企业社会责任信息披露对权益资本成本的影响

发布时间：2018-02-14 11:37

本文关键词： 社会责任信息披露权益资本成本影响因素　出处：《渤海大学》2016年硕士论文　论文类型：学位论文

【摘要】：社会责任信息披露作为非财务信息的重要途径,对权益资本成本有重要影响。企业非财务信息披露有自愿性、选择性等特点,采用不同的研究假设和研究方法,国内外研究社会责任信息披露对权益资本成本影响尚未得到统一的结论。因此,本文从公司非财务信息的角度,采用实证分析的方法分析我国社会责任信息披露对权益资本成本的影响,丰富了有关社会责任信息和公司权益资本成本行为影响因素的研究成果,遏制我国资本市场中普遍存在的资本管理的问题,提高社会责任信息水平。本文从理论分析和实证验证的角度论证了企业社会责任信息披露对权益资本成本的影响,选取2009年—2011年230家A股上市公司作为研究样本,采用PEG模型度量权益资本成本,对公司特征变量进行控制,利用回归模型实证验证了企业社会责任信息披露对权益资本成本的影响,结果表明:企业社会责任信息披露对权益资本成本呈负相关,企业社会责任信息披露有助于降低企业的资产负债率。针对上述研究结论,本文提出以下建议:完善社会责任信息披露的相关准则,构建社会责任信息披露制度、规范企业自身行为,加强企业管理体系的建设、推广金融知识的宣传普及、引导投资者树立责任投资理念、推动第三方监督制度的应用、构建社会责任信息披露的激励机制。最后根据研究结论,对促进社会责任披露在资本市场上发挥的非财务作用,约束上市公司管理层的行为,保护广大投资者的利益提出了相关的政策与建议。
[Abstract]:As an important way of non-financial information, social responsibility information disclosure has an important influence on the cost of equity capital. Domestic and foreign research on the impact of social responsibility information disclosure on the cost of equity capital has not yet been unified. Therefore, this paper from the perspective of non-financial information, This paper analyzes the impact of social responsibility information disclosure on the cost of equity capital by using the method of empirical analysis, which enriches the research results on social responsibility information and influencing factors of corporate equity capital cost behavior. This paper discusses the influence of corporate social responsibility information disclosure on the cost of equity capital from the perspective of theoretical analysis and empirical verification. This paper selects 230 A-share listed companies from 2009 to 2011 as the research sample, uses PEG model to measure the cost of equity capital, and controls the company characteristic variables. The impact of corporate social responsibility information disclosure on the cost of equity capital is verified by using regression model. The results show that the disclosure of corporate social responsibility information is negatively related to the cost of equity capital. Corporate social responsibility information disclosure is helpful to reduce the asset-liability ratio of enterprises. In view of the above research conclusions, this paper puts forward the following suggestions: to perfect the relevant criteria of social responsibility information disclosure, to construct the social responsibility information disclosure system, Standardizing enterprises' own behavior, strengthening the construction of enterprise management system, popularizing and popularizing financial knowledge, guiding investors to establish the concept of responsible investment, and promoting the application of third party supervision system, Finally, according to the conclusion of the research, it restricts the behavior of the management of listed companies to promote the non-financial role of social responsibility disclosure in the capital market. Protection of the interests of the majority of investors put forward relevant policies and suggestions.
【学位授予单位】：渤海大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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