| At present,China’s economy is in the midst of unprecedented changes in a century,with fierce market competition.Efficient debt financing activities can promote the upgrading of the production structure and improvement of business capabilities of enterprises,and help improve their ability to compete in the market.The cost of debt financing is the cost of using a company’s funds.If the cost is too high,it will aggravate the financial burden of the company,have a certain degree of impact on the normal operation of the company’s capital chain,and make the use efficiency of the company’s funds lower.Therefore,controlling the cost of debt financing assets has a positive significance for achieving the sustainable development of the company in the future.Actively fulfilling corporate social responsibilities is instrumental in establishing a good corporate social image,bringing good corporate reputation,gradually forming an information transmission mechanism,delivering a information about the good operation of the enterprise externally,attracting more stakeholders such as creditors to "have a favorable impression" on the enterprise,and being more willing to provide some financial support for the enterprise.The disclosure of corporate social responsibility information is conducive to narrowing the information gap between internal and external stakeholders such as creditors,helping creditors and other stakeholders to have a comprehensive understanding of the enterprise,and influencing the risk premium requirements of creditors and other stakeholders on the enterprise.At the same time,for enterprises,in the process of assuming social responsibility,information transmission mechanisms and risk control mechanisms have an impact on the type of audit opinions ultimately issued by auditors.The type of audit opinion can have an impact on decisions such as lending by stakeholders such as creditors.The more a company assumes social responsibility,the greater the probability of obtaining non-standard unqualified audit opinions will be,thereby sending a signal to the external economic market that the overall development of the company is currently good,and promoting the reduction of debt financing costs.This article reviews relevant literature on variables such as corporate social responsibility,audit opinions,and debt financing costs,and summarizes previous research findings by scholars.Bottom on the theoretical analysis results,we choosen the data of listed A-share companies in China from 2016 to 2021 as the total sample for the study to explore the relationship between corporate social responsibility,audit opinions,and debt financing costs,and test whether audit opinions are the intermediary factors that affect the cost of debt financing by corporate social responsibility.Then,we analyzed the relationship between the three based on the nature of property rights and the progress of marketization.The research results are as follows:(1)There is a significant negative correlation between corporate social responsibility and debt financing costs;(2)There is a significant positive correlation between corporate social responsibility and audit opinions;(3)In the relationship between corporate social responsibility and debt financing costs,audit opinions play a partial intermediary role.In further exploration,it is concluded that in non-state owned enterprises,the intermediary effect of audit opinions between corporate social responsibility and debt financing costs is more significant.Although the process of marketization is a relatively important external environment,it has little impact on this intermediary effect.Based on the above conclusions,this article proposes some practical suggestions from the government level,enterprise level,auditor level,and creditor level,and further clarifies the direction of follow-up research,which is of great significance for improving China’s capital market construction and promoting stable and high-quality economic development. |
