联系我们

论文查询结果	返回搜索

论文编号：	5219
作者编号：	2120112390
上传时间：	2013/6/5 13:49:33
中文题目：	企业社会责任信息披露和权益资本成本相互关系的研究
英文题目：	The interaction of Corporate Social Responsibility Disclosure and the cost of equity capital
指导老师：	陆宇建
中文关键字：	信息披露质量、社会责任、权益资本成本、相互关系
英文关键字：	disclosure quality, corporate social responsibility, cost of equity capital, interrelation
中文摘要：	我国上市公司企业社会责任报告数量在2008年以后迅速增长，投资者对社会责任的重视开始逐步加强。但由于社会责任属于自愿性披露的范畴，监管部门缺乏对此类信息披露的明确要求，导致披露整体质量较低，水平相差较大。鉴于此，本文从信息披露质量和权益资本成本的关系出发，以上市公司发布的企业社会责任报告为研究对象，讨论社会责任披露质量和权益资本成本的关系。基于已有相关文献，本文主要从两个方面探讨两者的关系。第一，企业上期高资本成本是否会导致本期社会责任信息披露质量的提高；第二，降低权益资本成本是否可以通过提高社会责任信息披露质量实现。首先，本文回顾了国内外文献，总结了社会责任信息、权益资本成本以及二者之间的关系的相关文献。在现有文献的基础上，对社会责任、权益资本成本的相关理论背景进行介绍，从信息不对称、有效市场理论、代理理论、利益相关者等理论阐述两者之间相互关系的作用机制。其次，在理论分析的基础上，本文对两者关系提出四个假设，并分别设计模型进行检验。本文以2011年沪深A股披露企业社会责任报告的上市公司为样本，用剩余收益模型（GLS）计算权益资本成本，采用第三方评级机构的评分衡量信息披露质量，并用企业特征指标和市场表现等控制变量加以控制。在实证检验过程中，本文将样本分为两组：2011年首次披露样本和非首次披露样本，分析潜在影响机制，分别讨论社会责任信息披露和权益资本成本的关系。通过实证检验，本文得出结论：（1）上市公司上期资本成本越高，本期披露社会责任报告的可能性越大；（2）对于首次披露企业社会责任报告的公司，上期资本成本越高，本期信息披露动机越大，披露质量越高；（3）社会责任信息披露质量的提高可以降低公司的权益资本成本，减轻融资难度。
英文摘要：	The number of Corporate Social Responsibility reports has been significantly increased since 2009, as well as investors’ attention in social responsibility. As a part of volunteer disclosures, social responsibility reports lack specific instruction and regulation, and thus, the quality of disclosure is quite low and different among initiating firms. This paper discusses the interaction of corporate social responsibility disclosures and cost of equity capital based on statistics from public companies in capital market. Based on existing literatures, the paper focuses on the interaction from two perspectives. One is whether cost of equity capital in prior period will affect the quality of corporate social disclosures in current period, the other is whether the quality of disclosure will affect cost of capital. This paper first summaries current literatures from domestic China and overseas about social responsibility disclosures, then provides theoretic foundation of mechanism of the interaction between the two from information asymmetry, efficient market theory, agency cost theory, stakeholder theory and so on. Given the theoretic instruction, this paper formulates 4 hypotheses and builds 4 respective models for testing. Sampled on public firms on A share market in 2011 which initiate social corporate responsibility report, this paper uses GLS model to estimate cost of equity capital, and scores from third party to measure disclosure quality to test the influence, controlled by variables reflecting characteristics of firms. The sample is divided into two subsamples, first-time initiators and non first-time initiators, to see if the interaction between social responsibility disclosures and cost of equity cost is the same. This paper finds that with higher cost of equity cost in prior period, the quality of first-time social responsibility disclosures will be higher, and additionally, improving the quality of disclosures will decrease equity cost. According to the empirical results, this paper concludes that, (1) the higher the cost of equity cost in prior period, the higher the possibility of disclosing corporate social reports will be in current period. (2) for first-time initiators, the higher the cost of equity cost in prior period, the higher the quality of first-time disclosure is. (3) superior corporate social responsibility disclosure will reduce cost of equity capital.
查看全文：	预览  下载(下载需要进行登录)