企业社会责任信息披露对权益资本成本的影响研究

发布时间：2018-04-10 08:45

本文选题：社会责任　切入点：信息披露　出处：《湖南大学》2013年硕士论文

【摘要】：企业信息披露对其权益资本成本具有重要影响，高质量的信息披露可以缓解投资者与企业间的信息不对称，提高股票流动性，降低投资者对股票的风险估计和回报要求，从而降低企业权益资本成本。在企业社会责任全球化的趋势下，投资者为降低其投资风险，越来越关注企业社会责任的履约情况。企业作为理性的市场主体，有充分动机通过社会责任信息披露来满足投资者的信息需求，进而降低企业的权益资本成本。因此，利用我国资本市场的相关数据，对企业社会责任信息披露与权益资本成本的相关性进行理论分析与实证检验，，具有重要的理论与现实意义。本文基于有效市场假说、信息不对称理论、利益相关者理论及流动性溢价理论，以独立的第三方机构润灵环球公司公布的2008年至2011年有社会责任评级报告的A股上市公司作为研宄样本，就企业社会责任信息披露对权益资本成本的影响进行了实证检验。研宄结果发现，对于我国上市公司和环境敏感型企业，社会责任信息披露与权益资本成本呈负相关关系，但是不十分显著。而在消费者敏感型企业，社会责任信息披露对降低权益资本成本产生了十分明显的作用。针对上述研宄结论，本文从完善社会责任信息披露法律制度、强化社会责任信息披露监督机制、建立社会责任信息披露激励机制、构建社会责任信息披露评价指标体系四个方面提出了完善社会责任信息披露制度的政策建议，促进社会责任信息披露在资本市场中发挥应有的作用。
[Abstract]:The disclosure of enterprise information has an important impact on the cost of equity capital. High-quality information disclosure can alleviate the information asymmetry between investors and enterprises, improve stock liquidity, and reduce the risk estimation and return requirements of investors on stocks.So as to reduce the cost of equity capital.In the trend of corporate social responsibility globalization, investors pay more and more attention to the performance of corporate social responsibility in order to reduce their investment risk.As a rational market subject, enterprises have sufficient motivation to meet the information needs of investors through the disclosure of social responsibility information, thus reducing the cost of equity capital of enterprises.Therefore, it is of great theoretical and practical significance to make theoretical analysis and empirical test on the correlation between the disclosure of corporate social responsibility information and the cost of equity capital by using the relevant data of China's capital market.This paper is based on efficient market hypothesis, information asymmetry theory, stakeholder theory and liquidity premium theory.Taking A-share listed companies with social responsibility rating reports from 2008 to 2011 published by Runling Global, an independent third party, as a sample, this paper makes an empirical test on the impact of corporate social responsibility information disclosure on the cost of equity capital.The results show that there is a negative correlation between the disclosure of social responsibility information and the cost of equity capital for listed companies and environment-sensitive enterprises in China, but it is not very significant.In consumer sensitive enterprises, social responsibility information disclosure has a very obvious effect on reducing the cost of equity capital.In view of the above conclusions, this paper tries to perfect the legal system of social responsibility information disclosure, strengthen the supervision mechanism of social responsibility information disclosure, and establish the incentive mechanism of social responsibility information disclosure.In order to promote the social responsibility information disclosure to play its due role in the capital market, this paper puts forward some policy suggestions on how to perfect the social responsibility information disclosure system in the four aspects of the evaluation index system of social responsibility information disclosure.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.3;F270

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