媒体关注度、企业社会责任信息披露水平与股权融资成本
本文选题:媒体关注 切入点:企业社会责任披露水平 出处:《浙江工商大学》2017年硕士论文
【摘要】:进入新世纪以来,我国经济取得了飞速的发展,居民生活水平与国民经济发展水平呈现出稳步增长的态势。然而伴随着经济的发展社会的进步,大量社会责任事件却层出不穷,例如镉大米、大连原油管爆炸事故、毒生姜、假疫苗、毒操场事件等,说明我国企业社会责任缺失现象仍普遍存在。近年来企业社会责任的重要性引起了学者们对企业社会责任信息披露的关注和浓厚的研究兴趣,而融资问题是关乎企业长远发展的重要影响因素。但是国内令人堪忧社会责任履行现状,说明管理层对于社会责任履行及披露的经济后果仍怀有疑虑。因此,研究企业社会责任信息披露水平和股权融资成本的相关关系,以期获得企业社会责任信息披露能够有效降低股权资本成本,提高企业的融资效率的经验证据,并以此引政府部门规范企业社会责任信息披露制度,引导和促进企业履行社会责任。此外,由于我国特殊的国情,且处于经济深化改革阶段,资产市场尚不成熟,市场机制不健全,传统的法律制度不能完全的根治和消除社会责任缺失的现象,急需一种法律外有效补充方法。而新闻媒体不仅是信息在企业和市场间的传输通道,同时具有舆论监督的作用,有担当的社会媒体可以有效约束经理人的不良行为,降低企业侵害行为发生概率,提高公司治理水平。那么,媒体是否会对企业社会责任缺失的现象发挥治理功能,及其对社会责任披露的股权融资效应的作用如何,值得我们去研究探索。文章选取的总体样本是2009-2014年间我国A股上市公司中发布社会责任报告的企业。分别采用OJN模型和PEG比率来测算股权融资成本,以第三方润灵环球对上市公司社会责任报告的评级得分作为社会责任信息披露水平的衡量基准,在引入相关影响变量后,利用Stata软件进行多元回归分析,就媒体关注度、企业社会责任信息披露水平及股权融资成本三者间的相互关系进行了实证检验。研究结果表明:(1)媒体关注度越高,公司社会责任信息披露水平就越高。利益相关者获取信息渠道有限,媒体报道数量越多,越能降低信息的不对称性,同时公司受到外部舆论监督的压力就越大,企业为了维护自身声誉,进而促使企业提高社会责任信息披露水平。(2)社会责任信息披露水平与股权融资成本负向关系,企业社会责任信息披露水平的提高能够降低投资者面临的信息不对称风险和认知风险,向投资者释放有社会担当的积极信号,增强投资者对企业未来发展的信心。(3)引入媒体关注与社会责任信息披露水平交乘项,进一步研究发现,随着媒体关注度的提高,社会责任披露水平对股权成本降低效应就越强。
[Abstract]:Since entering the new century, the economy of our country has made rapid development, the living standard of residents and the level of development of national economy have shown a steady growth trend. However, with the development of economy and society, a large number of social responsibility events emerge in endlessly. For example, cadmium rice, Dalian crude oil pipe explosion, poisonous ginger, false vaccine, toxic playground incident, etc. In recent years, the importance of corporate social responsibility (CSR) has aroused scholars' concern and strong research interest in CSR information disclosure. The financing problem is an important factor affecting the long-term development of enterprises. However, the current situation of social responsibility performance in China is worrying, indicating that the management still has misgivings about the economic consequences of social responsibility performance and disclosure. This paper studies the relationship between the level of corporate social responsibility information disclosure and the cost of equity financing in order to obtain empirical evidence that corporate social responsibility information disclosure can effectively reduce the cost of equity capital and improve the financing efficiency of enterprises. In addition, because of the special situation of our country and the stage of deepening economic reform, the asset market is not mature. The market mechanism is not perfect, the traditional legal system can not completely cure and eliminate the phenomenon of the lack of social responsibility, it is in urgent need of an effective supplement method outside the law, and the news media is not only the transmission channel between the enterprise and the market, but the news media is not only the transmission channel between the enterprise and the market. At the same time, it has the function of public opinion supervision. Social media can effectively restrain managers' bad behavior, reduce the probability of infringing enterprises, and improve the level of corporate governance. Whether the media will play a governance role in the absence of corporate social responsibility, and how it will play a role in the equity financing effect of social responsibility disclosure, The total sample selected in this paper is the companies that issued social responsibility reports in China's A-share listed companies from 2009-2014. The OJN model and the PEG ratio are used to measure the cost of equity financing. Taking the rating score of the third party Runling Global to the listed company's social responsibility report as the benchmark of the level of social responsibility information disclosure, after introducing the relevant influence variables, using the Stata software to carry out multivariate regression analysis, the media attention is analyzed. The relationship between the level of corporate social responsibility information disclosure and the cost of equity financing is empirically tested. The higher the level of corporate social responsibility information disclosure, the more limited access to information for stakeholders, the more media reports, the lower the asymmetry of information, and the greater the pressure on the company to be supervised by external public opinion. In order to maintain their own reputation, enterprises can improve the level of social responsibility information disclosure and the negative relationship between the level of social responsibility information disclosure and the cost of equity financing. The improvement of the level of corporate social responsibility information disclosure can reduce the risk of asymmetric information and cognitive risk faced by investors, and release the positive signals of social responsibility to investors. Enhance investors' confidence in the future development of enterprises.) introduce media attention and social responsibility information disclosure level to multiply the term, further research found that with the increase of media attention, social responsibility disclosure level of equity cost reduction effect is stronger.
【学位授予单位】:浙江工商大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F270;F275;F832.51
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