企业社会责任信息披露与资本成本的互动关系——基于信息不对称视角的一个分析框架

Interactive Relation between Corporate Social Responsibility Disclosure and the Cost of Capital:An Analysis Framework Based on Asymmetric Information

信息不对称是增加企业资本成本的一个重要因素,企业社会责任信息披露有助于降低信息不对称,从而降低资本成本,但该作用的发挥受制于企业是否真实、适当地进行了社会责任信息披露;而基于较低的资本成本约束,企业社会责任信息披露动机、水平和质量也会受到影响,企业社会责任信息披露与资本成本之间存在互动关系。

Asymmetric information is an important factor to increase the cost of capital.Corporate social responsibility(here after CSR)disclosure can reduce asymmetric information,and then reduce the cost of capital,but the role depends on whether the corporate truly and appropriately conduct CSR disclosure.While,based on the lower cost of capital constraints,the incentive,the level and the quality of CSR disclosure can be affected.So,there is an interactive relation between CSR disclosure and the cost of capital.