社会责任信息披露对企业融资成本的影响——基于我国上市公司的经验证据

›› 2017 ›› Issue (06): 40-52.

社会责任信息披露对企业融资成本的影响——基于我国上市公司的经验证据

赵良玉¹, 阮心怡², 刘芬芬¹

1. 武汉大学经济与管理学院, 湖北武汉 430072;
2. 复旦大学法学院, 上海 200433

收稿日期:2017-07-14 出版日期:2017-11-15 发布日期:2018-01-11
作者简介:赵良玉(1984-),男,湖北人,武汉大学经济与管理学院讲师,管理学博士,研究方向为资本市场财务、会计问题;阮心怡(1995-),女,重庆人,复旦大学法学院法律硕士,研究方向为财务与法律交叉领域;刘芬芬(1985-),女,江西人,武汉大学经济与管理学院会计学博士研究生,研究方向为财务会计、信息披露、公司治理。
基金资助:
武汉大学自主科研项目（人文社会科学）"财务分析师本地偏好现象及其产生原因"，"中央高校基本科研业务费专项资金"资助。

The Impact of Social Responsibility Information Disclosure on Firm Financing Cost——Empirical Evidence Based on Listed Companies in China

ZHAO Liang-yu¹, RUAN Xin-yi², LIU Fen-fen¹

1. Economics and Management School of Wuhan Univeristy, Wuhan, Hubei 430072, China;
2. Fudan University School of Low, Shanghai, 200433, China

Received:2017-07-14 Online:2017-11-15 Published:2018-01-11

摘要/Abstract

摘要： 从企业融资的角度，结合我国现阶段社会责任信息披露的环境背景，首先从理论上分析社会责任信息披露对企业融资成本的影响；然后以2014—2015年沪深两地A股上市公司为样本进行实证检验，发现企业社会责任信息披露能够显著降低企业的权益融资成本和债务融资成本，并且其社会责任信息披露质量越高，权益融资成本和债务融资成本也相应越低。此外还发现同样质量水平的社会责任信息披露，对权益融资成本的影响要大于对债务融资成本的影响，这表明企业如果更多地依赖权益融资，社会责任就更为重要；进一步分析中发现，社会责任信息的披露对非国有企业债务融资成本的影响大于国有企业，非国有企业具有强烈的动机承担社会责任，披露社会责任信息，可建立与政府的友好关系，丰富政商沟通渠道，从而获得融资便利。

关键词: 企业社会责任, 权益融资成本, 债务融资成本

Abstract: Based on the angle of corporate finance and the background of social responsibility information disclosure in our country 1 this paper first discusses the four influence paths of social responsibility information disclosure on corporate finance. Then 1 use the information of Listed companies from 2014 to 20151proved that corporate social responsibility information disclosure can reduce the cost of equity capital and the cost of debt capital 1 the higher the quality of its social responsibility information disclosure 1 the lower the cost of these two capital. What's more 1 as the same quality level of social responsibility information disclosure 1 the impact on the cost of equity capital is greater than the cost of debt capital.

Key words: CSR, cost of equity capital, cost of debt capital

中图分类号:

F230

赵良玉, 阮心怡, 刘芬芬. 社会责任信息披露对企业融资成本的影响——基于我国上市公司的经验证据[J]. , 2017(06): 40-52.

ZHAO Liang-yu, RUAN Xin-yi, LIU Fen-fen. The Impact of Social Responsibility Information Disclosure on Firm Financing Cost——Empirical Evidence Based on Listed Companies in China[J]. , 2017(06): 40-52.

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