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

CLC Number: 

• F279.246

• F832.48