摘要
在我国企业社会责任报告披露制度的环境下,以企业单独发布的社会责任报告为研究主体,选取了我国2009—2012年石化塑胶行业的A股上市公司作为研究样本,检验了我国上市公司的社会责任信息披露与融资成本之间的关系。研究发现,我国上市公司的社会责任信息披露能显著降低权益融资成本,但对债务融资成本没有显著影响。这为研究企业社会责任信息披露对企业价值的影响路径提供了经验证据,也为社会责任信息的提供者、使用者以及监管者提供了一定的理论参考。
Taking social responsibility reports from corporations as the research subject and listed companies of the petrochemical plastic industry in China from 2009 to 2012 as study samples, this paper tested the relationship between social responsibility disclosures and corporate financing costs after the issuance of Corporate Governance Standards. We found that corporate social responsibility disclosures can significantly reduce the cost of equity financing, but no significant effect on debt financing cost. This paper provided empirical evi- dence to study the effect of corporate social responsibility disclosures on finn value, as well as certain theory reference for the provid- ers, users and regulators of corporate social responsibility information.
出处
《长沙大学学报》
2016年第1期20-23,共4页
Journal of Changsha University
关键词
社会责任报告
信息披露
融资成本
social responsibility report
information disclosure
financing cost
