Social Responsibility?Nature Of Property Right And Corporate Debt Financing

With the rapid development of market economy,the competition among enterprises is becoming more and more fierce.Corporate social responsibility information,as a non-financial signal,on the one hand can convey the operating status of enterprises to the outside world;on the other hand,good social responsibility performance can also bring reputation capital to enterprises.Therefore,some enterprises regard social responsibility as one of the powerful weapons to compete for market share.The government has also introduced a number of laws and regulations to regulate enterprises' social responsibility behavior.However,such as Shandong fake vaccine case,sanquan "pig fever dumplings",foxconn employees jumping off buildings and other events that are lack of social responsibility are still common,corporate social responsibility awareness is generally not high.Most enterprises still think narrowly that the performance of social responsibility can only bring the loss of interests.Capital is the foundation of all the development of an enterprise.Financing is one of the most concerned issues for enterprises.Equity financing is complicated and restricted,and debt financing has become the primary financing method for enterprises.The country has vigorously promoted the supply-side structural reform,and the economy has entered the new normal,resulting in the "three phases of superposition",and the competition for credit resources among enterprises has become increasingly fierce.Does corporate social responsibility help debt financing?Do enterprises with different property rights have different roles? This paper will focus on these two aspects and carry out relevant research.After reviewing and summarizing relevant domestic and foreign literatures,it is found that the research on the economic consequences of social responsibility focuses on the study of enterprise value and financial performance.In the influence factor of enterprise debt financing,there are many financial indicators to be examined.Among the researches on the relationship between the property right nature and debt financing,domestic scholars have abundant researches,and most scholars agree that private enterprises have credit discrimination,and the political background of state-owned enterprises can help them obtain more preferential debt contracts.In the research on the relationship between social responsibility and corporate debt financing,most scholars start from the perspective of financing cost,andpay little attention to financing scale and debt maturity structure.This study combines the nature of social responsibility and property right with corporate debt financing to investigate the impact of corporate social responsibility performance on debt financing scale and debt maturity structure,and further investigate the impact of social responsibility on bank deposits and commercial credit by subdividing debt sources.Combined with China's institutional background,the samples are divided into state-owned enterprises and private enterprises for comparative analysis.This study expands the relevant research on the economic consequences of social responsibility and the influencing factors of debt financing,promotes the integration of disciplines,and provides new ideas for enterprises to conduct debt financing.Based on the stakeholder theory,information asymmetry theory,signaling transmission theory and pecking order theory as the theoretical basis,through the analysis concludes the three way where social responsibility affect debt financing,respectively as a non-financial signal,it can increase the reputation of enterprises,alleviate the information asymmetry between borrowers and lenders and obtain more government policie support.Based on the nature of property rights,this paper argues that due to the inherent political burden of state-owned enterprises,creditors will also take their social responsibility performance as an important dimension of study.Compared with private enterprises,social responsibility has a greater impact on debt financing of state-owned enterprises.This study took the Shanghai and shenzhen A-share companies from 2011 to 2017 as the sample source,built an empirical model,and used Stata12.0 statistical software to conduct descriptive statistics,correlation analysis and multiple linear regression analysis on the selected data,and studied the relationship between social responsibility,property right nature and corporate debt financing.The following conclusions are drawn:(1)the higher the quality of corporate social responsibility,the larger the scale of corporate debt financing,and this effect is more significant in state-owned enterprises.After the debt financing is subdivided to bank borrowing and commercial credit according to the source of debt,it is found that,the higher the quality of corporate social responsibility is,the larger the scale of corporate bank borrowing is,and this effect is more significant in state-owned enterprises than in private enterprises.And the higher the quality of corporate social responsibility is,the larger the scale of corporate commercial credit financing will be.This effect is more significant in state-owned enterprises than in private enterprises.(2)in terms of the term structure of debt financing,the higher the quality of corporate social responsibility,the more long-term loans an enterprisecan obtain,and this effect is more significant among state-owned enterprises.Based on the research conclusions,the corresponding policy suggestions are put forward from the three levels of government,creditors and enterprises.At the end of the paper,the deficiencies of this research are summarized,and the future research direction is prospected.