企业产权、社会责任与权益资本成本

被引：19

作者：

徐珊 ^{[1
]}

黄健柏 ^{[2
]}

机构：

[1] 华南理工大学工商管理学院

[2] 中南大学商学院

来源：

南方经济 | 2015年 / 04期

关键词：

企业社会责任; 权益资本成本; 国有企业; 非国有企业;

D O I：

10.19592/j.cnki.scje.2015.04.006

中图分类号：

F275 [企业财务管理]; F270 [企业经济理论和方法]; F271 [企业体制];

学科分类号：

摘要：

企业社会责任是否是企业为社会利益而牺牲自身利润的行为一直是学术界争论的焦点,文章尝试从资本市场参与者的角度出发,通过考察我国上市公司的社会责任履行情况对权益资本成本的影响来回答这个问题。研究发现:(1)良好的社会责任表现确实能显著降低企业的权益资本成本,其中改善企业对投资者的责任起到的作用最为突出;(2)与非国有企业相比,目前国有企业的社会责任履行情况更好且权益资本成本更低,但是积极的社会责任行为在非国有样本中更能发挥降低权益资本成本的作用。

引用

页码：76 / 92

页数：17

共 26 条

[11] Does it pay to be really good? addressing the shape of the relationship between social and financial performance
Barnett, Michael L.
Salomon, Robert M.
[J]. STRATEGIC MANAGEMENT JOURNAL, 2012, 33 (11) : 1304 - 1320
[12] Does corporate social responsibility affect the cost of capital?
El Ghoul, Sadok
Guedhami, Omrane
Kwok, Chuck C. Y.
Mishra, Dev R.
[J]. JOURNAL OF BANKING & FINANCE, 2011, 35 (09) : 2388 - 2406
[13] Evidence of assurance enhancing the quality of voluntary environmental disclosures: an empirical analysis[J] . Robyn Moroney,Carolyn Windsor,Yong Ting Aw.Accounting & Finance . 2011 (3)
[14] Deconstructing the Relationship Between Corporate Social and Financial Performance[J] . Francesco Perrini,Angeloantonio Russo,Antonio Tencati,Clodia Vurro.Journal of Business Ethics . 2011 (1)
[15] Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting[J] . The Accounting Review . 2011 (1)
[16] The price of sin: The effects of social norms on markets[J] . Harrison Hong,Marcin Kacperczyk.Journal of Financial Economics . 2009 (1)
[17] State ownership, the institutional environment, and auditor choice: Evidence from China[J] . Qian Wang,T.J. Wong,Lijun Xia.Journal of Accounting and Economics . 2008 (1)
[18] Environmental risk management and the cost of capital
Sharfman, Mark P.
Fernando, Chitru S.
[J]. STRATEGIC MANAGEMENT JOURNAL, 2008, 29 (06) : 569 - 592
[19] The Roles and Performance of State Firms and Non-State Firms in China’s Economic Transition[J] . Shaomin Li.World Development . 2007 (1)
[20] Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms[J] . Joseph P.H. Fan,T.J. Wong,Tianyu Zhang.Journal of Financial Economics . 2007 (2)

← 1 2 3 →