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使用2010-2013年中国A股上市公司的数据,实证检验了社会责任报告与债务资本成本的关系。研究结果表明:上市公司发布社会责任报告有助于降低债务资本成本,并且具有“首次披露”效应;社会责任报告对债务资本成本的负向影响关系在非国有企业与非环境敏感行业中表现得更为显著;社会责任报告的质量越高,越有助于企业降低债务资本成本。
Using the data of Chinese A-share listed companies from 2010 to 2013, the paper tests empirically the relationship between social responsibility reports and the cost of debt capital. The results show that: the listed companies release social responsibility report helps to reduce the cost of debt capital, and has a “first disclosure” effect; negative impact of social responsibility reporting on debt capital costs in non-state-owned enterprises and non-environmentally sensitive industries The performance is more significant; the higher the quality of social responsibility reports, the more help companies reduce the cost of debt capital.