2018年是推进以“三去一降一补”为目标的供给侧结构性改革的深化之年，降成 本作为其改革的一项基本内容，不仅在实践中受到相关各方的重视，也为学术研究提 供良好的政策背景。同时近年来社会责任法规的颁布，使得企业社会责任与权益资本 成本关系的相关研究也逐渐升温，但已有研究主要从社会责任表现影响结果、权益资 本成本影响因素进行研究，较少涉及到社会责任表现对权益资本成本的影响机制研究。 基于此，本文从权益资本成本的视角分析社会责任表现对企业融资活动的影响，结合 管理控制假说考察会计稳健性是否属于影响渠道，进一步利用中介效应实证检验程序 验证这种路径是否存在。本文以大样本实证研究为主，根据研究问题的需要，还采用 规范研究方法对研究假设进行定性分析。 首先，对社会责任表现、会计稳健性和权益资本成本的相关文献进行综述；其次， 从社会责任表现、会计稳健性与权益资本成本的定义出发，结合利益相关者理论、契 约理论和信息不对称理论，并借助中介效应检验程序从理论层面提出本文的4个研究 假设，（1）企业社会责任表现对权益资本成本存在抑制作用；（2）良好的社会责任 表现有助于提高会计稳健性水平；（3）会计稳健性较高的企业其权益资本成本较低； （4）会计稳健性在社会责任表现与权益资本成本相关关系中发挥中介作用；再次， 以我国2012—2017年沪深两市A股上市公司为样本，采用多元回归分析对社会责任 表现影响权益资本成本的机制进行实证研究。在检验社会责任表现对权益资本成本的 影响基础上，进一步加入会计稳健性分析中介效应，实证结果显示：（1）社会责任表 现对权益资本成本有显著负向影响；（2）社会责任表现对会计稳健性有显著正向影响； （3）会计稳健性对权益资本成本有显著负向影响；（4）会计稳健性在社会责任表现 对权益资本成本作用中发挥中介效应。最后，基于理论和实证两方面的综合分析得出 结论并提出政策建议，为政府和监管部门制定、修改社会责任政策法规提供理论依据 和决策参考。 关键词：社会责任表现；权益资本成本；会计稳健性 III Abstract 2018isthedeepeningyearoftheSupply-sideStructuralReformwiththegoalof “cuttingovercapacity,reducingexcessinventory,deleveraging,loweringcosts,and strengtheningareasofweakness”,andcostreductionasabasiccontentofsupply-side structuralreform,itnotonlyattractstheattentionofenterprises,shareholdersandrelevant partiesinpractice,butalsoprovidesagoodpolicybackgroundforscholarstostudythecost ofequitycapital.Withthepromulgationofsocialresponsibilitylawsandregulationsinthe nearfuture,therelatedresearchontherelationshipbetweensocialresponsibility performanceandthecostofequitycapitalhasbeengraduallywarmingup.However,the existingresearchmainlyfocusesontheresultsofsocialresponsibilityperformanceandthe factorsaffectingthecostofequitycapital,themechanismoftheimpactofsocial responsibilityperformanceonthecostofequitycapitalislessinvolved.Basedonthis,this paperanalyzestheimpactofsocialresponsibilityperformanceoncorporatefinancing activitiesfromtheperspectiveofequitycapitalcost,andcombinesthemanagementcontrol hypothesistoinvestigatewhetheraccountingconservatismisachannelofinfluence,and furtherverifyingtheexistenceofthisapathwiththeempiricaltestprocedureof intermediaryeffect.Thispaperwillfocusonlargesampleempiricalresearch,accordingto theneedsofresearchissues,willalsoadoptnormativeresearchmethodsforqualitative analysisofresearchhypotheses. First,therelevantliteratureonsocialresponsibilityperformance,accounting conservatismandthecostofequitycapitalisreviewed.Second,startingfromtheconcepts ofsocialresponsibilityperformance,accountingconservatismandthecostofequitycapital, basedonstakeholdertheory,contracttheoryandinformationasymmetrytheory,and throughthemediationeffecttestprocedure,fourresearchhypothesesareputforwardinthis paper.(1)Socialresponsibilityperformancehasaninhibitoryeffectonthecostofequity capital;(2)Goodsocialresponsibilityperformancehelpstoimprovethelevelofaccounting conservatism;(3)Enterpriseswithhigheraccountingconservatismhavelowercostof equitycapital;(4)Accountingconservatismplaysanintermediaryroleintherelationship betweensocialresponsibilityperformanceandthecostofequitycapital.Third,takingthe A-sharelistedcompaniesinShanghaiandShenzhenstockexchangesfrom2012to2017as samples,themultipleregressionanalysiswasusedtostudythemechanismofssocial responsibilityperformanceaffectingthecostofequitycapital.Onthebasisofexamining theimpactofsocialresponsibilityperformanceonthecostofequitycapital,furtheradding IV theintermediaryeffectofaccountingconservatismanalysisTheresultsshowthat:(1) Socialresponsibilityperformancehasasignificantnegativeimpactonthecostofequity capital;(2)Socialresponsibilityperformancehasasignificantpositiveimpacton accountingconservatism;(3)Accountingconservatismhasasignificantnegativeimpacton thecostofequitycapital;(4)accountingconservatismmediatesthenegativerelationship betweensocialresponsibilityperformanceandthecostofequitycapital.Finally,basedon theabovetheoreticalandempiricalanalysis,theconclusionsaredrawnandpolicy recommendationsareproposedtoprovidetheoreticalbasisanddecision-makingreference forthegovernmentandregulatoryauthoritiestoformulateandrevisesocialresponsibility policiesandregulations. Keywords:Socialresponsibilityperformance;Costofequitycapital;Accountingconservatism V 目录 摘要.................................................................................................................................I Abstract................................................................................................................................III 第一章绪论......................................................................................................................-1- 1.1研究背景和意义.........................................................................................................-1- 1.1.1研究背景..........................................................................................................-1- 1.1.2研究意义..........................................................................................................-1- 1.2研究内容和框架.........................................................................................................-3- 1.2.1研究内容..........................................................................................................-3- 1.2.2研究框架..........................................................................................................-3- 1.3研究思路和方法.........................................................................................................-5- 1.3.1研究思路..........................................................................................................-5- 1.3.2研究方法..........................................................................................................-5- 第二章文献综述..............................................................................................................-7- 2.1社会责任表现与权益资本成本.................................................................................-7- 2.1.1国外相关研究..................................................................................................-7- 2.1.2国内相关研究..................................................................................................-8- 2.2社会责任表现与会计稳健性.....................................................................................-9- 2.2.1国外相关研究..................................................................................................-9- 2.2.2国内相关研究................................................................................................-10- 2.3会计稳健性与权益资本成本...................................................................................-11- 2.3.1国外相关研究................................................................................................-11- 2.3.2国内相关研究................................................................................................-12- 2.4文献述评...................................................................................................................-13- 2.5本章小结...................................................................................................................-13- 第三章理论基础与研究假设..............................................................................