Corporate Social Responsibility And Financing Cost

As the main body of economic activity,enterprises create more and more social problems while creating economic value.Under the development model centered on economic construction,enterprises take profit as the king,leading to many negative problems,such as environmental pollution,squeezing employees,food quality and safety,etc.This is the result of companies pursuing profits without any means and without taking social responsibility.The Party Central Committee began to pay attention to the issue of corporate social responsibility legislation,requiring companies to implement sustainable development strategies and jointly build a beautiful China.This is the necessity for companies to fulfill their social responsibilities.At the same time,some enterprises have always faced the problem of difficulty in financing,and debt financing is the main way for enterprises to obtain funds.Nowadays,financial institutions and the public as the source of debt financing are increasingly concerned about the contribution of enterprises to social benefits.Therefore,corporate social responsibility information has become an important reference information,which directly determines whether an enterprise can obtain a more favorable investment.The inevitability of assuming social responsibility.Therefore,this paper studies the impact of corporate social responsibility on debt financing costs,and further studies the difference between the impact of state-owned enterprises and non-state-owned enterprises from the difference in property rights.So as to provide some reference for our private enterprises to solve the problem of expensive financing.It is found that there are not many literatures that study the impact of corporate social responsibility on financing costs,from the perspective of property rights differences,and the conclusions are very controversial;at the same time,there are few literature studies on what should be done from the perspective of enterprises to reduce financing Most of the costs are studied in terms of macro conditions and financial characteristics;based on the above two aspects,this paper studies the impact of corporate social responsibility on debt financing costs,and analyzes in depth from the perspective of property rights differences.The research in this article enriches the research field of corporate social responsibility and provides some guidance for enterprises to reduce financing costs.This article uses the data of high pollution enterprises in China from 2010 to 2017 as a sample,combined with stakeholder theory,sustainable development theory,information transmission theory,information asymmetry theory and corporate reputation theory,and analyzes the bank's raising financing threshold and stakeholder demands,Reducing credit risk,reducing information asymmetry,and displaying market performance,and other five impact paths,empirical analysis through the pvar model to study the relationship between corporate social responsibility and its financing costs,and through impulse response charts to find the nature of different corporate property rights The impact on the relationship between the two is very different,and the non-state-owned enterprises reflect it more clearly.There are three main research conclusions:(1)in the short term,fulfilling social responsibilities will increase financing costs;(2)in the long run,taking social responsibilities will help reduce financing costs;(3)social responsibilities reduce financing costs in Africa.It is more prominent in state-owned enterprises.There are two innovations in this article: one is innovation from a perspective,and existing research has focused on the overall situation of a certain industry.This article analyzes in depth from the perspective of the difference in property rights;the other is the innovation of the influence path..