| In recent years,environmental pollution,product quality supervision,employee rights issues and other news frequently,the corporate social responsibility performance has been paid more and more attention by the society.The relevant guidelines issued by several stock exchanges and the state owned Assets Management Committee of the State Council have continued to raise the issue of corporate social responsibility,and enterprises have begun to disclose corporate social responsibility reports under the guidance of policies.The development of corporate social responsibility report in our country has begun to take the standardized road.However,because China is at the initial stage of corporate social responsibility report,the quantity and quality of the report is worrying.The reason lies in the insufficient disclosure motivation of the enterprise operators.This paper studies the relationship between corporate social responsibility report and capital cost of equity,and probes into the regulatory effect of environmental uncertainty,in order to provide impetus for enterprises to fulfill social responsibility and disclose social responsibility report.Based on the research on social responsibility report,the cost of equity capital and environmental uncertainty at home and abroad,this paper summarizes the current status and review the related research.Based on efficient markets theory,stakeholder theory,information asymmetry theory,signal transfer theory and image management theory,the paper analyses the influence of corporate social responsibility report disclosure on investor’s investment decision,and then on the cost of equity capital of the invested enterprise,furthermore,the strengthening of environmental uncertainty on the relationship between them is further analyzed.Based on the theoretical analysis,this paper puts forward the research hypotheses:hypothesis 1,the disclosure of corporate social responsibility report can reduce the cost of equity capital;hypothesis 2,the corporate social responsibility report is of better quality,the cost of equity capital is lower;hypothesis 3,environmental uncertainty will enhance the reduction.A regression model is proposed for the design of the variables.This paper makes an empirical analysis of the financial data of Shanghai and Shenzhen A share listed companies in the past 2012-2016 years to test the hypothesis.The results of empirical analysis show that:The disclosure of corporate social responsibility report sends out a favorable signal to the outside world,which can reduce the cost of equity capital through image management;the corporate social responsibility report is of better quality,as effective information compensates for the Information asymmetry of both parties to a transaction,the cost of equity capital is lower;in the case of environmental uncertainty,the information disadvantage of investors is prominent,and the demand for effective information is strengthened,the disclosure of high-quality social responsibility reporting would result in lower cost of equity capital and a stronger role for environmental uncertainty in the relationship between them.Finally,on the basis of empirical research,some suggestions are put forward such as increasing publicity and supervision,investors changing their ideas and so on. |
