摘要：由于企业与外部投资者存在信息不对称，企业在向外融资时往往需要付出较高的成本，所以当企业向外披露社会责任报告来提高公司整体信息披露水平时，能不能够给公司融资时带来正效应，即降低企业的权益资本成本，这是本篇文章探索的关键。文章选取了2015年深沪两市A股主板上市公司相关数据及指标作为样本来源，通过多元回归，来验证社会责任信息披露与权益资本成本二者之间的关系。结果表明，社会责任报告的披露能够有效降低上市公司的权益资本成本；在披露该报告的企业中，当企业的信息披露水平越高时，其权益资本成本也相对越低。因此，公司不仅应当披露社会责任报告，而且应当重视社会责任报告披露的内容，从而实现公司与社会的共同发展。

 Abstract：As enterprises and external investors there  is  information  asymmetry,  enterprises in the outward financing often need to pay a higher cost, so when the enterprise to disclose the social responsibility report to improve the company's overall information disclosure level, can not give the company financing Bring about a positive effect, that is, to reduce the cost of equity capital, which is the key to explore this  article. This paper chooses the relevant data and indicators of listed companies in Shenzhen and Shanghai in 2015 as the sample source, and through multiple regression, the relationship between social responsibility information disclosure and  equity capital cost is verified. It is found that the disclosure of social responsibility report can effectively reduce the cost of equity capital of listed companies. When the level of information disclosure is higher in enterprises that disclose this report, the  cost of equity capital is relatively low. Therefore, the company should not only disclose the report of social responsibility, but also should pay attention to the contents of the disclosure of social responsibility report, so as to achieve the common development of

the company and society.

关键词 权益资本成本 社会责任报告 信息披露水平

目 次

1 绪论 1

1.1 研究背景 1

1.2 研究意义 2

2 文献综述 4

2.1 关于社会责任信息披露相关研究 4

2.2 关于社会责任信息披露与权益资本成本相关性研究 4

3 相关理论及研究假设 6

3.1 信息不对称理论 6

3.2 印象管理理论 6

3.3 研究假设 7

4 实证设计 8

4.1 样本选取与数据来源 8

4.2 变量设置 8

4.3 模型构建 11

5 实证过程与结果