Research On The Influence Of Listed Companies Social Responsibility Information Disclosure On The Cost Of Equity Capital

Enterprise is an important force to promote social progress, at the same time of promoting economic development, they also have some problems such as serious environment pollution, excessive resource consumption, damage the rights and interests of consumers and so on, which influence the sustainable development of our country social economy seriously. So the issue of corporate social responsibility is increasingly attracting the attention of people. The cost of equity capital as a basic index to evaluate the operational effectiveness of the enterprise, is also an important basis for the decision making of financing, it has an important influence on the business development. If this thesis can prove the corporate social responsibility information disclosure has a positive effect on the cost of equity capital, enterprises in order to reduce the cost of capital and improve enterprise management benefit, will actively fulfill their social responsibilities, take the initiative to improve the level of social responsibility information disclosure, thus achieve the "two-to-win" between enterprise and social. It can promote the sustained and healthy economic development, also has important practical significance to maintain social stability and harmony.Based on the relevant literature at home and abroad, combined with stakeholders theory, asymmetric information theory, and efficient market theory, research and analyzes the influence of the corporate social responsibility information disclosure on the cost of equity capital. Then on the basis of theoretical analysis,this thesis takes 301 listed companies as research samples from Shenzhen main board between 2012 and 2014, use the PEG model to calculate the cost of equity capital as the dependent variable. The evaluation index of corporate social responsibility information disclosure are provided by He Xun.com as independent variable, the enterprise scale, management risk, financial risk, profitability and growth level as control variables. Establish a regression model to make a descriptive analysis and multiple regression analysis about the influence of corporate social responsibility information disclosure on the equity capital cost. The empirical results show that in our contry the corporate social responsibility information disclosure has a significant negative influence on the cost of the equity capital, But this effect isn’t significant for the heavily pollution enterprise. Finally, the paper summarizes the research conclusion, and explain the deficiencies of this article.