社会责任信息披露质量对权益和债务资本成本的影响研究

发布时间：2018-04-28 19:21

本文选题：社会责任信息披露质量 + 权益资本成本　；参考：《东北大学》2013年硕士论文

【摘要】：近年来,学术界和企业界都在积极探索降低资本成本的有效途径,对资本成本影响因素的研究也成为了他们共同关注的热点话题,而信息被证明是经典三因素之外又一重要的资本成本影响因素。随着非财务信息在资本市场上的出现及快速发展,非财务信息披露越来越受到社会各界的重视,国内外学者也将资本成本影响因素的关注点从财务信息披露向非财务信息披露转移。我国自2008年以来,监管部门陆续提出了有关企业社会责任信息披露的规范和政策,上市公司在监管部门的引导下纷纷加入到披露企业社会责任报告的行列中来。截止到2012年上市公司已经累计披露了两千多份企业社会责任报告,随着社会责任信息披露的发展,其所发挥的作用会越来越大。那么社会责任信息披露是否能够影响上市公司的权益资本成本和债务资本成本?社会责任信息披露对这两种资本成本的影响是否存在差异?对于这些问题的研究一方面是在进一步探索资本成本的影响因素,另一方面也丰富了社会责任信息披露有用性的研究。本文首先从理论上分析了社会责任信息披露质量对权益和债务资本成本的影响。然后以2009-2011年披露了社会责任报告的上市公司为样本,使用PEG模型计算权益资本成本,采用(利息支出+资本化利息)/平均总负债的值来衡量债务资本成本,基于润灵环球责任评级机构(RKS)发布的企业社会责任报告评分以虚拟变量的方式来衡量社会责任信息披露质量。最后建立多元线性回归模型,实证检验了社会责任信息披露质量对权益和债务资本成本的影响及其差异。研究结果表明：企业的社会责任信息披露质量越高,其权益资本成本和债务资本成本越低；社会责任信息披露质量对权益资本成本的影响要大于其对债务资本成本的影响。相对于债权人而言,股东对社会责任信息披露的关注程度和依赖程度更大。基于上述结论本文给出以下建议：一方面企业应该在积极履行社会责任的基础上,不断提高自身的社会责任信息披露质量,从而降低企业的资本成本；另一方面监管部门应该建立完善的社会责任信息披露评价机制和社会责任信息披露规范,提供更加详实的社会责任信息参考。同时,进一步出台更加完善的社会责任信息披露政策,促使社会责任信息的使用者更加多元化,从而更充分地发挥社会责任信息披露降低资本成本的作用。
[Abstract]:In recent years, academia and business circles have been actively exploring effective ways to reduce capital cost, and the research on the influencing factors of capital cost has become a hot topic of common concern. Information has proved to be an important capital cost factor in addition to the classic three factors. With the emergence and rapid development of non-financial information in the capital market, non-financial information disclosure has attracted more and more attention from all walks of life. Scholars at home and abroad have also shifted the focus of capital cost factors from financial information disclosure to non-financial information disclosure. Since 2008, the supervision department of our country has put forward the norms and policies about the disclosure of corporate social responsibility information one after another, and listed companies have joined the ranks of the disclosure of corporate social responsibility report under the guidance of the supervision department. Up to 2012, the listed companies have disclosed more than 2,000 corporate social responsibility reports, with the development of social responsibility information disclosure, it will play a more and more important role. Can the disclosure of social responsibility information affect the cost of equity capital and debt capital of listed companies? Is there a difference in the impact of social responsibility information disclosure on these two capital costs? On the one hand, the study of these problems is to further explore the factors affecting the cost of capital, on the other hand, it enriches the research on the usefulness of social responsibility information disclosure. Firstly, this paper theoretically analyzes the influence of the quality of social responsibility information disclosure on equity and debt capital cost. Then, taking the listed companies that disclosed the social responsibility report from 2009-2011 as samples, using PEG model to calculate the cost of equity capital, using the value of interest expense capitalized interest / average total liabilities to measure the cost of debt capital. The CSR rating based on RKS, a global liability rating agency, measures the quality of CSR disclosure in a virtual variable. Finally, a multivariate linear regression model is established to test the impact of the quality of social responsibility information disclosure on equity and debt capital costs and their differences. The results show that the higher the quality of corporate social responsibility information disclosure, the lower the cost of equity capital and debt capital, and the greater the impact of the quality of social responsibility information disclosure on the cost of equity capital than its impact on the cost of debt capital. Compared with creditors, shareholders pay more attention to and rely on social responsibility information disclosure. Based on the above conclusions, this paper gives the following suggestions: on the one hand, enterprises should constantly improve the quality of their social responsibility information disclosure on the basis of actively fulfilling social responsibility, thereby reducing the capital cost of enterprises; On the other hand, regulators should establish a perfect evaluation mechanism of social responsibility information disclosure and norms of social responsibility information disclosure to provide more detailed social responsibility information reference. At the same time, a more perfect policy of social responsibility information disclosure is introduced to make the users of social responsibility information more diversified, so as to give full play to the role of social responsibility information disclosure in reducing the cost of capital.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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