社会责任信息披露与融资成本

Social Responsibility Information Disclosure and Financing Cost

中文关键词:  企业社会责任  信息披露  融资成本  自愿披露  强制披露  交互跨期

英文关键词:corporate social responsibility (CSR)  information disclosure  financing cost  voluntary disclosure  mandatary disclosure  interactive and inter-temporal influence

中文摘要:

      以2010—2015年沪深A股上市公司为样本,从动态的视角探究企业自愿披露社会责任报告的影响因素以及从融资成本视角考察社会责任信息披露的经济后果。研究表明,企业社会责任信息披露与融资成本之间存在交互跨期影响。降低融资成本是企业自愿披露社会责任信息的动机之一,积极披露社会责任信息有利于进一步降低企业的融资成本,形成良性循环。只有自愿披露的企业,其社会责任报告质量与融资成本显著负相关。进一步研究发现,公司治理水平在社会责任信息披露降低融资成本的路径中发挥正向调节作用,而环境不确定性在社会责任信息披露降低融资成本的路径中发挥负向的调节作用。因此,建议我国上市公司加强高质量的社会责任信息披露,并将承担社会责任纳入企业长期发展战略规划之中,以此达到缓解企业融资难题、提升长期经济绩效的效果。

英文摘要:

      Based on the sample of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2010 to 2015, this paper dynamically examines the influencing factors for the voluntary disclosure of Corporate Social Responsibility (CSR) report and the differences in economic consequences from the perspective of financing cost. The results show that there is an inter-temporal influence between CSR information disclosure and financing cost. One of the intrinsic motivations for voluntary disclosure of social responsibility information is to reduce the financing cost. Both the voluntary and mandatory disclosure of the social responsibility reports have an effect on reducing the financing cost of the company. Active social responsibility disclosure is helpful to further reducing the financing cost. But the conclusion that the higher the report quality, the more beneficial the financing cost is reduced is only significant in the firms with voluntary disclosure. Moreover, corporate governance and environmental uncertainty play a positive and negative moderating role respectively with regard to the relationship between CSR disclosures and financing cost. This paper takes the casual effect between CSR disclosure and financing cost into consideration, and the conclusion is helpful for firms to improve the financing situation and enhance the long-term financial performance. 