社会责任信息披露与产品市场竞争对权益资本成本的影响研究

为研究社会责任信息披露与产品市场竞争对权益资本成本的影响，选取2014—2017年沪深A股上市公司数据进行实证分析。结果表明，企业社会责任信息披露与产品市场竞争都能降低权益资本成本；产品市场竞争的激烈程度影响社会责任信息披露与权益资本成本之间的关系，产品市场竞争越激烈，社会责任信息披露降低权益资本成本效果越明显；上述变量特征关系在非国有企业中比在国有企业中更加显著。根据研究结果，对企业与相关监管机构提出建议：企业应更加注重内外部治理机制的协调发展，在不断提升社会责任信息披露质量的同时，完善自身市场竞争机制，以达到降低权益资本成本的目的；监管机构应加强社会责任信息披露立法，规范我国资本市场发展。

On the Impact of Social Responsibility Information Disclosure and Product Market Competition on the Cost of Equity Capital

In order to study the impact of social responsibility information disclosure and product market competition on the cost of equitycapital, this paper selects the data of Shanghai and Shenzhen A-share listed companies for empirical analysis from 2014 to 2017. The empirical results show that both CSR information disclosure and product market competition can impose have impact on reducing the cost of equity capital. The fierce degree of product market competition affects the relationship between social responsibility information disclosure and equity capital cost, and the more fierce the product market competition is, the more obvious the effect of social responsibility information disclosure to reduce equity capital cost is; the above variable characteristic relationship is more significant in non-state-owned enterprises than state-owned enterprises. According to the research results, the enterprises should pay more attention to the coordinated development of internal and external governance mechanism, improve their own market competition mechanism while constantly strengthening the quality of social responsibility information disclosure, and achieve the purpose of reducing the cost of equity capital; At the same time, the regulatory agencies should strengthen the legislation of social responsibility information disclosure and standardize the development of China''s capital market.