企业社会责任信息披露与权益资本成本关系研究

随着可持续发展观念的深入人心,社会责任信息披露变得越来越重要,但企业社会责任信息披露具有选择性、自愿性、低规范化等特点,因而与传统的财务信息披露存在差异。本文主要关注企业社会责任信息披露质量与权益资本成本的关系研究,以2009年至2011年上海证券交易所上市的工业企业为研究样本,采用社会贡献值这一指标来衡量社会责任信息披露质量,研究发现社会责任信息披露质量与权益资本成本呈显著负相关关系,这说明中国企业的社会责任信息披露有利于降低企业融资成本,对企业的发展具有重要意义。

Research on Relationship Between Social Responsibility Disclosure and Cost of Equity

With the accepted view of sustainable development, social responsibility disclosurehas become increasingly im- portant. Corporate social responsibility disclosure has characteristics of selectivity, voluntary and low standardized, thus with differences in traditional financial disclosures. The paper main concerns research on relationship between social responsibility disclosure and cost of equity. We take 2009 to 2011 Shanghai Securities Exchange listed of industrial enterprises as samples, use social contribution value as an indicator to measure corporate social responsibility disclosure quality. We find significantly negative related relationship between corporate social responsibility disclosure and cost of equity, which means social responsi- bility disclosure of Chinese enterprises are conducive to reduce enterprise＇s cost of equity and important for enterprise＇s development.