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论文编号：	4241
作者编号：	2120102235
上传时间：	2012/6/6 8:34:03
中文题目：	上市公司社会责任报告对权益资本成本的影响研究
英文题目：	The study of the social responsibility reports‘ impact of listed companies on the costof equity capital
指导老师：	李姝
中文关键字：	社会责任报告，权益资本成本，首次披露，报告质量，机构投资者持股比例
英文关键字：	corporation social responsibility report, the cost of equity,first time reveal, quality of corporation social responsibility report, proportion of institution investor owned shares
中文摘要：	近年来，企业社会责任信息报告在我国迅速发展，几乎所有大型上市公司都争相披露社会责任报告，向投资者展示自己在社会责任履行方面的建树。作为自愿性信息披露的一部分，企业向外界披露社会责任信息是期望能达到一种正面的效果。然而，社会责任报告作为一件新生事物，它是否达到了企业的期望，在资本市场上引起了积极的效果呢？社会责任信息披露的经济效果可以从很多个方面来衡量，本文以权益资本成本为文章的着落点，来研究社会责任报告的披露是否对其造成了影响。和国内在对权益资本成本进行衡量时普遍采用GLS模型不同的是，本文采用的是Easton模型，在选取了相关的控制变量后，本文对企业社会责任报告的披露对权益资本成本的影响关系及其可能的影响机制进行了研究。基于前人的研究，本文验证了社会责任报告的披露对权益资本成本的影响存在“首次披露”效应，也就是说企业披露的首份社会责任报告能够显著的降低其权益资本成本。在对样本进行回归后，我们认为企业社会责任报告的披露能够降低企业的权益资本成本。接下来，本文试图研究从社会责任报告披露质量和机构投资者持股比例这两个角度来研究这种可能的影响机制。在经过实证检验后，发现社会责任报告披露的质量对权益资本成本并无显著性的影响。同时我们发现，在社会责任报告对权益资本成本的影响过程中，机构投资者不同的持股比例不会引起显著差异。 本文的基础假设得到了一定程度的验证，但在社会责任报告对权益资本成本的影响机制方面，还有待今后的进一步研究。本文得到的结论为今后的相关研究奠定了比较好的基础和提供了研究的一些方向。
英文摘要：	In the recent years, corporation social responsibility reports gain a repaid development in our country. Almost all large listed companies publish corporation social responsibility reports to show their contribution on corporation social responsibility performance. As a part of voluntary information disclosure, enterprise expects to attain a positive result through corporation social responsibility reports. However, as new emerging things, whether corporation social responsibility reports have bring the expected result to cause a positive effect on capital market is still a question. There are many ways to measure economic effect caused by corporation social responsibility reports. On a basis of the cost of equity, this thesis attempts to find whether corporation social responsibility reports have influenced it. Most of the pre-existing researches choose GLS model to measure the cost of equity. Unlike the existing essays, we select Easton model to judge the cost of equity. On the condition of some control variables, this thesis researches the effect of cost of equity caused by corporation social responsibility report. Based on the existing research, we verified if there was a “first time reveal” effect. In other words, the first corporation social responsibility report can markedly reduces enterprise’ cost of equity. After the regression of our sample companies, we also found that the disclosure of corporation social responsibility reports can lower enterprise’ cost of equity. Through the different quality of corporation social responsibility reports and the different proportions of institution investor owned shares, we then tried to find out the mechanism of this impaction. After empirical examination, we discovered the quality of corporation social responsibility report has no influence on the cost of equity. At the same time, different proportions of institution investor owned shares can’t cause observe divergence on the effect of the cost of equity which was caused by corporation social responsibility report. The basic hypothesizes of this thesis have acquired preferable support. However, the influence mechanism is still to be further studied. The conclusions of our research establish a good foundation and direction for forward study.
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