The Empirical Research On The Influence Of Corporation Social Responsibility Information Disclosure On The Capital Cost

In recent ten years, China’s information disclosure of corporate social responsibility is constantly strengthened. With the development and progress of society, the report of corporate social responsibility has become a business card on behalf of the corporate competitiveness, it introduce the comprehensive and real performance of the corporate itself to the society. But, at present, the corporate consciousness of the information disclosure is still very weak, the content of the social responsibility information disclosure is not standard, disclosure mode and carrier also need further unification. In theory, studies on the economic consequences of the information disclosure of corporate social responsibility has become one of hot spots, not only provides the theory support for the social responsibility practice, but also provides the impetus to disclose social responsibility actively. In view of this, in this paper, on the basis of the special national conditions of our country socialist market economy, in reference to a large number of domestic and foreign related researches about the message announcement of company social responsibility and the capital cost, tries to explore the relationship between them. The purpose of this study is to draw the conclusion: social responsibility information announcement can have a positive impact on the cost of capital if the corporate disclose the information actively, especially realize that actively completing the social responsibility can bring economic profits and social effects to the enterprise, awakens the enterprise to improve the consciousness of the related information announcement.First of all, the article looks back the related research conclusions and presents the connotation of and measurement means of the message announcement of social responsibility. Then, based on the asymmetric information theory and the efficient market theory elaborate the influence of the social responsibility information disclosure on equity capital cost, from two aspects of stock liquidity and stock risk analyze the mechanism, and expounds the present situation of our social responsibility information disclosure and the insufficiency. And then, based on the theory of system analysis, it selects 379 quoted corporate’ data from Shenzhen and Shanghai stock market as a panel data and use the CAPM pattern to measure the capital cost that is the explained variable, use the index method to measure the information disclosure index of social responsibility that is the independent variable, through Hausman test,set up fixed effect panel data model to make recurrence analysis on the filiation between the message announcement level of social responsibility and the capital cost. concluded from the analysis:China’s corporate social responsibility information disclosure can significantly reduce the cost of equity capital and the social responsibility information disclosure level is significantly influenced the stock risk and liquidity, reducing the risk of the stock and improving the liquidity of the stock are two important channels. Finally, according to current circumstances of the message announcement of social responsibility and the related research conclusion, gives a number of policy recommendations that the information disclosure of social responsibility needs standardization and institutionalization.Generally speaking, the article thinks that the market’s healthy development and sustainable development cannot lack the standardization and institutionalization of the information disclosure of social responsibility, it can bring potential economic and social benefits to the companies, escort the sustainable health development for the company and the effect will be growing with time.