Study On The Relationship Between Quality Of Listed Corporate Social Responsibility Disclosure And Cost Of Equity Capital

With the gradual improvement of the market economy and the increasing attention of stakeholders to companies,coupled with the continuous expansion of the company's scale,listed companies have not only risen to the point of meeting profits,but have also risen to corporate social responsibility.In addition,the relevant investors also do not only need the financial information of listed companies,but also want to see the non-financial information disclosed in the corporate social responsibility report.Furthermore,for interest groups related to listed companies,stakeholders including governments,communities,employees,and shareholders also have a stronger demand for the degree of fulfillment of listed companies' social responsibilities.The performance of social responsibilities by listed companies can not only help solve more social problems,but also create more profits while obtaining more financing at a lower cost.Therefore,the purpose of the listed company's disclosure of companies' social responsibility report is more diversified,and its ultimate goal is to restrain itself from fulfilling corporate social responsibility.That is why,as a stakeholder,it is no longer merely concerned with whether listed companies disclose corporate social responsibility information,but rather pays more attention to the quality of corporate social responsibility information.This paper takes the quality of disclosure of social responsibility information as the core to study the relationship between the cost of equity and the cost of equity.To promote the disclosure of more high-quality corporate social responsibility reports to stakeholders,thereby affecting the company's cost of equity capital.This paper selects the A-share listed company from 2014 to 2016 and selects the mixed section data for analysis.The measurement of corporate social responsibility quality is mainly based on the raw data of corporate social responsibility scores published by Run Ling Global Social Responsibility Report Ratings,and uses the method of principal component analysis to assess the quality of corporate social responsibility.For the sample company's cost of equity capital,the PEG model chosen in this paper is calculated using the comprehensive data predicted by analysts,making the cost of equity capital more reliable.This article uses multiple regression equations to verify the hypothesis that high-quality corporate social responsibility reports can reduce corporate equity capital costs,and put forward relevant policy recommendations for this purpose.