Economic Policy Uncertainty,Voluntary Corporate Social Responsibility Information Disclosure And Debt Financing

The global economy in the world today is still in the depth of the adjustment phase,all kinds of risks are crisscrossing,the trends and policy orientations of major countries are constantly diverging,and global crises such as geopolitical conflicts continue to increase,making the international situation more complex and changeable,governments of various countries have frequently adjusted economic policies to control the speed of their own economic operation,which deepens the uncertainty of economic policies.Debt financing is one of the main channels of enterprise financing.Financial institutions mainly judge their profitability and solvency by the financial information provided by enterprises,and determine the loan amount and interest rate.Most of the previous studies directly studied the impact of economic policy uncertainty on corporate debt financing,and few studied the intermediary role of non-financial information in this process.This paper analyzes the relationship among the economic policy uncertainty?the disclosure of corporate voluntary social responsibility information and enterprise debt financing,by introducing the disclosure of corporate voluntary social responsibility information as an intermediary variable,and finds that the disclosure of corporate voluntary social responsibility information plays an intermediary role in the process of economic policy uncertainty affecting corporate debt financing,and the role is a "cover up effect",which improve the quality of corporate voluntary social responsibility information disclosure can inhibit the impact of economic policy uncertainty on corporate debt financing.This paper selects A-share listed companies in 2011-2018 as the research object by combing relevant literature,using environmental economics,management,psychology and other related theories,drawing on the intermediary effect methods and procedures,putting forward research hypotheses,selecting variable indicators,designing empirical models,and conducting empirical tests.The empirical results show that:(1)There is a direct negative inhibition relationship between the uncertainty of economic policy and the amount of corporate debt financing.The uncertainty of economic policy has a positive impact on the amount of corporate debt financing through the level of corporate voluntary social responsibility information disclosure,and the direct effect sign and indirect effect sign of the uncertainty of economic policy on the amount of corporate debt financing are opposite,which is shown as "suppression effect".(2)There is a direct positive relationship between the uncertainty of economic policy and the cost of corporatedebt financing.The uncertainty of economic policy has a negative impact on the amount of corporate debt financing through the level of corporate voluntary social responsibility information disclosure,and the direct effect sign and indirect effect sign of the uncertainty of economic policy on the amount of corporate debt financing are opposite,which is shown as "suppression effect".The results of this paper not only enrich the research contents of economic policy uncertainty and corporate debt financing,but also provide important reference for our government to issue or adjust economic policies and corporate management decisions.