Empirical Study On Enterprise Credit Risk Assessment Introducing Corporate Social Responsibility Variables

Credit is the foundation for the healthy development of the market economy,and it is also the guarantee for the long-term development of enterprises in the contract society.The credit risk assessment of research enterprises is not only the need of enterprise development,but also the necessary means for financial institutions to issue bonds for enterprises.However,corporate social responsibility has also been an important issue for scholars in recent years.Its impact on the economic results of enterprises has not been neglected,and even has a significant effect on the credit risk assessment of enterprises.This paper deeply studies the corporate social responsibility and corporate credit risk assessment.Firstly,it analyzes the stakeholder theory,reputation theory and corporate strategy theory related to corporate social responsibility in the theoretical basis.The relevant research of stakeholder theory is corporate social responsibilit y.It provides a space for research paradigm and variable selection.Reputation theory analyzes the positive impact of corporate social responsibility on the enterprise from the perspective of exogenous factors,while the enterprise strategy theory explores the enterprise from fulfilling social responsibility as the enterprise.A development strategy can play a positive role in corporate performance.At the same time,the article analyzes the information asymmetry theory and credit rationing theory from the perspective of enterprise credit risk assessment,and lays a theoretical foundation for the necessity of credit risk assessment.The theory of information asymmetry explains the unequal status of information existing between bond issuers and borrowers in the current credit market.It also explains the origin of the risks in the credit market from the perspective of information theory.The theory of credit rationing is from resources.Limited angle The analysis of the issuer how limited financial resources in the most effective and highest return.Furthermore,the article sorts out the literatures of domestic and foreign scholars on corporate social responsibility and corporate credit risk assessment in recent years.Based on the stakeholder theory,this paper constructs the corporate social responsibility variables and introduces them into the credit risk assessment model of enterprises.Combined with the financial indicators of the enterprise,a Logistic discriminant model was constructed.This paper conducts an empirical study on the data of seven major industries in the strategic emerging industries of China’s listed companies,2013-2017. At the same time,in the test,the time lag of corporate social responsibility is considered based on the results of previous scholars.The corporate social responsibility factor lags into the model in the first decade;the research results show that the Logistic model with the introduction of corporate social responsibility factor has a good fitting effect,and after the static and dynamic testing of the model,it is found that the model of the corporate social responsibility factor is added.There is a high accuracy rate when conducting credit risk assessment for enterprises.This research can provide theoretical guidance for enterprises in fulfilling their social responsibilities,and use it as a corporate strategy to establish a good reputation for enterprises,help enterprises obtain higher ratings in credit risk assessment,ease financing constraints,and at the same time,can be credit for financial institutions.The risk assessment system provides a practical reference,introduces the corporate social responsibility factor into the evaluation model of corporate credit risk,enhances the accuracy of the enterprise credit assessment,and reduces the capital risk.