food industry in our country as a sample to study the impact of social responsibility on the cost of capital. To promote the implementation of social responsibility for food companies and improve the disclosure of social responsibility information. To reduce financing costs to provide theoretical support and empirical data. Based on the characteristics and status of social responsibility of listed companies in the food industry, this paper takes more than 70 A-share listed companies as the research object. Select the data of 2011-2015 to construct the empirical index system: the cost of equity capital and debt capital as explained variables; State responsibility contribution rate, employee responsibility contribution rate, investor responsibility contribution rate, supplier responsibility contribution rate, consumer responsibility contribution rate, community responsibility contribution rate and food quality management disclosure are the explanatory variables. Taking excessive investment as intermediary variable; Take the legal environment and the market process index as the adjustment variable, establish the fixed effect model, whether to strengthen the social responsibility to the food industry listed company can reduce the capital cost. In this paper, we find that the listed companies in the food industry bear social responsibility to different stakeholders, which can reduce the cost of capital on the whole. But there are differences between the cost of equity capital and the cost of debt capital. Specifically, the responsibility of enterprises to the state, employees, investors and consumers can significantly reduce the cost of equity capital and debt capital costs. But taking responsibility for community and food safety only has significant effect on reducing the cost of equity capital. Bear the responsibility to suppliers can only effectively reduce the cost of debt capital. 2) restraining overinvestment is an important way for corporate social responsibility to reduce the cost of capital. Most of the explanatory variables have lost the original significance, and overinvestment and equity capital costs and debt capital costs are significantly negative correlation, indicating that corporate social responsibility can be through the suppression of overinvestment. To achieve the purpose of reducing the cost of capital. 3) fulfilling and disclosing social responsibility can reduce the cost of capital. However, this reduction is affected by the degree of marketization and the legal environment. After adding the market-oriented process index and the legal environment variables, it is found that both of them have a significant negative correlation with the capital cost. The higher the degree of marketization, the better the legal environment, corporate social responsibility can reduce the cost of capital more effectively. Based on this. This paper puts forward: to promote the implementation and disclosure of social responsibility is an important way for the food industry to reduce the cost of capital, while actively undertaking all kinds of corporate social responsibility at the same time. Enterprises should also focus on food quality management and information disclosure. In addition, to promote the process of marketization, optimize the legal environment, but also in speeding up the construction of corporate social responsibility in China should pay attention to the content.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7;F270

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