Research On The Influence Of Listed Companies' Social Responsibility On The Financing Cost

In the past,enterprises often took the profit maximization as the goal of enterprise development,pursued the rapid growth of the scale of enterprises and made more profits in exchange for the scale.Behind this extensive growth is often large-scale energy consumption and energy inefficient applications,and often enterprises will not take into account the feelings of employees,reduce or not pay social security funds,to extend working hours.With the increasing environmental problems,the huge increase in the labor movement and entrepreneurs' awareness of sustainable development,more and more enterprises are embarking on the path of taking on more social responsibilities.In the meantime,the CSRC and the SSE and the Shenzhen Stock Exchange jointly issued a document.Some of the enterprises in the sector and constituent companies must disclose their CSR reports.In addition,many high-tech enterprises also started to disclose the sustainability report at the same time.Disclosure of such reports will undoubtedly increase the amount and quality of corporate information disclosure.At the same time,enterprises should also see that fulfilling their social responsibilities can not simply be regarded as an increase in costs.In addition to fulfilling their social responsibilities,an increase in corporate reputation will also bring convenience to the development of enterprises.According to the 2016 Choice Financial Data Corporation survey,the average debt-to-asset ratio of all listed companies in China(including overseas)is 85.45%.This shows that the current financing channels of most enterprises will be debt financing.Not only the debt financing channels tend to be more And financing does not affect entrepreneurial control of the business,but also because the debt financing can also bring leverage for the rapid accumulation of wealth.Therefore,reducing the cost of debt financing has become a problem facing enterprises.Based on a comprehensive analysis of the research results of scholars in related fields,and on the basis of stakeholder theory,optimal order financing theory and asymmetric information theory,this paper studies the relationship between social responsibility and corporate financing cost.The research model used.Using the measurement method in the social responsibility measurement opinion of the SSE to measure the corporate social responsibility.Using interest expense/total debt,this relative measure measures debt financing costs.Taking the 2014-2016 A-share listed companies in Shanghai Stock Market as the research object,we conducted husman tests.Finally,we use the fixed-effects regression model to conclude the negative correlation between corporate social responsibility and debt financing costs.Secondly,the sample is divided into large-scale enterprises and small-scale enterprises on the basis of scale,and is divided into state-owned enterprises and non-state-owned enterprises on the basis of the nature of the equity.It studies the effect of different social responsibilities on reducing the cost of corporate debt financing.Finally,we can conclude that,compared with small-scale enterprises,large-scale enterprises can assume more social responsibilities and make it easier to reduce the cost of debt financing through the fulfillment of social responsibilities.Non-state-owned listed companies can reduce the cost of debt financing through fulfilling their social responsibilities than the state-owned listed companies More obvious.Based on these studies,it will help enterprises to find ways to reduce the cost of debt financing,relieve the pressure of some enterprises on financing difficulties and strengthen the corporate social responsibility concept,which will be of great help to the overall development of our country's enterprises.