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权益资本成本一直是企业关注的重点,而信息不对称会导致融资成本的增加。社会责任报告的披露能否减少企业与投资者之间的信息不对称,进而降低权益资本成本是值得深入研究的问题。文章以2011—2014年深市和沪市A股上市公司为样本,运用Logistic回归和多元回归,实证研究了权益资本成本和社会责任报告披露的相互关系。结果发现,上一年的权益资本成本与下一年社会责任报告披露的可能性正相关;在披露社会责任报告的企业中,报告评分高的企业下一年的权益资本成本下降更多。因此,公司不仅要重视社会责任的履行,还要注重社会责任报告的规范化,从而实现企业和社会的共同发展。
The cost of equity capital has always been the focus of business, and information asymmetry will lead to an increase in financing costs. Whether the disclosure of social responsibility reports can reduce the information asymmetry between enterprises and investors and then reduce the cost of equity capital is a problem that deserves further study. Taking the Shenzhen-A shares and Shanghai A-share listed companies from 2011 to 2014 as samples, this paper uses Logistic regression and multiple regression to study the relationship between equity capital cost and disclosure of social responsibility report. The results showed that the cost of equity capital in the previous year was positively related to the possibility of disclosing the social responsibility report in the next year. Among the enterprises that reported the social responsibility report, the enterprises with high report ratings dropped more in the cost of equity capital in the next year. Therefore, the company should not only pay attention to the fulfillment of social responsibilities, but also pay attention to the standardization of social responsibility reports so as to realize the common development of enterprises and society.