社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据  

Can Corporate Social Responsibility Report Reduce Cost of Equity Capital?——Evidence from Chinese Stock Market

作　　者：李姝[1,2] 赵颖[1,2] 童婧[1,2] 

机构地区：[1]南开大学商学院/中国公司治理研究院,300071 [2]天津外国语大学国际商学院,300204

出　　处：《会计研究》2013年第9期64-70,97,共7页Accounting Research

基　　金：教育部人文社会科学研究规划基金项目(12YJA630062);中央高校基本科研业务费专项资金资助项目(NKZXB10090);天津市2011年度哲学社会科学规划项目(TJGL11-088);天津市科技发展战略研究计划项目(12ZLZLZF00400)的资助

摘　　要：本文以上市公司披露社会责任报告的动机为出发点,以权益资本成本为落脚点,探讨社会责任报告对企业权益资本成本的影响及作用机制。研究表明,公司披露社会责任报告有助于降低企业的权益资本成本,并且社会责任报告披露对权益资本成本的影响存在"首次披露"效应;但是对于同样披露了社会责任报告的公司而言,社会责任报告质量的高低对权益资本成本的影响并不显著,机构投资者持股比例对于社会责任报告与权益资本成本的关系也无显著影响。这说明我国投资者已经开始关注社会责任报告信息披露,投资者普遍认为发布社会责任报告传递的是一个有利的信号,但是由于我国企业社会责任报告的质量普遍较低,这些报告给投资者传递的信号并没能降低他们对企业风险的评估。We examine a potential benefit associated with the initiation of disclosure of corporate social responsibility(CSR) activities: a reduction in firms' cost of equity capital. We find that firms which disclose social responsibility reports enjoy a subsequent reduction in the cost of equity capital and there is a 'first time disclosure' effect. However,the performance of social responsibility has no significant influence on the cost of equity capital and different proportions of institution investors owned shares can't cause observe divergence on the effect of the cost of equity. From this research,we find that disclosing of social responsibility reports is a good signal and the investors use it as a basis of decision. But the performance of social responsibility in China is not good enough for the investors to reduce their risk assessment of firms.

关 键 词：社会责任报告 权益资本成本 首次披露 

分 类 号：F426.61[经济管理—产业经济]