社会责任信息、市场关注度与资本成本——基于民营上市公司的实证研究  

Social Responsibility Information,Market Awareness and the Cost of Capital——Based on the Empirical Study of Chinese Private Listed Firms

作　　者：王鹏程[1] 高楠[1] WANG Peng-cheng GAO Nan(Business School, Tianjin University of Finance and Economics, Tianjin 300222, Chin)

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《技术经济与管理研究》2017年第10期67-71,共5页Journal of Technical Economics & Management

基　　金：国家自然科学基金青年项目(71602138);天津市社科规划基金项目(TJGL13-034)

摘　　要：文章从信息供需视角,以民营企业为研究对象,通过构建市场关注度指标并考察其调节效应,探究企业社会责任信息披露对权益资本成本的影响机理和条件。结果显示,民营企业社会责任信息披露能够降低其权益资本成本,但市场关注度越高的企业,其社会责任信息披露所发挥的效果越不显著。市场关注度作为投资者对企业信息的主动搜集行为,在降低信息不对称程度方面与企业社会责任信息披露间存在一定的替代关系。随着金融市场化程度的提高,市场关注度与社会责任信息披露之间的关系由替代向互补的方向转变,金融市场的发展拓宽了信息发挥效力的渠道和多元化水平。This paper examined the mechanism and conditions of corporate social responsibility information disclosure in reducing the cost of equity capital from the perspective of information supply and demand. The result showed that social responsibility information disclosure of private enterprises could reduce the cost of equity capital, but the higher the market attention, the less the effect of social responsibility information disclosure on cost of capital. The market attention, as the investor＇s active collection of enterprise information, could reduce the degree of information asymmetry between enterprises and investors. So there was a certain alternative relationship between market attention and social responsibility information disclosure. With the improvement of the degree of financial marketization, the relationship between market attention and social responsibility information disclosure changed from alternative to complementary, which implied that the development of financial market broadened the channel and diversification level of information.

关 键 词：社会责任信息 信息披露 市场关注 资本成本 

分 类 号：F275[经济管理—企业管理]