Research On The Relationship Between Corporate Social Responsibility Information Disclosure Willingness And The Cost Of Equity

More and more enterprises begin to attach importance to disclose the socialresponsibility information, in addition to the requirements of mandatory disclosure,reducing the equity cost is one of the main purposes of disclosing the socialresponsibility information. At the same time, more and more scholars begin to revolvearound the relationship between the corporate social responsibility informationdisclosure and the equity cost, and achieve certain results, but the research is notcomprehensive and the conclusion is inconsistent. This paper research the relationshipbetween the two, from the perspective of continuous disclosure not first disclosure,hoping to enrich the theory of corporate social responsibility and the equity cost, andto improve the enterprises fulfilling the social responsibility and decrease the cost ofequity.At first, this paper reviewed the relevant literature about the corporate socialresponsibility information disclosure, then introduced the concept of corporate socialresponsibility disclosure and the equity capital cost.And then, on the basis of the theoretical analysis, this paper empirical that thewillingness of voluntary disclosure of social responsibility of the enterprise for theequity cost. The results showed that compared with never disclosure of socialresponsibility information of enterprise, continuous voluntary disclosure of socialresponsibility of the enterprise have a lower cost of equity capital;Once again, this paper empirically inspect the cost for the willingness ofvoluntary disclosure of social responsibility of the enterprises. The result is that thelower the equity capital cost is, the stronger the willingness of continuousvoluntary disclosure of social responsibility information is.At last, on the basis of empirical research, in order to put forward the proposal toimprove voluntary disclosure of social responsibility of enterprise willingness, we canchange the ideas of the enterprises, introduce the third party audit system, intensify supervision of the government. At the same time, in order to decrease the cost ofequity cost, we can positively disclosure social responsibility information, givepriority to equity financing, and strengthen the management of market efficiency.