The Study Of The Relationship Between Corporate Social Responsibility Information Disclosure And The Capital Cost

With the rapidly development of Chinese society, the concern of our community has been change from the earnings growth alone to how to maintain the "win-win" between business and society. The role of enterprise’s "social being" becomes more and more important. How to coordinate the enterprise interest and social interest of synchronous development becomes the focus of attention. Thus, the concept of corporate social responsibility was put forward, and has been widely accepted. As part of the society, enterprises enjoying the social resources for profits, at the same time, they also be responsible for the social development. But in recent years, for a few businessmen loss responsibility, frequent accidents in enterprises, cause the social began to pay attention to corporate social responsibility. Corporate social responsibility information disclosure and perform further impact to corporate reputation and other potential impact, and ultimately affect the competitiveness and sustainable development ability. The relationship between corporate social responsibility information disclosure and the future development of enterprises become one of the focuses of theoretical research, and the essential purpose of those studies is to expound how to achieve the "win-win" between enterprise interest and social interest, provide theoretical support for enterprises to fulfill social responsibility.For the high levels of environmental pollution, the heavy pollution industry calls a lot of attention by the society from all walks of life. Thus, we chose the water and electricity coal mining industry stands for the heavy pollution industry, Inspect the information disclosure of social responsibility and social responsibility information disclosure level since then the influence of the equity capital cost of enterprises. Through the study we found that:corporate social responsibility information disclosure has significant relationship with the equity capital cost, and this relationship is related to corporate social responsibility information disclosure level. High social responsibility information disclosure level enterprises will enjoy lower cost of equity capital over the next year. As the core of enterprise cost of capital, equity cost of capital is the important part of corporation financial management. This paper put forward an effective way for enterprise optimizes the cost of capital, that’s increase of non-financial information represented such as social responsibility information disclosure level, in order to reduce the impact of asymmetric information, to reduce the enterprise cost of capital.In addition, based on the sample data collection and analysis, we organize and summarize the problem of social responsibility information disclosure in our country at the same time. We analysis of the problems existed in the system and puts forward related suggestions in the part of conclusion. From this way to further perfect our country corporate social responsibility information disclosure system, and then promote the continuous improvement of the corporate social responsibility framework in our country.