本文關(guān)鍵詞：食品行業(yè)上市公司社會責(zé)任與資本成本相關(guān)性研究　出處：《陜西科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 食品行業(yè) 企業(yè)社會責(zé)任 資本成本 過度投資

【摘要】：食品行業(yè)是我國國民經(jīng)濟的重要支柱,2015年全國食品工業(yè)總產(chǎn)值已達11.34萬億。一方面,食品行業(yè)與人民生活緊密相關(guān),直接關(guān)乎公眾的生命與健康,社會責(zé)任極其重大。但近年來,我國食品安全問題屢禁不絕,社會責(zé)任形勢嚴峻,推進食品行業(yè)社會責(zé)任的履行和披露,是食品類企業(yè)可持續(xù)發(fā)展的必由之路。另一方面,食品行業(yè)作為傳統(tǒng)行業(yè),融資難的問題長期存在,融資籌劃具有很大的空間,探討食品行業(yè)的資本成本是一個必然選擇。本文以我國食品行業(yè)上市公司為樣本,研究其社會責(zé)任承擔(dān)對資本成本的影響,為食品企業(yè)推動社會責(zé)任的履行和改善社會責(zé)任信息的披露狀況,降低融資成本提供理論支持與經(jīng)驗數(shù)據(jù)。本文從我國食品行業(yè)上市公司社會責(zé)任的特點及現(xiàn)狀出發(fā),以70多家A股上市公司為研究對象,選取2011-2015五年數(shù)據(jù),構(gòu)建實證指標體系:以權(quán)益資本成本和債務(wù)資本成本為被解釋變量;以國家責(zé)任貢獻率、員工責(zé)任貢獻率、投資者責(zé)任貢獻率、供應(yīng)商責(zé)任貢獻率、消費者責(zé)任貢獻率、社區(qū)責(zé)任貢獻率和食品質(zhì)量管理披露情況為解釋變量;以過度投資為中介變量;以法律環(huán)境和市場進程指數(shù)為調(diào)節(jié)變量,建立固定效應(yīng)模型,對食品行業(yè)上市公司加強社會責(zé)任是否可以降低資本成本,以及兩者間的作用機理進行研究。本文研究發(fā)現(xiàn):(1)食品行業(yè)上市公司對不同利益相關(guān)者承擔(dān)社會責(zé)任,總體上能夠降低資本成本,但對權(quán)益資本成本和債務(wù)資本成本的影響存在差異。具體來說,企業(yè)承擔(dān)對國家、員工、投資者、消費者的責(zé)任均可以顯著降低權(quán)益資本成本和債務(wù)資本成本,但承擔(dān)對社區(qū)和食品安全的責(zé)任僅對降低權(quán)益資本成本具有顯著效果,承擔(dān)對供應(yīng)商的責(zé)任僅能有效降低債務(wù)資本成本。(2)抑制過度投資是企業(yè)社會責(zé)任降低資本成本的重要路徑。加入過度投資變量后,大部分解釋變量都失去了原有的顯著性,并且過度投資分別與權(quán)益資本成本和債務(wù)資本成本呈顯著負相關(guān),說明企業(yè)社會責(zé)任可以通過抑制過度投資,來達到降低資本成本的目的。(3)履行和披露社會責(zé)任能夠降低資本成本,但這種降低作用受到市場化程度和法律環(huán)境的影響。在模型中分別加入市場化進程指數(shù)和法律環(huán)境變量后,發(fā)現(xiàn)二者均與資本成本呈顯著負相關(guān),說明市場化程度越高,法律環(huán)境越好,企業(yè)社會責(zé)任能夠更加有效地降低資本成本�；诖�,本文提出:推進社會責(zé)任的履行和披露是食品行業(yè)降低資本成本的重要路徑,在積極承擔(dān)企業(yè)各類社會責(zé)任的同時,企業(yè)還應(yīng)重點關(guān)注食品質(zhì)量方面的管理和信息披露。此外,推進市場化進程、優(yōu)化法律環(huán)境,也是我國在加快企業(yè)社會責(zé)任建設(shè)時需重點關(guān)注的內(nèi)容。
[Abstract]:Food industry is an important pillar of our national economy. In 2015, the total output value of national food industry has reached 11.34 tillion. On the one hand, the food industry is closely related to people's life. Directly related to the life and health of the public, social responsibility is extremely important. However, in recent years, China's food safety problems are repeatedly prohibited, the situation of social responsibility is severe, promote the implementation and disclosure of social responsibility in the food industry. Food industry is the only way to sustainable development of food enterprises. On the other hand, as a traditional industry, the problem of financing is difficult for a long time, financing planning has a lot of space. It is an inevitable choice to discuss the cost of capital in food industry. This paper takes the listed companies of food industry in our country as a sample to study the impact of social responsibility on the cost of capital. To promote the implementation of social responsibility for food companies and improve the disclosure of social responsibility information. To reduce financing costs to provide theoretical support and empirical data. Based on the characteristics and status of social responsibility of listed companies in the food industry, this paper takes more than 70 A-share listed companies as the research object. Select the data of 2011-2015 to construct the empirical index system: the cost of equity capital and debt capital as explained variables; State responsibility contribution rate, employee responsibility contribution rate, investor responsibility contribution rate, supplier responsibility contribution rate, consumer responsibility contribution rate, community responsibility contribution rate and food quality management disclosure are the explanatory variables. Taking excessive investment as intermediary variable; Take the legal environment and the market process index as the adjustment variable, establish the fixed effect model, whether to strengthen the social responsibility to the food industry listed company can reduce the capital cost. In this paper, we find that the listed companies in the food industry bear social responsibility to different stakeholders, which can reduce the cost of capital on the whole. But there are differences between the cost of equity capital and the cost of debt capital. Specifically, the responsibility of enterprises to the state, employees, investors and consumers can significantly reduce the cost of equity capital and debt capital costs. But taking responsibility for community and food safety only has significant effect on reducing the cost of equity capital. Bear the responsibility to suppliers can only effectively reduce the cost of debt capital. 2) restraining overinvestment is an important way for corporate social responsibility to reduce the cost of capital. Most of the explanatory variables have lost the original significance, and overinvestment and equity capital costs and debt capital costs are significantly negative correlation, indicating that corporate social responsibility can be through the suppression of overinvestment. To achieve the purpose of reducing the cost of capital. 3) fulfilling and disclosing social responsibility can reduce the cost of capital. However, this reduction is affected by the degree of marketization and the legal environment. After adding the market-oriented process index and the legal environment variables, it is found that both of them have a significant negative correlation with the capital cost. The higher the degree of marketization, the better the legal environment, corporate social responsibility can reduce the cost of capital more effectively. Based on this. This paper puts forward: to promote the implementation and disclosure of social responsibility is an important way for the food industry to reduce the cost of capital, while actively undertaking all kinds of corporate social responsibility at the same time. Enterprises should also focus on food quality management and information disclosure. In addition, to promote the process of marketization, optimize the legal environment, but also in speeding up the construction of corporate social responsibility in China should pay attention to the content.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82;F406.7;F270

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