本文選題：社會責(zé)任　切入點：信息披露　出處：《湖南大學(xué)》2013年碩士論文

【摘要】：企業(yè)信息披露對其權(quán)益資本成本具有重要影響，高質(zhì)量的信息披露可以緩解投資者與企業(yè)間的信息不對稱，提高股票流動性，降低投資者對股票的風(fēng)險估計和回報要求，從而降低企業(yè)權(quán)益資本成本。在企業(yè)社會責(zé)任全球化的趨勢下，投資者為降低其投資風(fēng)險，越來越關(guān)注企業(yè)社會責(zé)任的履約情況。企業(yè)作為理性的市場主體，有充分動機(jī)通過社會責(zé)任信息披露來滿足投資者的信息需求，進(jìn)而降低企業(yè)的權(quán)益資本成本。因此，利用我國資本市場的相關(guān)數(shù)據(jù)，對企業(yè)社會責(zé)任信息披露與權(quán)益資本成本的相關(guān)性進(jìn)行理論分析與實證檢驗，，具有重要的理論與現(xiàn)實意義。 本文基于有效市場假說、信息不對稱理論、利益相關(guān)者理論及流動性溢價理論，以獨立的第三方機(jī)構(gòu)潤靈環(huán)球公司公布的2008年至2011年有社會責(zé)任評級報告的A股上市公司作為研宄樣本，就企業(yè)社會責(zé)任信息披露對權(quán)益資本成本的影響進(jìn)行了實證檢驗。研宄結(jié)果發(fā)現(xiàn)，對于我國上市公司和環(huán)境敏感型企業(yè)，社會責(zé)任信息披露與權(quán)益資本成本呈負(fù)相關(guān)關(guān)系，但是不十分顯著。而在消費(fèi)者敏感型企業(yè)，社會責(zé)任信息披露對降低權(quán)益資本成本產(chǎn)生了十分明顯的作用。針對上述研宄結(jié)論，本文從完善社會責(zé)任信息披露法律制度、強(qiáng)化社會責(zé)任信息披露監(jiān)督機(jī)制、建立社會責(zé)任信息披露激勵機(jī)制、構(gòu)建社會責(zé)任信息披露評價指標(biāo)體系四個方面提出了完善社會責(zé)任信息披露制度的政策建議，促進(jìn)社會責(zé)任信息披露在資本市場中發(fā)揮應(yīng)有的作用。
[Abstract]:The disclosure of enterprise information has an important impact on the cost of equity capital. High-quality information disclosure can alleviate the information asymmetry between investors and enterprises, improve stock liquidity, and reduce the risk estimation and return requirements of investors on stocks.So as to reduce the cost of equity capital.In the trend of corporate social responsibility globalization, investors pay more and more attention to the performance of corporate social responsibility in order to reduce their investment risk.As a rational market subject, enterprises have sufficient motivation to meet the information needs of investors through the disclosure of social responsibility information, thus reducing the cost of equity capital of enterprises.Therefore, it is of great theoretical and practical significance to make theoretical analysis and empirical test on the correlation between the disclosure of corporate social responsibility information and the cost of equity capital by using the relevant data of China's capital market.This paper is based on efficient market hypothesis, information asymmetry theory, stakeholder theory and liquidity premium theory.Taking A-share listed companies with social responsibility rating reports from 2008 to 2011 published by Runling Global, an independent third party, as a sample, this paper makes an empirical test on the impact of corporate social responsibility information disclosure on the cost of equity capital.The results show that there is a negative correlation between the disclosure of social responsibility information and the cost of equity capital for listed companies and environment-sensitive enterprises in China, but it is not very significant.In consumer sensitive enterprises, social responsibility information disclosure has a very obvious effect on reducing the cost of equity capital.In view of the above conclusions, this paper tries to perfect the legal system of social responsibility information disclosure, strengthen the supervision mechanism of social responsibility information disclosure, and establish the incentive mechanism of social responsibility information disclosure.In order to promote the social responsibility information disclosure to play its due role in the capital market, this paper puts forward some policy suggestions on how to perfect the social responsibility information disclosure system in the four aspects of the evaluation index system of social responsibility information disclosure.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275.3;F270

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