本文選題：企業(yè)社會責(zé)任　切入點：股權(quán)資本成本　出處：《廣西大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,隨著環(huán)境惡化,資源枯竭以及勞工保護等問題日漸凸顯,人們越來越意識到企業(yè)社會責(zé)任的重要性。毒奶粉,瘦肉精,黑心煤礦,松花江污染,石油爆炸等事故層出不窮,嚴重侵害了消費者利益,勞動者權(quán)益和社會公共利益。國家法律法規(guī)明確要求企業(yè)履行社會責(zé)任。滬深兩所亦發(fā)布文件強制要求部分上市公司披露社會責(zé)任報告。企業(yè)應(yīng)該樹立起對社會負責(zé)任的意識,自愿自覺地為社會作貢獻。 相關(guān)數(shù)據(jù)表明,近年來,越來越多的上市公司在年報中披露社會責(zé)任相關(guān)信息。企業(yè)履行社會責(zé)任究竟是迎合法律法規(guī)的要求還是企業(yè)發(fā)自內(nèi)心的行為?不少學(xué)者研究企業(yè)社會責(zé)任與財務(wù)績效的關(guān)系,從企業(yè)履行社會責(zé)任的經(jīng)濟后果出發(fā)檢驗企業(yè)的動機,但是研究并未得出一致的結(jié)果,使社會責(zé)任動機研究陷入僵局。本文認為,有必要挖掘新的視角,來進一步理解企業(yè)履行社會責(zé)任的經(jīng)濟后果和內(nèi)在動因。因此,本文直接研究企業(yè)履行社會責(zé)任對企業(yè)股權(quán)資本成本的影響,為探討企業(yè)履行社會責(zé)任的動因提供一個新的視角。本文以2010-2011年發(fā)布社會責(zé)任報告的989家A股上市公司為研究對象,以潤靈環(huán)球(RKS)企業(yè)社會責(zé)任報告評級來衡量企業(yè)社會責(zé)任,同時使用資本資產(chǎn)定價模型和peg模型來計量股權(quán)資本成本,回歸結(jié)果表明,股權(quán)資本成本與企業(yè)社會責(zé)任負相關(guān),企業(yè)履行社會責(zé)任能顯著降低股權(quán)資本成本。企業(yè)應(yīng)主動履行社會責(zé)任,減少企業(yè)的財務(wù)風(fēng)險,為企業(yè)創(chuàng)造更大的價值。
[Abstract]:In recent years, as environmental degradation, resource depletion and labor protection have become increasingly prominent, people have become increasingly aware of the importance of corporate social responsibility: tainted milk powder, lean meat essence, black heart coal mine, Songhua River pollution, etc. Accidents such as oil explosions have occurred in endlessly, which have seriously infringed on the interests of consumers. Workers' rights and interests and social public interests. State laws and regulations explicitly require enterprises to fulfill their social responsibilities. Shanghai and Shenzhen also issue documents that require some listed companies to disclose their social responsibility reports. Enterprises should establish a sense of social responsibility. Make voluntary and conscious contributions to society. The related data show that in recent years, more and more listed companies disclose information about social responsibility in their annual reports. Is corporate social responsibility meeting the requirements of laws and regulations or corporate behavior from the heart? Many scholars study the relationship between corporate social responsibility and financial performance and test the motivation of enterprises from the economic consequences of corporate social responsibility. This paper holds that it is necessary to excavate a new angle of view to further understand the economic consequences and internal motivation of corporate social responsibility. This paper directly studies the impact of corporate social responsibility on the cost of equity capital. In order to provide a new perspective on the motivation of corporate social responsibility, this paper takes 989 A-share listed companies that issued social responsibility report in 2010-2011 as the research object, and measures corporate social responsibility with the rating of corporate social responsibility (RKS). At the same time, the capital asset pricing model and peg model are used to measure the cost of equity capital. The regression results show that the cost of equity capital is negatively correlated with corporate social responsibility. Corporate social responsibility can significantly reduce the cost of equity capital, enterprises should take the initiative to fulfill social responsibility, reduce the financial risks of enterprises, and create greater value for enterprises.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F270;F275;F832.51

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