【作者】 杨静；

【导师】 王前锋；

【作者基本信息】 南京工业大学 ， 企业管理， 2012， 硕士

【摘要】 企业社会责任信息披露水平的提高，既可以有效缓解企业外部投资者与内部管理层之间的信息不对称，也可以提升公司的公众形象，这都有助于加强上市公司的股票流动性，进一步可以导致股权融资成本的降低。因此，研究探讨上市公司的企业社会责任信息披露对其股权融资成本的影响具有十分重要的意义。本文首先对国内外学者以往的研究做了相关的文献回顾，然后分别就企业社会责任和股权融资成本的有关理论进行了介绍，之后在文献回顾和理论阐述的基础上提出本文的两个假设并建立模型，假设1认为在其他条件不变的情况下，企业社会责任信息披露水平与当期股权融资成本呈负相关关系，假设2认为在其他条件相同的条件下，企业社会责任信息披露水平与滞后期股权融资成本呈负相关关系。本文以2009年至2011年披露企业社会责任报告的A股上市公司作为研究样本，依据利益相关者理论将企业社会责任分为五大板块：环境、员工、消费者/客户、股东、其他利益相关者，并采用指数法构建了企业社会责任信息披露指标，采用经济增长法（OJN）衡量企业股权融资成本的大小，在控制了企业规模、盈利能力、贝塔系数、财务杠杆以及资产周转率这五个变量之后，研究发现假设2得到了论证而假设1没有得到论证，即企业社会责任信息披露与当期股权融资成本呈正相关关系，与滞后期股权融资成本呈负相关关系。同时，控制变量当中除了企业规模的系数与预期符号不一致之外，企业盈利能力、贝塔系数、企业财务杠杆以及资产周转率的系数符号都与假设相同，即企业规模、企业盈利能力、贝塔系数以及企业财务杠杆与企业的股权融资成本呈正相关，而企业资产周转率与企业的股权融资成本呈负相关。文章最后根据得出的结论从金融监管机构、上市公司本身以及证券市场的角度提出了一些建议、指出文章的不足并提出展望。更多还原

【Abstract】 By raising the level of corporate social responsibility information disclosure，we can notonly effectively alleviate the information asymmetry between corporate external investors andinternal management, but can also enhance the company’s public image, which will contributeto the liquidity of shares of listed companies, and further can lead to the reduction of the costof equity financing. Therefore, studying the effects of corporate social responsibilityinformation disclosure on the cost of equity financing is of great significance.Firstly, this paper gives a literature review of previous studies of scholars,then introducethe relevant theories of corporate social responsibility and the cost of equity financing, afterthat we two put forward hypotheses in this article based on the literature review and thetheories, hypothesis1is that in the case of other conditions remain unchanged, a negativecorrelation between the level of information disclosure of corporate social responsibility andthe current cost of equity financing, hypothesis2is that in the case of other conditions remainunchanged, a negative correlation between the level of information disclosure of corporatesocial responsibility and the cost of equity financing in the late years.The sample of the studyis the year2009-2011listed companies that disclosed Corporate Social ResponsibilityReport.Based on the interests of stakeholders theory, we divide the corporate socialresponsibility into five sections:Environment, employees, consumers, shareholders, and otherstakeholders,and with the use of the index we build a corporate social responsibilityinformation disclosure indicator.As regard to the cost of equity financing, we choose theeconomic growth (OJN) to measure it. By control the five variables like firm size, profitability,Beta, financial leverage, and asset turnover, the study found assumption2has been demonstrated while assumption1has not been proved，that is corporate social responsibilityinformation disclosure is positively correlated with the cost of equity financing in the currentperiod,while it is negatively correlated with the cost of equity financing in the lag period. Also,except the firm size, the control variables like corporate profitability, Beta, financial leverageand asset turnover are consistent with the hypotheses, that is, firm size, profitability, Beta, andcorporate financial leverage and corporate equity financing cost are positively correlated withequity financing cost,while enterprise asset turnover and corporate equity financing cost isnegatively correlated.In the end,in accordance with the conclusions,this paper put forward anumber of policy recommendations from Financial institutions, listed companies and thesecurities market’s angle, and pick out the deficiency and puts forward the prospect.更多还原