企业社会责任信息披露的资本成本效应

The Effects of Information Disclosure of Corporate Social Responsibility on Capital Cost

本文关注企业社会责任信息披露与资本成本之间的关系。理论分析表明,高水平的社会责任信息披露可以通过减少委托代理冲突、减少逆向选择、释放"优质"信号以及增加市场有效性四种渠道降低企业的资本成本。实证研究表明:中国企业社会责任信息披露总体水平较低且行业差异较大;企业社会责任信息披露水平与资本成本之间存在一定的负相关性,而且企业社会责任信息披露水平对资本成本的影响效应因行业有所区别。此外,对不同资本成本企业的聚类研究表明,资本成本较低的企业有较高的社会责任信息披露水平,反之亦然;企业规模、固定资产比例、成长性、经营杠杆系数等企业特征对社会责任信息披露水平有一定影响。

This paper focuses on the correlation between capital cost and information disclosure of corporate social responsibility （CSR）. The theoretical analysis reveals high level CSR information disclosure can decrease capital cost through four ways ： reduction in the conflicts between principal and agent, decrease of the reverse selection, release of Good Performance signal,increase of the market efficiency. The results show that ：firstly, the overall level of CSR information disclosure is relatively low and greatly varies among industries ; secondly, there is a negative relationship between CSR information disclosure and capital cost ,which greatly differs among industries;thirdly, the K-means clustering analysis demonstrates that the firms with lower capital cost present higher CSR information disclosure level and vice versa;besides, the characteristic of firms, such as size, percentage of fixed assets, growth opportunity and operation leverage, can also affect firms＇ CSR information disclosure level .