中文摘要：

社会责任信息披露是自愿性披露，由于管理层可以进行适当的选择性披露，从而就会对未披露企业产生较大的风险溢价。以2009-2013年发布企业社会责任报告的上市公司为研究样本，采用润灵环球指数评估社会责任信息披露水平，在控制住内生性后进行研究，结果发现：（1）外部政策制度性因素不能显著影响社会责任信息披露与权益资本成本的负向关系。（2）企业的内在特征因素能够显著影响社会责任信息披露与权益资本成本的负向关系。（3）业绩表现弱的企业和负债率低的企业，更有意愿通过披露高水平的社会责任信息来获得社会和投资者的支持，以期带来权益资本成本的降低。研究结论表明外部政策制度因素与企业内部特征因素对企业社会责任信息披露存在显著的影响差异，这意味着管理层的选择行为对于社会责任信息披露存在溢出效应。

英文摘要：

As disclosure of corporate social responsibility （CSR）is voluntary, management can make appropriate selec- tive disclosure, so these enterprises will have a larger risk premium compared with those undisclosed ones. Factors affecting the selective disclosure of management can be divided into two categories, one is external policy and institutional factors, and the other is the enterprise characteristics. Based on the corporate social responsibility reports published by listed companies during 2009--2013, this paper uses Run-Ling Global Index to assess the level of social responsibility information disclosure after controlling the endogenous, and the results show that： （ 1 ） The external policy and institutional factors cannot significant- ly affect the negative relationship between the level of CSR disclosure and the cost of equity. （2）The intrinsic enterprise char- acteristics, including the performance and debt ratio of the firm, can significantly affect the negative relationship between the level of CSR disclosure and the cost of equity. （3）Enterprises with weak performance and low debt ratio will prefer to obtain social and investor support through disclosure of high level of CSR, so as to bring down the cost of equity. The results indicate that there is a significant difference between effects of external factors and internal factors on CSR disclosure, which means that the management choice behavior has a risk premium spillover effects on CSR disclosure.