企业社会责任对权益资本成本的影响研究——基于企业社会责任报告与鉴证的视角  

Study on the Effect on the Cost of Equity Capital of Corporate Social Responsibility?——Based on Corporate Social Responsibility Report and Verification

作　　者：黄建元[1] 靳月[1] 

机构地区：[1]南京财经大学,江苏南京210046

出　　处：《产业经济研究》2016年第2期87-95,共9页Industrial Economics Research

基　　金：江苏省社会科学基金(13JYB010)

摘　　要：上市公司迫于监管要求和外界压力而披露社会责任信息,而社会责任的履行及信息披露必然会增加企业当期的成本。本文以深交所和上交所的A股上市公司为研究对象,选取2011年和2012年的财务数据与非财务信息为研究样本,检验企业社会责任表现与权益资本成本的关系以及独立的社会责任报告和鉴证能否进一步降低权益资本成本。实证研究发现,企业社会责任表现每股社会贡献值与权益资本成本负相关;而披露了独立社会责任信息的企业也会在一定程度上降低企业筹资成本,即独立的社会责任报告与权益资本成本负相关。Listed companies disclose the information of social responsibility for the regulatory requirements and the external pressure, which will increases the cost of enterprise of the current period inevitably. This paper selects the financial data and non-financial information of A-share listed companies in the Shenzhen stock exchange and Shanghai from 2011 and 2012 as the samples, inspects the relationship between corporate social responsibility performance and equity capital cost and whether the independent social responsibility report and verification can further reduce the cost of equity capital. The results show： the social contribution value per share of corporate social responsibility performance is negatively related to the equity capital cost; and the financing cost could be reduced for the disclosure of the independent corporate social responsibility infor- mation.

关 键 词：权益资本成本 企业社会责任 社会责任报告 

分 类 号：F062.9[经济管理—政治经济学]