企业社会责任信息披露对股权融资成本的影响研究.pdf

《企业社会责任信息披露对股权融资成本的影响研究.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、AbstractThegrowthofcorporatesocialresponsibilitypracticehasinspiredscholars’enthusiasmforresearchoncorporatesocialresponsibilityinformationdisclosure,financingissuehasbeenanimportanttopicinbothacademiaandbusinesscircles.Basedonstakeholdertheory,effici

2、entmarkettheory,cognitiverisktheoryandtheoryofasymmetricinformation,thispapercombinednormativeanalysismethodandempiricalanalysismethods,andtrytoexploringtheinfluenceofCSRinformationdisclosureleveloncostsofequitycapital,hopingtomakedeeperunderstandingo

3、feconomicconsequencesofcorporatesocialresponsibilityperformance.ThispaperselectedsamplesfromcompanieslistedonShanghaiStockExchangeorShenzhenStockExchange,specificallythosehaddisclosedCSRreportfrom2008to2013.Ultimately,atotalof2410observationsfrom636li

4、stedcompanieswerecollected.ThispapermadetheuseofPEGmodelandOJNmodeltomeasurethecostofequitycapital,andadoptedtheCSRreportratingscoreofRankingCSRRatings(RKS)asameasureofCSRinformationdisclosurelevel.Havingcontrolledfactorsinfluencingequitycost,theOLSre

5、gressionmethodandrandomeffectsregressionmethodwereusedtomaketheempiricalexaminationofinfluenceofCSRinformationdisclosurelevelonequitycost.Thepaperfoundthat:firstly,higherlevelofCSRinformationdisclosurecanhelpreducingtheinvestingriskofinformationasymme

6、tryandcognitiveriskfacedbyinvestors,thushaveasignificantnegativeeffectonthecostofequitycapital.Secondly,withtheintroductionofanalystsfollowingvariables,theempiricalanalysisshowedthatthenumberofanalystsfollowingdoesnothavesignificanteffectontherelation

7、shipbetweenCSRinformationdisclosurelevelandthecostofequitycapital.Keywords:costofequitycapital;socialresponsibilityinformationdisclosure;perceivedrisk;asymmetricinformation;analystsfollowingII目录摘要.......................................................

8、...................................................................IAbstract.......................................................................................................................II目录............................................