發(fā)布時(shí)間：2018-02-14 19:53

  本文關(guān)鍵詞： 企業(yè)社會(huì)責(zé)任信息 披露質(zhì)量 權(quán)益資本成本　出處：《北方工業(yè)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：本文以利益相關(guān)者理論、信息不對(duì)稱(chēng)理論和信號(hào)傳遞理論為基礎(chǔ)分析了企業(yè)社會(huì)責(zé)任信息披露質(zhì)量與權(quán)益資本成本之間的關(guān)系,并預(yù)期企業(yè)社會(huì)責(zé)任信息披露質(zhì)量與權(quán)益資本成本負(fù)相關(guān)。由于企業(yè)社會(huì)責(zé)任信息披露質(zhì)量的衡量標(biāo)準(zhǔn)尚不統(tǒng)一,本文首先構(gòu)建了一套穩(wěn)健、可行的企業(yè)社會(huì)責(zé)任信息披露質(zhì)量評(píng)價(jià)體系,并對(duì)企業(yè)社會(huì)責(zé)任信息的披露質(zhì)量進(jìn)行了評(píng)價(jià)。評(píng)價(jià)指標(biāo)體系結(jié)合現(xiàn)有企業(yè)社會(huì)責(zé)任報(bào)告自身的特點(diǎn),以社會(huì)責(zé)任信息披露的質(zhì)量要求為切入點(diǎn),從完整性、可靠性、可比性、二分性、可讀性5個(gè)方面,設(shè)置了 15個(gè)二級(jí)指標(biāo),對(duì)企業(yè)社會(huì)責(zé)任披露整體質(zhì)量進(jìn)行全面衡量,運(yùn)用熵權(quán)法對(duì)各項(xiàng)指標(biāo)進(jìn)行賦權(quán),并運(yùn)用肯德?tīng)朩和諧系數(shù)對(duì)評(píng)價(jià)體系的可靠性進(jìn)行了檢驗(yàn)。所構(gòu)建的企業(yè)社會(huì)責(zé)任信息披露質(zhì)量評(píng)價(jià)體系具有較強(qiáng)的客觀性與可操作性。在此基礎(chǔ)上,本文選取PEG估價(jià)方法計(jì)量企業(yè)的權(quán)益資本成本。通過(guò)選取2013-2015年連續(xù)發(fā)布社會(huì)責(zé)任報(bào)告的103上市公司及其發(fā)布的309份企業(yè)社會(huì)責(zé)任報(bào)告為樣本,使用實(shí)證研究的方法對(duì)社會(huì)責(zé)任信息披露質(zhì)量與權(quán)益資本成本兩者關(guān)系進(jìn)行研究,得出如下結(jié)論:(1)目前企業(yè)社會(huì)責(zé)任信息披露水平普遍較低,且企業(yè)間披露質(zhì)量差異較大;(2)企業(yè)社會(huì)責(zé)任報(bào)告的質(zhì)量與企業(yè)的權(quán)益資本成本負(fù)相關(guān);(3)通過(guò)對(duì)社會(huì)責(zé)任績(jī)效與社會(huì)責(zé)任信息披露質(zhì)量及權(quán)益資本成本的關(guān)系研究發(fā)現(xiàn),社會(huì)責(zé)任績(jī)效與兩者均具有相關(guān)性,且社會(huì)責(zé)任信息披露質(zhì)量與權(quán)益資本成本的負(fù)相關(guān)性,在社會(huì)責(zé)任績(jī)效表現(xiàn)較好的企業(yè)中更顯著。本文從理論角度,豐富了企業(yè)資本成本的研究?jī)?nèi)容,同時(shí)也為促進(jìn)企業(yè)進(jìn)行高質(zhì)量社會(huì)責(zé)任信息披露起到了積極作用。
[Abstract]:Based on stakeholder theory, asymmetric information theory and signaling theory, this paper analyzes the relationship between the quality of corporate social responsibility information disclosure and the cost of equity capital. It is expected that the quality of corporate social responsibility information disclosure is negatively correlated with the cost of equity capital. A feasible quality evaluation system of corporate social responsibility information disclosure is put forward, and the quality of corporate social responsibility information disclosure is evaluated. The evaluation index system combines the characteristics of the existing corporate social responsibility report. Taking the quality requirement of social responsibility information disclosure as the starting point, from five aspects of integrity, reliability, comparability, dichotomy and readability, we set up 15 secondary indicators to comprehensively measure the overall quality of corporate social responsibility disclosure. The entropy weight method is used to empower each index. The reliability of the evaluation system is tested by using the Kendall W harmonious coefficient. The quality evaluation system of corporate social responsibility information disclosure has strong objectivity and maneuverability. This paper selects the PEG valuation method to measure the cost of equity capital of enterprises. By selecting 103-listed companies and their 309-CSR reports published continuously in 2013-2015 as samples, The relationship between the quality of social responsibility information disclosure and the cost of equity capital is studied by using the method of empirical research. The conclusions are as follows: 1) the level of corporate social responsibility information disclosure is generally low at present. The quality of corporate social responsibility report is negatively correlated with the cost of equity capital. 3) the relationship between social responsibility performance and the quality of disclosure of social responsibility information and the cost of equity capital is studied. Social responsibility performance has a correlation with both, and the negative correlation between the quality of social responsibility information disclosure and the cost of equity capital is more significant in enterprises with better social responsibility performance. It enriches the research content of enterprise capital cost, and also plays a positive role in promoting high quality social responsibility information disclosure.
【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F270;F275;F832.51

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