关于权益资本成本的研究.doc

摘 要 权益资本成本是近年来学者关注的热点之一。其对于公司的筹资决策、投资决策以及公司业绩、公司价值的评价都具有非常重要的影响。目前，国内学者对于权益资本成本的研究集中于将国外的剩余收益价值模型运用到中国上市公司中，并且研究诸如公司特征、公司内部治理环境、公司外部治理环境以及公司内部控制对权益资本成本的影响。此外，国内对于公司社会责任的研究起步较晚，更多的集中于研究社会责任信息披露问题，。 Abstract The cost of equity capital is one of the hot issues of many researchers. It can influence the finance and investment decision of a company. It also has a strong impact on corporate performance and corporate value. By now, the study of equity capital cost pays more attention to following aspects: 1) how to use these “clean?surplus” models to measure the cost of equity capital in our special market. 2) whether the corporate characteristics, the corporate governance and the internal controls can influence the cost of equity capital. In addition, the study of corporate social responsibility in China started late. And researchers pay more attention on the disclosure of corporate social responsibility information. Few researchers studied the relationship between corporate social responsibility and corporate performance and value. As we know the cost of equity capital is the key effect factor of corporate performance and value. So it is worth to find out whether the corporate social responsibility influences the corporate performance and value via the cost of equity capital. Based on the questions above, this paper theoretically analyses the influence of corporate social responsibility on the cost of equity capital by considering the instutional background of China. Then it uses GLS model to measure the cost of equity capital. It empirically examines the effects of corporate social responsibility on the cost of equity capital by controlling variables such as corporate feature variables and corporate governance variables. This paper adopts balanced panel data of 787 Chinese non-financial listed companies from 2004 to 2007（3148 samples in all）and applies mixed model to empirically examine how corporate social responsibility affects the cost of equity capital. The res