随着经济全球化的不断加深，企业社会责任理念涉及范围更广，影响力更大， 逐渐成为世界各国普遍公认的时代现象。社会责任报告作为企业对自身社会责 任履行情况的总结，也受到了越来越多的关注，现有关于社会责任报告自愿鉴证 的研究主要集中在对其影响因素的分析上，关于其鉴证效应的研究相对较少。而 社会责任报告鉴证是一种非强制性且有成本的行为，作为本质上逐利的经济主 体，却有不少企业选择对社会责任报告进行鉴证，社会责任报告自愿鉴证是否能 为企业带来弥补并超过鉴证成本的经济利益？本文从成本影响的角度对社会责 任报告自愿鉴证行为的经济效应进行了研究。 本文在界定社会责任、社会责任报告自愿鉴证、信息质量、绿色融资、或有 成本和资本成本等基本概念的基础上，依托外部性理论、可持续发展理论、委托 代理理论和信息不对称理论等理论基础，通过文献研究和演绎推理等方法，分析 了社会责任报告自愿鉴证降低企业成本的机理。以2009年—2017年披露社会责 任报告的沪深A股公司为研究样本，对企业或有成本与自愿鉴证行为之间的相 关性进行分析与验证，并关注了社会责任报告信息质量在二者之间起到的中介 作用；另一方面，以2015年—2018年披露社会责任报告的沪深A股公司为研究 样本，对企业资本成本与自愿鉴证行为之间的相关性进行分析与检验，同时关注 到企业绿色融资率在二者之间起到的中介作用。在此过程中，采用Heckman两 阶段法控制鉴证行为的自选择效应。由此，完成对社会责任报告自愿鉴证行为引 发成本效应的两条路径分析。 研究发现：（1）社会责任报告自愿鉴证行为通过两条路径对企业成本施加了 双重影响；（2）报告信息质量在自愿鉴证行为降低企业或有成本的过程中表现出 显著中介作用，自愿鉴证行为通过提升报告信息质量降低了企业或有成本，在此 过程中报告信息质量呈现出部分中介效应；（3）绿色融资率在自愿鉴证行为降低 企业资本成本的过程中表现出中介作用，自愿鉴证行为通过提高企业绿色融资 率降低了资本成本，在此过程中绿色融资率呈现出部分中介效应。 本文的创新点在于：（1）发现并验证了社会责任报告自愿鉴证成本效应的双 重影响路径，基于2009—2017年及2015—2018年的沪深A股样本数据，应用 统计学方法，对自愿鉴证行为影响企业或有成本和资本成本的两条路径分别进 行了机理分析和实证检验；（2）关注到企业绿色融资率在社会责任报告自愿鉴证 II 行为影响资本成本过程中所起的中介作用。这一问题在现有研究成果中鲜少涉 及，本文研究发现和验证了自愿鉴证行为能显著提高绿色融资率，从而降低了企 业资本成本。 关键词：社会责任报告自愿鉴证，成本效应，信息质量，绿色融资 III Abstract With the continuous deepening of economic globalization, the concept of corporate social responsibility has a wider scope and greater influence, and it has gradually become a generally recognized era phenomenon in countries around the world. The social responsibility report, as a summary of the company's performance of its social responsibility, has also received more and more attention. The existing research on voluntary assurance of social responsibility reports mainly focus on the analysis of its influencing factors, and relatively little research focus on its effects. And social responsibility report assurance is a non-mandatory and costly act. As an economic entity that is essentially profit-seeking, many companies choose to verify social responsibility reports. Will voluntary social responsibility report verification bring economic benefits to cover and exceed the cost of attestation? This thesis studies the economic effects of voluntary assurance of social responsibility reports from the perspective of cost impact. On the basis of defining basic concepts such as social responsibility, voluntary assurance of social responsibility reports, information quality, green financing, contingent costs and capital costs, this article relies on externality theory, sustainable development theory, principal-agent theory, and information asymmetry theory. Through literature research and deductive reasoning, analyzing the mechanism of voluntary certification of social responsibility reports to reduce corporate costs. Taking the Shanghai and Shenzhen A-share companies that disclosed the social responsibility report from 2009 to 2017 as a research sample, the thesis analyzes and verifies the correlation between the company's contingent costs and voluntary assurance behaviors, and we pay attention to the quality of the information in the social responsibility report. On the other hand, using Shanghai and Shenzhen A-share companies that disclosed social responsibility reports from 2015 to 2018 as research samples, the thesis analyzes and inspect the correlation between corporate capital costs and voluntary assurance behaviors. At the same time, we pay