Study On The Impact Of Social Responsibility Information Disclosure On The Cost Of Debt Financing For Listed Companies In Heavy Polluting Industries

For several decades,our country has produced the world's remarkable economic development,but also hidden behind it is the deep contradiction between economy and society and environment.Our ears are filled with large accidents of corporate social responsibility,such as lean meat,gutter oil,sanlu milk powder,etc.,which has caused the public to lose confidence in it.At present,the majority of enterprises financing difficult problems,information disclosure of corporate social responsibility and the relationship between debt financing cost is already more and more important topic,due to the particularity of heavy pollution industry determines them in pursuit of their own interests at the same time more to both environmental protection and achieve economic and social sustainable development are the themes of our era.Therefore,in this paper,based on the reference of research literature at home and abroad,the first theoretical analysis of the social responsibility information disclosure of listed companies of heavy pollution industry impact on the cost of debt financing,and then select the Shanghai and shenzhen two city board between 2014 and 2016,195 polluting listed a-share listed companies as the research object,get 585 research samples,through statistical software SPSS 20.0 empirical research on the social responsibility information disclosure of listed companies of heavy pollution industry to the influence of debt financing costs.In addition,considering the domestic special economic background,the influence mechanism between the two may be different property and marketization degree of differences in the company,so in this paper,the introduction of property rights,degree of marketization,and other variables,a comparative study.The results showed that the social responsibility information disclosure of listed companies of heavy pollution industry are negatively related with debt financing costs,improve corporate social responsibility information disclosure are more likely to get the trust of investors,which reduces the cost of debt financing;It is concluded that the negative correlation mechanism is more prominent in the non-state-owned heavy polluting listed companies.The impact of social responsibility information disclosure on the cost of debt financing is more significant in areas with low marketization degree.