1008-7729（2016）06-0064-10

北京邮电大学学报(社科版) ›› 2016, Vol. 18 ›› Issue (6): 64-73.

1008-7729（2016）06-0064-10

北京邮电大学经济管理学院，北京100876

收稿日期:2016-08-23 出版日期:2016-12-31

Relationship Between Information Disclosure Level of Social Responsibility #br# and Capital Cost

School of Economics and Management, Beijing University of Posts and Telecommunications,
Beijing 100876, China

Received:2016-08-23 Online:2016-12-31

摘要/Abstract

摘要：

社会责任在企业可持续发展中占据日益重要的地位，企业社会责任信息披露的资本效应成为重要的研究议题。为探究当前经

济环境下社会责任信息披露对我国上市公司的资本效应，选取深交所和上交所2013—2014年披露社会责任报告的A股上市公司为样

本，理论分析并实证检验社会责任报告披露水平与权益资本成本和债务资本成本的关系。结果表明，社会责任报告披露水平较高的

企业，债务资本成本较低，权益资本成本较高。最后结合我国实际情况从管理者、投资者和监管者层面提出管理建议。

关键词: 社会责任信息披露, 权益资本成本, 债务资本成本

Abstract:

Social responsibility is occupying an increasing important place in the sustainable development of

enterprises, and the capital effect of information disclosure of enterprise’s social responsibility has been the

important research issue. To explore the capital effect of information disclosure of social responsibility on

China’s listed companies, the A-Shares public companies whose social responsibility reports were announced by

Shenzhen Stock Exchange and Shanghai Stock Exchange between 2013 and 2014 are taken as a sample, and the

relationship among disclosure level of social responsibility, equity capital cost and debt capital cost is

theoretical analyzed. It shows that the company with higher disclosure level of social responsibility has lower

debt capital cost and higher equity capital cost. In the end, some suggestions for managers, investors and

supervisors are put forward based on the current situation in China.

Key words: information disclosure level of social responsibility, equity capital cost, debt capital cost

中图分类号:

车培荣，田雪力. 1008-7729（2016）06-0064-10[J]. 北京邮电大学学报(社科版), 2016, 18(6): 64-73.

CHE Pei-rong, TIAN Xue-li. Relationship Between Information Disclosure Level of Social Responsibility #br# and Capital Cost[J]. JOURNAL OF BEIJING UNIVERSITY OF POSTS AND TELECOM, 2016, 18(6): 64-73.

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