本文選題：媒體關(guān)注　切入點(diǎn)：企業(yè)社會責(zé)任披露水平　出處：《浙江工商大學(xué)》2017年碩士論文

【摘要】：進(jìn)入新世紀(jì)以來,我國經(jīng)濟(jì)取得了飛速的發(fā)展,居民生活水平與國民經(jīng)濟(jì)發(fā)展水平呈現(xiàn)出穩(wěn)步增長的態(tài)勢。然而伴隨著經(jīng)濟(jì)的發(fā)展社會的進(jìn)步,大量社會責(zé)任事件卻層出不窮,例如鎘大米、大連原油管爆炸事故、毒生姜、假疫苗、毒操場事件等,說明我國企業(yè)社會責(zé)任缺失現(xiàn)象仍普遍存在。近年來企業(yè)社會責(zé)任的重要性引起了學(xué)者們對企業(yè)社會責(zé)任信息披露的關(guān)注和濃厚的研究興趣,而融資問題是關(guān)乎企業(yè)長遠(yuǎn)發(fā)展的重要影響因素。但是國內(nèi)令人堪憂社會責(zé)任履行現(xiàn)狀,說明管理層對于社會責(zé)任履行及披露的經(jīng)濟(jì)后果仍懷有疑慮。因此,研究企業(yè)社會責(zé)任信息披露水平和股權(quán)融資成本的相關(guān)關(guān)系,以期獲得企業(yè)社會責(zé)任信息披露能夠有效降低股權(quán)資本成本,提高企業(yè)的融資效率的經(jīng)驗(yàn)證據(jù),并以此引政府部門規(guī)范企業(yè)社會責(zé)任信息披露制度,引導(dǎo)和促進(jìn)企業(yè)履行社會責(zé)任。此外,由于我國特殊的國情,且處于經(jīng)濟(jì)深化改革階段,資產(chǎn)市場尚不成熟,市場機(jī)制不健全,傳統(tǒng)的法律制度不能完全的根治和消除社會責(zé)任缺失的現(xiàn)象,急需一種法律外有效補(bǔ)充方法。而新聞媒體不僅是信息在企業(yè)和市場間的傳輸通道,同時(shí)具有輿論監(jiān)督的作用,有擔(dān)當(dāng)?shù)纳鐣襟w可以有效約束經(jīng)理人的不良行為,降低企業(yè)侵害行為發(fā)生概率,提高公司治理水平。那么,媒體是否會對企業(yè)社會責(zé)任缺失的現(xiàn)象發(fā)揮治理功能,及其對社會責(zé)任披露的股權(quán)融資效應(yīng)的作用如何,值得我們?nèi)パ芯刻剿�。文章選取的總體樣本是2009-2014年間我國A股上市公司中發(fā)布社會責(zé)任報(bào)告的企業(yè)。分別采用OJN模型和PEG比率來測算股權(quán)融資成本,以第三方潤靈環(huán)球?qū)ι鲜泄旧鐣?zé)任報(bào)告的評級得分作為社會責(zé)任信息披露水平的衡量基準(zhǔn),在引入相關(guān)影響變量后,利用Stata軟件進(jìn)行多元回歸分析,就媒體關(guān)注度、企業(yè)社會責(zé)任信息披露水平及股權(quán)融資成本三者間的相互關(guān)系進(jìn)行了實(shí)證檢驗(yàn)。研究結(jié)果表明:(1)媒體關(guān)注度越高,公司社會責(zé)任信息披露水平就越高。利益相關(guān)者獲取信息渠道有限,媒體報(bào)道數(shù)量越多,越能降低信息的不對稱性,同時(shí)公司受到外部輿論監(jiān)督的壓力就越大,企業(yè)為了維護(hù)自身聲譽(yù),進(jìn)而促使企業(yè)提高社會責(zé)任信息披露水平。(2)社會責(zé)任信息披露水平與股權(quán)融資成本負(fù)向關(guān)系,企業(yè)社會責(zé)任信息披露水平的提高能夠降低投資者面臨的信息不對稱風(fēng)險(xiǎn)和認(rèn)知風(fēng)險(xiǎn),向投資者釋放有社會擔(dān)當(dāng)?shù)姆e極信號,增強(qiáng)投資者對企業(yè)未來發(fā)展的信心。(3)引入媒體關(guān)注與社會責(zé)任信息披露水平交乘項(xiàng),進(jìn)一步研究發(fā)現(xiàn),隨著媒體關(guān)注度的提高,社會責(zé)任披露水平對股權(quán)成本降低效應(yīng)就越強(qiáng)。
[Abstract]:Since entering the new century, the economy of our country has made rapid development, the living standard of residents and the level of development of national economy have shown a steady growth trend. However, with the development of economy and society, a large number of social responsibility events emerge in endlessly. For example, cadmium rice, Dalian crude oil pipe explosion, poisonous ginger, false vaccine, toxic playground incident, etc. In recent years, the importance of corporate social responsibility (CSR) has aroused scholars' concern and strong research interest in CSR information disclosure. The financing problem is an important factor affecting the long-term development of enterprises. However, the current situation of social responsibility performance in China is worrying, indicating that the management still has misgivings about the economic consequences of social responsibility performance and disclosure. This paper studies the relationship between the level of corporate social responsibility information disclosure and the cost of equity financing in order to obtain empirical evidence that corporate social responsibility information disclosure can effectively reduce the cost of equity capital and improve the financing efficiency of enterprises. In addition, because of the special situation of our country and the stage of deepening economic reform, the asset market is not mature. The market mechanism is not perfect, the traditional legal system can not completely cure and eliminate the phenomenon of the lack of social responsibility, it is in urgent need of an effective supplement method outside the law, and the news media is not only the transmission channel between the enterprise and the market, but the news media is not only the transmission channel between the enterprise and the market. At the same time, it has the function of public opinion supervision. Social media can effectively restrain managers' bad behavior, reduce the probability of infringing enterprises, and improve the level of corporate governance. Whether the media will play a governance role in the absence of corporate social responsibility, and how it will play a role in the equity financing effect of social responsibility disclosure, The total sample selected in this paper is the companies that issued social responsibility reports in China's A-share listed companies from 2009-2014. The OJN model and the PEG ratio are used to measure the cost of equity financing. Taking the rating score of the third party Runling Global to the listed company's social responsibility report as the benchmark of the level of social responsibility information disclosure, after introducing the relevant influence variables, using the Stata software to carry out multivariate regression analysis, the media attention is analyzed. The relationship between the level of corporate social responsibility information disclosure and the cost of equity financing is empirically tested. The higher the level of corporate social responsibility information disclosure, the more limited access to information for stakeholders, the more media reports, the lower the asymmetry of information, and the greater the pressure on the company to be supervised by external public opinion. In order to maintain their own reputation, enterprises can improve the level of social responsibility information disclosure and the negative relationship between the level of social responsibility information disclosure and the cost of equity financing. The improvement of the level of corporate social responsibility information disclosure can reduce the risk of asymmetric information and cognitive risk faced by investors, and release the positive signals of social responsibility to investors. Enhance investors' confidence in the future development of enterprises.) introduce media attention and social responsibility information disclosure level to multiply the term, further research found that with the increase of media attention, social responsibility disclosure level of equity cost reduction effect is stronger.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F270;F275;F832.51

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