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以2011—2013年度沪深A股上市公司为样本,以股票流动性假说和投资者预测风险假说等为基础,研究了社会责任报告是否披露及披露质量对权益资本成本的影响,同时还考察了产权性质对社会责任报告影响权益资本成本的作用机制。研究发现,披露了社会责任报告的公司相比未披露的公司有更低的权益资本成本;对于同样披露了社会责任报告的公司,社会责任报告质量较高的公司权益资本成本较低;与非国有企业相比,国有企业能更好地履行社会责任且权益资本成本更低,但对于不同产权性质的公司,社会责任报告降低权益资本成本的效果会有所不同,非国有企业更能发挥社会责任报告质量降低权益资本成本的作用。
Based on the sample of Shanghai and Shenzhen A-share listed companies in 2011-2013 and the stock liquidity hypothesis and the investors’ forecast risk hypothesis, this paper studies whether the disclosure of social responsibility reports and the quality of the disclosure affect the cost of equity capital. At the same time, The Mechanism of the Property Right Affecting the Cost of Equity Capital to Social Responsibility Reporting. The study found that companies that have disclosed their CSR reports have lower cost of equity capital than undisclosed companies, lower cost of equity for firms with the same high level of social responsibility reporting for firms that also disclose CSR reports, Compared with state-owned enterprises, state-owned enterprises can better fulfill their social responsibilities and the cost of equity capital is lower. However, for companies with different property rights, the effect of reducing the cost of equity capital in social responsibility reports will be different, and non-state-owned enterprises can give full play to their society Responsibility reporting quality reduces the cost of equity capital.