The Impact Of Social Responsibility Information Disclosure On Equity Capital Cost Of CM Enterprise

In the globalization era,with the deepening of people's understanding of sustainable development strategies,all sectors of society have not only limited their attention to the business conditions of enterprises and the quality of their products,but also paid more attention to what companies have done for society and what duties they have fulfilled.Therefore,all relevant government departments have introduced various kinds of policies to guide enterprises to fulfill the social responsibility and publish the performance.With the problems of donation scandal,quality problems,tax evasion and collusion between officials and real estate companies,the social responsibility information disclosure of the real estate industry is highly concerned by all.The reason why real estate enterprises can better do social responsibility and disclose is that it has the financial strength to guarantee.As we know all,the real estate industry has the characteristics of large capital requirements.In order to raise and use the funds better,the real estate enterprises will raise funds by issuing stocks.Therefore,considering and exploring the impact of social responsibility information disclosed by real estate enterprises on the cost of equity capital is of great practical significance and practical value for real estate enterprises.This paper adopts the method of case study to study the impact of disclosure of social responsibility information of CM real estate companies on the cost of equity capital.CM companies have released social responsibility reports every year in recent years.In order to make disclosure more representative,selected the two events of the CM company's first release of social responsibility report and the publication of a relatively complete social responsibility report to study their impact mechanism,according to the data indicators of the market reaction after the release of the report.It also studies the information disclosure and equity financing of the social responsibility in the real estate industry.It is found that CM's social responsibility information disclosure has a positive effect on the capital market,effectively reducing their cost of equity capital and promoting the sustainable development of CM enterprises.However the development of social responsibility in China's real estate industry is still not optimistic.Its social responsibility information disclosure needs to be improved.At the same time,the choice of equity financing can bring many benefits to the real estate industry and provide financial strength to promote social responsibility.Finally,in order to enhance the influence of social responsibility information disclosure on the cost of equity capital,a series of recommendations for real estate enterprises are presented,which illustrate the shortcomings of this research and put forward the future research prospects.