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本文将上市公司披露社会责任报告和实施再融资两种行为结合进行研究,从社会责任报告披露是否影响再融资公司市场绩效和经营业绩的视角展开,实证研究发现,与未披露社会责任报告的公司相比,披露社会责任报告的再融资公司市场绩效和经营业绩表现更好,进一步研究发现社会责任报告披露的质量越高,再融资公司的市场绩效和经营业绩表现越好,但本文并没有发现社会责任报告的首次披露效应。本文的研究结论对于社会责任信息披露的监管及公司的股权再融资决策均具有一定借鉴意义。
In this paper, the disclosure of corporate social responsibility reporting of listed companies and the implementation of refinancing two acts of combining research, from the disclosure of social responsibility reports refinancing company market performance and operating performance from the perspective of empirical research found that undisclosed social responsibility report of the company Compared with the market performance and operating performance of refinanced companies that disclosed social responsibility reports performed better, further studies found that the higher the quality of the social responsibility report disclosure, the better the market performance and operating performance of refinancing companies, but this article did not find The First Disclosure Effect of Social Responsibility Report. The conclusion of this article is of some reference to the regulation of social responsibility information disclosure and the company’s equity refinancing decision-making.