The Quality Of CSR Information Disclosure Impact On The Cost Of Capital

With the development of society,social public and public opinion pay more and more attention to corporate social responsibility.In order to enhance the awareness of corporate social responsibility,the state has issued a series of laws,regulations and policy documents on corporate social responsibility since 2006.In 2006,the Shenzhen Stock Exchange issued the guidelines on Social responsibility of listed companies.The State-owned assets Supervision Commission of the State Council issued the guidance on the performance of Social responsibility by Central Enterprises,requiring the Central Enterprnses to incorporate social responsibility into the corporate governance system and integrate it into the enterprise development strategy.Shanghai Stock Exchange demands timely announcement and Environment of listed companies In 2014.the decision issued by the fourth Plenary session of the 18th CPC Central Committee put forward the need to strengthen the legislation on corporate social responsibility.In 2014,the New Company Law of 2014 stipulates that enterprises should be subject to the supervision of the general public.Assume its corresponding social responsibility.under the guidance and promotion of a series of national policies,China's enterprises have made great progress in their understanding and practice of social responsibility.Some enterprises gradually incorporate social responsibility management into the corporate strategic system and incorporate the concept of social responsibility into the daily business activities of the enterprise.The social responsibility management of listed companies is becoming more and more specialized.But what can not be ignored is that the overall quality of social responsibility information disclosure of listed companies needs to be improved.On the basis of stakeholder theory,information asymmetry theory,efficient market theory and equity structure theory,this paper adopts the method of normative research and empirical research,which is based on the theory of stakeholder theory,information asymmetry theory,efficient market theory and equity structure theory.Firstly,the mechanism of the effect of the quality of CSR information disclosure on the cost of capital is analyzed systematically in theory.On this basis,taking the listed companies in China as the research object,selecting the A-share listed companies in Shanghai and Shenzhen stock markets as the research samples,according to the panel data from 2010 to 2017,combined with the nature of the enterprise,Analyze and verify the effect of the quality of CSR information disclosure on the financing cost of enterprises,and the effect of the quality of CSR disclosure on the cost of capital of different enterprises.The difference of the sound.The results show that the higher the disclosure quality of CSR information is,the lower the capital cost,including the average capital cost,the debt capital cost and the equity capital cost,and the higher the CSR information disclosure quality is,the lower the capital cost is.From the analysis of state-owned entexprises and non-state-owned enterprises,improving the quality of CSR information disclosure has a positive effect on the average capital cost of state-owned enterprises and non-state-owned enterprises,and the reduction of debt capital cost.However,the effect of the quality of CSR information disclosure on the cost of equity capital of both state-owned and non-state-owned enterprises is not significant.CSR Information Disclosure between State-owned Enterprises and non-State-owned Enterprises There is a significant difference in the impact of quality on the cost of debt capital,that is,compared with the state-owned enterprises,the quality of CSR disclosure of non-state-owned enterprises has a greater impact on the reduction of the cost of debt capital.However,the effect of the quality of CSR information disclosure on the average cost of capital is not significant.Finally,according to the research conclusion of this paper,the corresponding countermeasures and suggestions are put forward.