The Research On The Impact Of Corporate Social Responsibility Information Disclosure On Capital Structure Adjustment

Corporate social responsibility information disclosure is an important way for the company to communicate with the external stakeholders.The article is based on the stakeholder theory and asymmetric information theor,which combines normative analysis and empirical analysis to examine the Impact of Corporate Social Responsibility Information Disclosure on Capital Structure Adjustment.By using the panel data whose companies listed before 2009 of 205 listed companies of six years,we examine the relationship between corporate social responsibility information disclosure and capital structure,respectively with System GMM and fixed effect model.The results show that: in the actual capital structure lower than the target capital structure of highly competitive industry enterprises,corporate social responsibility information disclosure has a positive impact on the capital structure adjustment speed.In less than the actual capital structure capital structure of enterprises,corporate social responsibility information disclosure to adjust capital structure through long-term debt and equity financing;where in a high degree of competition in the industry,through equity financing,and low degree of competition in the industry,through long term loans.In the low leverage enterprises with low competitive degree,the information disclosure of corporate social responsibility and the efficiency of capital structure adjustment are U type.