Impact Of Corprate Social Responsibility Information Disclosure On The Cost Of Capital

Under the premise of the rapid development of China's economy,along with competition between countries is getting intense,our country is still in a special stage,experiencing structural adjustment pains,faced with the contradiction of rapid economic growth.Among them,the conflict has become increasingly evident in all aspects even intensifying,such as the manufacturing of security is still an unresolved issue,continued destruction of the ecological environment,and even the life and health of workers is not guaranteed,this is a serious problem.In such a high speed to achieve economic progress and social stability in coordination environment,companies should practice the social responsibility to ensure that the interests of stakeholders.Financing is one of the three decision-making business decisions,related to the healthy development of enterprises.Core funding decisions,that is,in a variety of channels,a variety of ways of financing under Article dip,how to use different methods of financing and strive to raise the lowest-cost source of funds of funds,the basic idea is the best structure to realize the source of funds,even if the company fund Source average cost of funds rate to a minimum the time,however,in recent years,the efficiency of China's listed companies to invest in Central Africa a serious problem,hindering the healthy development of China's capital market.So,how to improve the company's fund-raising efficiency,how to solve the non-efficiency financing becomes imminent.Existing literature shows that disclosure of information can enhance the efficiency of financing play a positive role.However,the academic literature on social responsibility information disclosure affect corporate financing efficiency,particularly in manufacturing departure of listed companies from the corporate social responsibility information disclosure impact on investment property perspective efficiency particularly scarce,this study provides the idea for this article.In this paper,results of previous studies of the sort and summarize to asymmetric information theory,agency theory and stakeholder theory,combined with the actual situation of China's capital market,selected from 2012 to 2014 in Shanghai and Shenzhen have been disclosed in society Manufacturing Listed corporate responsibility information,the use of debt cost of capital(financial expenses in the interest expenses),cost of equity capital(calculated using the CAPM),the weighted cost of capital(cost of capital calculated in proportion to the capital company category),to quantify the cost of capital,To investigate whether the sample corporate social responsibility information disclosure influence on the efficiency of financing using regression analysis.Meanwhile,the listed company social responsibility information disclosure of the nature of the property to compare different effects on different financing efficiency generated.In this paper,the following conclusions : the existence of non-listed companies in China's manufacturing efficiency financing behavior;social responsibility information disclosure survived in sufficient detail,the investment can be promoted more efficient;with respect to the listed companies controlled by the central government,local government control of listed companies in social responsibility information disclosure role in promoting the efficiency of the financing for more significant.At present,although China is still in the stage of voluntary disclosure of social responsibility information,but because of the special nature of the manufacturing sector,it should take more social responsibility,social responsibility to disclose more comprehensive information.In this context,explore the social responsibility information disclosure in the industry can have an effect on the fund-raising efficiency,and promoting the industry's voluntary corporate social responsibility information disclosure,thus effectively reducing the information asymmetry,to a certain extent,solve the non-efficiency information on financing,promoting capital markets more open and transparent.Results of this study on the business,regulators and other stakeholders in manufacturing who have some inspiration,the relevant government departments to better contribute to the development of social responsibility information disclosure mechanism.