【作者】 阳秋林； 代金云；

【机构】 南华大学经济管理学院；

【摘要】 我国上市公司的社会责任信息披露水平是否会对其权益资本成本产生影响,在多大程度上降低了权益资本成本?这些问题的研究,将有助于唤起上市公司主动提高社会责任信息披露质量的自觉意识。本文以沪深109家上市公司为研究样本,对社会责任信息披露水平与权益资本之间的关系进行了实证研究。结果发现,我国企业披露的社会责任信息能显著降低权益资本成本,而且股票的风险和的流动性受社会责任信息披露水平影响显著,并通过降低股票的风险和提高股票的流动性两个渠道来影响权益资本成本。更多还原

【Abstract】 The study on whether the information disclosure quality of social responsibility of listed companies in China affect or largely reduce the capital cost will be conducive to arousing listed companies’ consciousness of actively improvimg the information disclosure quality of social responsibility.This paper takes 109 listed companies from Shenzhen and Shanghai city as research samples and has carried out empirical research on the relationship between information disclosure quality of social responsibility and cost of equity capital.From the research results we can find that our companies’ information disclosure of social responsibility can greatly reduce the cost of equity capital.,and it also has significant effect on the risk and liquidity of stock,additionally,it affects cost capital through reducing the risk and improving the liquidity of stock.更多还原