Charitable Donations,Media Attention And Debt Financing

The initiative of reform and opening up,make social gets fast development,the private enterprises also have sprung up in the public eye shot,become the backbone of the social development,and promote the development of national economy.As the new understanding of social public,may be in the 2008 wenchuan earthquake,may be after the fog day diffuse throughout the country,social responsibility has gradually into the human eye.Charitable donations,as an important one of the performance of social responsibilities,has its important significance,it can maintain social stability,promote the harmonious development of society.Donation occupies the main position of private enterprises,private enterprises in generosity colleagues but then facing debt financing constraints.Banks and other financial institutions because of the uncertainty of the future,risk big,the more likely the money lending to state-owned enterprises.Enterprise in the face of financing constraints,but also actively response to the call of the government,what is the purpose?in this paper,starting from the motivation of private enterprises of charitable giving,use the resource dependence theory and social exchange theory to explain,and empirical study on the charitable donations to debt financing for private enterprises.Because our country’s legal system is not very perfect,the legal alternative mechanisms of attention gradually,many scholars have studied the media as a complementary mechanism of law,to supervise corporate governance.so in this paper,asymmetric information theory and reputation theory,empirical research found that the higher the media attention,can reduce the degree of information asymmetry,thus is advantageous to the privately operated enterprise debt financing.Media attention since give play to the role of corporate governance,so whether the media attention on charitable giving have influence on the debt financing than altruistic motives? Verify the media attention on charitable giving borrowing effect of intermediary role,namely the greater the amount of charitable giving,the higher the media attention,the scale of the debt financing.In this paper,enriched the motives of charitable giving,verify the governance of media effect,the debt financing for the private enterprise provides a new way of thinking.Determines the research on this problem,the importance and necessity of private enterprises to participate in charitable donations,help to understand whether charity can alleviate the constraints of debt financing of private enterprises,because money is the foundation of a company to continue as a going concern,because the cost is low,the debt financing constraints advantage such as less favored by enterprises,so the problem of private enterprise debt financing helps to promote the sustainable development of private enterprises,this research has the vital significance,and enrich the governance role of the media,certainly the media as a complementary mechanism of supervision on company activities.