attention to the intermediary role played by the green financing rate of the enterprise. In this process, Heckman's two-stage method is used to control the self-selection effect of the forensic behavior. Thus, two paths of cost effects caused by voluntary assurance of social responsibility reports have been analyzed. The research finds that: (1) voluntary assurance of social responsibility reports IV exerts a double impact on corporate costs through two paths; (2) the quality of report information shows a significant intermediary role in the process of voluntary assurance to reduce contingent costs. The behavior reduces the contingent costs of the company by improving the quality of the report information. In the process, the quality of the report information presents a partial intermediary effect; (3) The green financing rate shows an intermediary role in the process of reducing the capital cost of voluntary assurance behaviors. The cost of capital has been reduced by increasing the green financing rate of the enterprise by voluntary assurance behaviors. In this process, the green financing rate exhibits a partial intermediary effect. The innovations of this article are: (1) The double impact path of the cost effect of voluntary assurance of social responsibility reports was discovered and verified. Based on the Shanghai and Shenzhen A-share sample data from 2009-2017 and 2015-2018, statistical methods were applied to. The two paths that the assurance behavior affects the contingent cost and capital cost of the company were analyzed and empirically tested. (2) The intermediary role of the company's green financing rate in the process of voluntary assurance behavior of social responsibility reports affecting the cost of capital was examined. This issue is rarely involved in the existing research results. The research in this paper found and verified that voluntary assurance can significantly improve the green financing rate, thereby reducing the capital cost of enterprises. Key words: Voluntary Assurance of Corporate Social Responsibility Report; Cost Effects; Information Quality; Green Financing V 目录 摘要 ............ I Abstract ..... III 第1章 导论 ............................ 1 1.1 研究目的与意义 .... 1 1.1.1 研究背景 ..... 1 1.1.2 研究目的 ..... 2 1.1.3 研究意义 ..... 2 1.2 国内外研究现状 .... 3 1.2.1 企业社会责任报告信息披露 3 1.2.2 社会责任报告自愿鉴证的效果 .......................... 5 1.2.3 社会责任报告自愿鉴证与信息质量 ................. 6 1.2.4 社会责任报告自愿鉴证与绿色融资 ................. 7 1.2.5 研究述评 ..... 8 1.3 研究内容与方法 .... 9 1.3.1 研究内容 ..... 9 1.3.2 研究方法 ..... 9 第2章 相关概念及理论基础 ......................... 11 2.1 基本概念 ................ 11 2.1.1 企业社会责任及其报告 ....... 11 2.1.2 社会责任报告自愿鉴证 ....... 12 2.1.3 信息质量 ... 13 2.1.4 绿色融资 ... 14 2.1.5 成本效应 ... 14 2.2 理论基础 ................ 16 2.2.1 外部性理论 .............................. 16 2.2.2 可持续发展理论 ..................... 16 2.2.3 委托代理理论 ......................... 17 2.2.4 信息不对称理论 ..................... 18 2.2.5 信号传递理论 ......................... 18 2.2.6 利益相关者理论 ..................... 19 第3章 社会责任报告自愿鉴证成本效应的机理分析 .......... 21 3.1 自愿鉴证行为对企业或有成本的作用机理 .............. 21 3.1.1 自愿鉴证对企业或有成本的影响 ................. 21 3.1.2 自愿鉴证对社会责任报告信息质量的影响 .............................. 23 3.1.3 报告信息质量对企业或有成本的影响 ........ 24 3.2 自愿鉴证行为对企业资本成本的作用机理 .............. 25 3.2.1 自愿鉴证对企业资本成本的影响 ................... 25 3.2.2 自愿鉴证对绿色融资