政策制度、企业特征及社会责任信息披露——基于降低融资成本的研究视角

发布时间：2018-11-27 07:48

【摘要】：社会责任信息披露是自愿性披露,由于管理层可以进行适当的选择性披露,从而就会对未披露企业产生较大的风险溢价。以2009—2013年发布企业社会责任报告的上市公司为研究样本,采用润灵环球指数评估社会责任信息披露水平,在控制住内生性后进行研究,结果发现:(1)外部政策制度性因素不能显著影响社会责任信息披露与权益资本成本的负向关系。(2)企业的内在特征因素能够显著影响社会责任信息披露与权益资本成本的负向关系。(3)业绩表现弱的企业和负债率低的企业,更有意愿通过披露高水平的社会责任信息来获得社会和投资者的支持,以期带来权益资本成本的降低。研究结论表明外部政策制度因素与企业内部特征因素对企业社会责任信息披露存在显著的影响差异,这意味着管理层的选择行为对于社会责任信息披露存在溢出效应。
[Abstract]:The disclosure of social responsibility information is voluntary, because the management can make appropriate selective disclosure, which will have a large risk premium to the undisclosed enterprises. Taking the listed companies that issued the corporate social responsibility report from 2009-2013 as the research sample, using the Runling Global Index to assess the level of social responsibility information disclosure, the study was carried out after controlling the endogeneity. The results show that: (1) the institutional factors of external policies can not significantly affect the negative relationship between the disclosure of social responsibility information and the cost of equity capital. (2) the internal characteristics of enterprises can significantly affect the disclosure of social responsibility information. Negative relationship with the cost of equity capital. (3) firms with weak performance and low debt ratio, More willing to disclose a high level of social responsibility information to obtain social and investor support, with a view to reducing the cost of equity capital. The conclusion shows that there are significant differences between external policy and internal characteristics on CSR information disclosure, which means that there is spillover effect on CSR information disclosure caused by management's choice behavior.
【作者单位】：南京财经大学会计学院;
【基金】：国家社会科学基金项目(13BGL057) 国家自然科学基金项目(71272237) 江苏高校哲学社会科学研究重点项目(2016ZDIXM026) 江苏省第四期“333高层次培养人才工程” 江苏省“青蓝工程”中青年学术带头人建设资助
【分类号】：F275

【相似文献】