企业的社会责任行为对股权资本成本的影响研究

发布时间：2018-03-21 13:38

本文选题：企业社会责任　切入点：股权资本成本　出处：《广西大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,随着环境恶化,资源枯竭以及劳工保护等问题日渐凸显,人们越来越意识到企业社会责任的重要性。毒奶粉,瘦肉精,黑心煤矿,松花江污染,石油爆炸等事故层出不穷,严重侵害了消费者利益,劳动者权益和社会公共利益。国家法律法规明确要求企业履行社会责任。沪深两所亦发布文件强制要求部分上市公司披露社会责任报告。企业应该树立起对社会负责任的意识,自愿自觉地为社会作贡献。相关数据表明,近年来,越来越多的上市公司在年报中披露社会责任相关信息。企业履行社会责任究竟是迎合法律法规的要求还是企业发自内心的行为?不少学者研究企业社会责任与财务绩效的关系,从企业履行社会责任的经济后果出发检验企业的动机,但是研究并未得出一致的结果,使社会责任动机研究陷入僵局。本文认为,有必要挖掘新的视角,来进一步理解企业履行社会责任的经济后果和内在动因。因此,本文直接研究企业履行社会责任对企业股权资本成本的影响,为探讨企业履行社会责任的动因提供一个新的视角。本文以2010-2011年发布社会责任报告的989家A股上市公司为研究对象,以润灵环球(RKS)企业社会责任报告评级来衡量企业社会责任,同时使用资本资产定价模型和peg模型来计量股权资本成本,回归结果表明,股权资本成本与企业社会责任负相关,企业履行社会责任能显著降低股权资本成本。企业应主动履行社会责任,减少企业的财务风险,为企业创造更大的价值。
[Abstract]:In recent years, as environmental degradation, resource depletion and labor protection have become increasingly prominent, people have become increasingly aware of the importance of corporate social responsibility: tainted milk powder, lean meat essence, black heart coal mine, Songhua River pollution, etc. Accidents such as oil explosions have occurred in endlessly, which have seriously infringed on the interests of consumers. Workers' rights and interests and social public interests. State laws and regulations explicitly require enterprises to fulfill their social responsibilities. Shanghai and Shenzhen also issue documents that require some listed companies to disclose their social responsibility reports. Enterprises should establish a sense of social responsibility. Make voluntary and conscious contributions to society. The related data show that in recent years, more and more listed companies disclose information about social responsibility in their annual reports. Is corporate social responsibility meeting the requirements of laws and regulations or corporate behavior from the heart? Many scholars study the relationship between corporate social responsibility and financial performance and test the motivation of enterprises from the economic consequences of corporate social responsibility. This paper holds that it is necessary to excavate a new angle of view to further understand the economic consequences and internal motivation of corporate social responsibility. This paper directly studies the impact of corporate social responsibility on the cost of equity capital. In order to provide a new perspective on the motivation of corporate social responsibility, this paper takes 989 A-share listed companies that issued social responsibility report in 2010-2011 as the research object, and measures corporate social responsibility with the rating of corporate social responsibility (RKS). At the same time, the capital asset pricing model and peg model are used to measure the cost of equity capital. The regression results show that the cost of equity capital is negatively correlated with corporate social responsibility. Corporate social responsibility can significantly reduce the cost of equity capital, enterprises should take the initiative to fulfill social responsibility, reduce the financial risks of enterprises, and create greater value for enterprises.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F270;F275;F832.51

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