社会责任报告披露的经济后果研究

企业社会责任问题关乎企业长期、持续的发展，选取2009-2011年上海和深圳交易所发布社会责任报告的上市公司为样本，对社会责任报告披露的经济后果进行了实证分析，研究从财务绩效和资本成本两个角度展开。研究发现：企业社会责任报告披露与其短期财务绩效存在显著正相关关系，企业社会责任与其长期财务绩效存在显著负相关关系，企业社会责任报告披露与其资本成本存在显著负相关关系，企业对社会责任履行得越好，越有助于营造良好的投融资环境，进而有助于降低资本成本。

Economic Consequences of Disclosure Social Responsibility Report

CSR issues concerning corporate long-term, sustainable development, the paper selected 2009-2011 Shanghai and Shenzhen stock ex-changes publish CSR reports of listed companies as samples, the economic consequences of Corporate Social Responsibility Report disclosed the em-pirical analysis, research from financial performance and the cost of capital to start two angles .The study found：Corporate Social Responsibility Re-port disclose their short-term financial performance of the existence of a significant positive correlation between the presence of a significant nega-tive correlation between corporate social responsibility and its long -term financial performance, there was a significant negative correlation between corporate social responsibility report revealed its cost of capital , corporate social responsibility to fulfill the better , more help to create a favorable in-vestment environment, thereby helping to reduce the cost of capital.