Research On The Relationship Between Corporate Social Responsibility Information Disclosure And The Cost Of Equity Capital

Our country economy since the reform and opening up 30 years high speed development, the achievement has attracted worldwide attention. Behind the rapid economic development, all kinds of legacy after problem has emerged, for example, serious environmental pollution, increased product quality problem, consumers' rights and interests impaired, and so on. At present our country attaches great importance to the government and society to this kind of problem, the government enacted a series of related policy, public opinion is also lead to the path of sustainable development of the masses. Enterprises as one of the most important part of economic and social, to fulfill the responsibilities for society, in realizing their own profit pursuit at the same time protect the environment, attach importance to product quality, pay close attention to its stakeholders, has become the inevitable requirement of their own development. In this article, through manual collection of 2010-2014 a-share listed companies to disclose social responsibility report of the relevant financial data, analyzed the following questions:(1) the necessity of corporate disclosure of social responsibility information; (2) the present status in corporate social responsibility report; (3) social responsibility information disclosure level influence on equity capital cost.At first, this paper respectively introduces the information disclosure of social responsibility and the cost of equity capital measurement method, and the influence factors of both and the literature review, the progress of the study on the correlation of both introduces the efficient market hypothesis, information asymmetry, stakeholders, and the sustainable development theory, and puts forward the research hypothesis; Secondly, from the aspects of annual, willingness, industry and regional analysis of the present situation of our social responsibility report disclosure; Finally using regression analysis method analyzes the social responsibility information disclosure quality and cost of equity capital.In this paper, the study found that between 2009 and 2014 social responsibility report number increases year by year in our country, the increasing of quantity and voluntary disclosure report, enterprise is a growing awareness voluntary disclosure, manufacturing and high-risk industry resources, polluting social responsibility risk disclosure quantity is more, but social responsibility report overall quality is still not perfect; Social responsibility information disclosure quality has significant influence on equity capital cost, but both were positively correlated.The main contribution of this paper is to:(1) on social responsibility and the theory of equity capital cost are comprehensively described. (2) social responsibility report to our country present situation has carried on the multiple perspectives analysis; (3) to study the financial risk of the social responsibility information disclosure quality and the rights and interests of the relationship between the cost of capital.