發(fā)布時間：2018-04-28 19:21

  本文選題：社會責任信息披露質(zhì)量 + 權(quán)益資本成本��； 參考：《東北大學》2013年碩士論文

【摘要】：近年來,學術(shù)界和企業(yè)界都在積極探索降低資本成本的有效途徑,對資本成本影響因素的研究也成為了他們共同關(guān)注的熱點話題,而信息被證明是經(jīng)典三因素之外又一重要的資本成本影響因素。隨著非財務(wù)信息在資本市場上的出現(xiàn)及快速發(fā)展,非財務(wù)信息披露越來越受到社會各界的重視,國內(nèi)外學者也將資本成本影響因素的關(guān)注點從財務(wù)信息披露向非財務(wù)信息披露轉(zhuǎn)移。我國自2008年以來,監(jiān)管部門陸續(xù)提出了有關(guān)企業(yè)社會責任信息披露的規(guī)范和政策,上市公司在監(jiān)管部門的引導下紛紛加入到披露企業(yè)社會責任報告的行列中來。截止到2012年上市公司已經(jīng)累計披露了兩千多份企業(yè)社會責任報告,隨著社會責任信息披露的發(fā)展,其所發(fā)揮的作用會越來越大。那么社會責任信息披露是否能夠影響上市公司的權(quán)益資本成本和債務(wù)資本成本?社會責任信息披露對這兩種資本成本的影響是否存在差異?對于這些問題的研究一方面是在進一步探索資本成本的影響因素,另一方面也豐富了社會責任信息披露有用性的研究。本文首先從理論上分析了社會責任信息披露質(zhì)量對權(quán)益和債務(wù)資本成本的影響。然后以2009-2011年披露了社會責任報告的上市公司為樣本,使用PEG模型計算權(quán)益資本成本,采用(利息支出+資本化利息)/平均總負債的值來衡量債務(wù)資本成本,基于潤靈環(huán)球責任評級機構(gòu)(RKS)發(fā)布的企業(yè)社會責任報告評分以虛擬變量的方式來衡量社會責任信息披露質(zhì)量。最后建立多元線性回歸模型,實證檢驗了社會責任信息披露質(zhì)量對權(quán)益和債務(wù)資本成本的影響及其差異。研究結(jié)果表明：企業(yè)的社會責任信息披露質(zhì)量越高,其權(quán)益資本成本和債務(wù)資本成本越低；社會責任信息披露質(zhì)量對權(quán)益資本成本的影響要大于其對債務(wù)資本成本的影響。相對于債權(quán)人而言,股東對社會責任信息披露的關(guān)注程度和依賴程度更大�；谏鲜鼋Y(jié)論本文給出以下建議：一方面企業(yè)應(yīng)該在積極履行社會責任的基礎(chǔ)上,不斷提高自身的社會責任信息披露質(zhì)量,從而降低企業(yè)的資本成本；另一方面監(jiān)管部門應(yīng)該建立完善的社會責任信息披露評價機制和社會責任信息披露規(guī)范,提供更加詳實的社會責任信息參考。同時,進一步出臺更加完善的社會責任信息披露政策,促使社會責任信息的使用者更加多元化,從而更充分地發(fā)揮社會責任信息披露降低資本成本的作用。
[Abstract]:In recent years, academia and business circles have been actively exploring effective ways to reduce capital cost, and the research on the influencing factors of capital cost has become a hot topic of common concern. Information has proved to be an important capital cost factor in addition to the classic three factors. With the emergence and rapid development of non-financial information in the capital market, non-financial information disclosure has attracted more and more attention from all walks of life. Scholars at home and abroad have also shifted the focus of capital cost factors from financial information disclosure to non-financial information disclosure. Since 2008, the supervision department of our country has put forward the norms and policies about the disclosure of corporate social responsibility information one after another, and listed companies have joined the ranks of the disclosure of corporate social responsibility report under the guidance of the supervision department. Up to 2012, the listed companies have disclosed more than 2,000 corporate social responsibility reports, with the development of social responsibility information disclosure, it will play a more and more important role. Can the disclosure of social responsibility information affect the cost of equity capital and debt capital of listed companies? Is there a difference in the impact of social responsibility information disclosure on these two capital costs? On the one hand, the study of these problems is to further explore the factors affecting the cost of capital, on the other hand, it enriches the research on the usefulness of social responsibility information disclosure. Firstly, this paper theoretically analyzes the influence of the quality of social responsibility information disclosure on equity and debt capital cost. Then, taking the listed companies that disclosed the social responsibility report from 2009-2011 as samples, using PEG model to calculate the cost of equity capital, using the value of interest expense capitalized interest / average total liabilities to measure the cost of debt capital. The CSR rating based on RKS, a global liability rating agency, measures the quality of CSR disclosure in a virtual variable. Finally, a multivariate linear regression model is established to test the impact of the quality of social responsibility information disclosure on equity and debt capital costs and their differences. The results show that the higher the quality of corporate social responsibility information disclosure, the lower the cost of equity capital and debt capital, and the greater the impact of the quality of social responsibility information disclosure on the cost of equity capital than its impact on the cost of debt capital. Compared with creditors, shareholders pay more attention to and rely on social responsibility information disclosure. Based on the above conclusions, this paper gives the following suggestions: on the one hand, enterprises should constantly improve the quality of their social responsibility information disclosure on the basis of actively fulfilling social responsibility, thereby reducing the capital cost of enterprises; On the other hand, regulators should establish a perfect evaluation mechanism of social responsibility information disclosure and norms of social responsibility information disclosure to provide more detailed social responsibility information reference. At the same time, a more perfect policy of social responsibility information disclosure is introduced to make the users of social responsibility information more diversified, so as to give full play to the role of social responsibility information disclosure in reducing the cost of capital.
【學位授予單位】：東北大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1816543