企业社会责任信息披露质量与权益资本成本关系研究

发布时间：2018-02-14 19:53

本文关键词： 企业社会责任信息披露质量权益资本成本　出处：《北方工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文以利益相关者理论、信息不对称理论和信号传递理论为基础分析了企业社会责任信息披露质量与权益资本成本之间的关系,并预期企业社会责任信息披露质量与权益资本成本负相关。由于企业社会责任信息披露质量的衡量标准尚不统一,本文首先构建了一套稳健、可行的企业社会责任信息披露质量评价体系,并对企业社会责任信息的披露质量进行了评价。评价指标体系结合现有企业社会责任报告自身的特点,以社会责任信息披露的质量要求为切入点,从完整性、可靠性、可比性、二分性、可读性5个方面,设置了 15个二级指标,对企业社会责任披露整体质量进行全面衡量,运用熵权法对各项指标进行赋权,并运用肯德尔W和谐系数对评价体系的可靠性进行了检验。所构建的企业社会责任信息披露质量评价体系具有较强的客观性与可操作性。在此基础上,本文选取PEG估价方法计量企业的权益资本成本。通过选取2013-2015年连续发布社会责任报告的103上市公司及其发布的309份企业社会责任报告为样本,使用实证研究的方法对社会责任信息披露质量与权益资本成本两者关系进行研究,得出如下结论:(1)目前企业社会责任信息披露水平普遍较低,且企业间披露质量差异较大;(2)企业社会责任报告的质量与企业的权益资本成本负相关;(3)通过对社会责任绩效与社会责任信息披露质量及权益资本成本的关系研究发现,社会责任绩效与两者均具有相关性,且社会责任信息披露质量与权益资本成本的负相关性,在社会责任绩效表现较好的企业中更显著。本文从理论角度,丰富了企业资本成本的研究内容,同时也为促进企业进行高质量社会责任信息披露起到了积极作用。
[Abstract]:Based on stakeholder theory, asymmetric information theory and signaling theory, this paper analyzes the relationship between the quality of corporate social responsibility information disclosure and the cost of equity capital. It is expected that the quality of corporate social responsibility information disclosure is negatively correlated with the cost of equity capital. A feasible quality evaluation system of corporate social responsibility information disclosure is put forward, and the quality of corporate social responsibility information disclosure is evaluated. The evaluation index system combines the characteristics of the existing corporate social responsibility report. Taking the quality requirement of social responsibility information disclosure as the starting point, from five aspects of integrity, reliability, comparability, dichotomy and readability, we set up 15 secondary indicators to comprehensively measure the overall quality of corporate social responsibility disclosure. The entropy weight method is used to empower each index. The reliability of the evaluation system is tested by using the Kendall W harmonious coefficient. The quality evaluation system of corporate social responsibility information disclosure has strong objectivity and maneuverability. This paper selects the PEG valuation method to measure the cost of equity capital of enterprises. By selecting 103-listed companies and their 309-CSR reports published continuously in 2013-2015 as samples, The relationship between the quality of social responsibility information disclosure and the cost of equity capital is studied by using the method of empirical research. The conclusions are as follows: 1) the level of corporate social responsibility information disclosure is generally low at present. The quality of corporate social responsibility report is negatively correlated with the cost of equity capital. 3) the relationship between social responsibility performance and the quality of disclosure of social responsibility information and the cost of equity capital is studied. Social responsibility performance has a correlation with both, and the negative correlation between the quality of social responsibility information disclosure and the cost of equity capital is more significant in enterprises with better social responsibility performance. It enriches the research content of enterprise capital cost, and also plays a positive role in promoting high quality social responsibility information disclosure.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;F832.51

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