A Research On The Relationship Between Social Responsibility Information Disclosure And Enterprise Value

The issue of social responsibility information disclosure has always been the focus of theoretical research and management practice.In terms of theoretical research,most scholars have the idea that social responsibility information disclosure can enhance corporate value and reduce the cost of equity capital,but has not yet reached a consensus.In practice,more than 1,600 companies have issued social responsibility reports by 2018,but a considerable number of companies still have a weak sense of social responsibility,and are striving to fulfill their social responsibilities.The quality of social responsibility reports is also mixed.Based on the perspective of equity capital cost,this paper deeply discusses the impact of social responsibility information disclosure on corporate value,in order to provide incentives for enterprises to publish social responsibility reports and improve the level of social responsibility information disclosure.Based on reviewing the existing research results,this paper divides social responsibility information into five parts: shareholder responsibility,employee responsibility,customer responsibility,environmental responsibility,government and charity responsibility.Firstly,the paper analyzes the impact of social responsibility information disclosure on enterprise value and equity capital cost,the degree of influence under different equity nature,and the role of equity capital cost in the process of social responsibility information disclosure affecting corporate value.Then,taking the listed companies of the Shanghai and Shenzhen Stock Exchanges in2015-2017 as a sample,Hexun.com’s social responsibility total score and detailed scores measure the level of social responsibility information disclosure,use the PEG model to calculate the cost of equity capital,and use the Tobin’Q number to measure the enterprise value.A multivariate regression model was established,and the descriptive statistics,correlation analysis and multiple regression analysis were performed using stata13 statistical software,and the research hypothesis of this paper was empirically tested.The main results of this paper are as follows:(1)the social responsibility information and the level of detailed information disclosure are positively correlated with the enterprise value,and negatively correlated with the cost of equity capital;(2)compared with state-owned enterprises,the level of social responsibility information disclosure of non-state-owned enterprises has a greater impact on corporate value and equity capital cost;(3)equity capital cost plays a partial intermediary role in the process of social responsibility information disclosure affecting enterprise value.Finally,this paper proposes suggestions for improving the level of corporate social responsibility information disclosure from the perspectives of government,enterprises and society.