中文摘要：

使用2010-2013年中国A股上市公司的数据,实证检验了社会责任报告与债务资本成本的关系。研究结果表明：上市公司发布社会责任报告有助于降低债务资本成本,并且具有＂首次披露＂效应;社会责任报告对债务资本成本的负向影响关系在非国有企业与非环境敏感行业中表现得更为显著;社会责任报告的质量越高,越有助于企业降低债务资本成本。

英文摘要：

This paper studies the relationship between corporate social responsibility（CSR） reporting and cost of debt by using the data from Chinese A- share listed firms during 2010-2013.Results indicate that the issuance of CSR report is helpful to reduce the firm＇s cost of debt and there exists initiation effect＇.Moreover,the negative effect is more significant in the non- state- ov／ned enterprises and environmentally insensitive firm samples.In addition,the result shows that the cost of debt is significantly and negatively related to the quality of CSR report.