社会责任信息披露对企业融资成本的影响——基于我国上市公司的经验证据

The Impact of Social Responsibility Information Disclosure on Firm Financing Cost——Empirical Evidence Based on Listed Companies in China

从企业融资的角度,结合我国现阶段社会责任信息披露的环境背景,首先从理论上分析社会责任信息披露对企业融资成本的影响;然后以2014—2015年沪深两地A股上市公司为样本进行实证检验,发现企业社会责任信息披露能够显著降低企业的权益融资成本和债务融资成本,并且其社会责任信息披露质量越高,权益融资成本和债务融资成本也相应越低。此外还发现同样质量水平的社会责任信息披露,对权益融资成本的影响要大于对债务融资成本的影响,这表明企业如果更多地依赖权益融资,社会责任就更为重要;进一步分析中发现,社会责任信息的披露对非国有企业债务融资成本的影响大于国有企业,非国有企业具有强烈的动机承担社会责任,披露社会责任信息,可建立与政府的友好关系,丰富政商沟通渠道,从而获得融资便利。

Based on the angle of corporate finance and the background of social responsibility information disclosure in our country 1 this paper first discusses the four influence paths of social responsibility information disclosure on corporate finance. Thenluse the information of Listed companies from 2014 to 20151proved that corporate social responsibility information disclosure can reduce the cost of equity capital and the cost of debt capitallthe higher the quality of its soeial responsibility information disclosurelthe lower the cost of these two capital. What＇s morelas the same quality level of social responsibility information disclosurel the impact on the cost of equity capital is greater than the cost of debt capital.