The Impact Of Corporate Social Responsibility Information Disclosure On The Cost Of Equity Capital

The disclosure of social responsibility information as an important way of non financial information has an important impact on the cost of equity capital. Non enterprise financial information disclosure voluntary, selectivity, using different hypotheses and research method, the domestic and foreign research of social responsibility information disclosure on the cost of equity capital has not been uniform conclusion. Therefore, this paper from the perspective of non-financial information, using the method of empirical analysis to analyze the impact of social responsibility information disclosure on the cost of equity capital in china and enrich the achievements in the research about social responsibility information and corporate cost of equity capital behavior influencing factors that curb the capital market of our country exists generally in the capital management, improve the level of social responsibility information.From the perspective of theory and empirical analysis demonstrates the corporate social responsibility information disclosure effects on the cost of equity capital, the selection of 2009- 2011 230 A-share listed companies as the research sample, using PEG model to measure the cost of equity capital, the company characteristic variables are controlled, using regression empirical model to verify the corporate social responsibility information disclosure effects on the cost of equity capital, the results show that the corporate social responsibility information disclosure on the cost of equity capital is negative correlation, the corporate social responsibility information disclosure will help to reduce the enterprise assets and liabilities rate.According to the above conclusions, this paper put forward the following suggestions: perfect social responsibility information disclosure of related standards, the construction of social responsibility information disclosure system, standardize the behavior of their own, strengthen the construction of enterprise management system, promotion of financial knowledge propaganda popularization, guide the investors to establish responsibility investment philosophy, to promote the application of the third party supervision system, construct the social responsibility information disclosure incentives. Finally according to the research conclusion, to promote social responsibility disclosure in the capital market to play non financial function, constraints listed company management behavior, protect the interests of the vast number of investors proposed policies and proposals.