社会信用与企业资本成本

Social Credit and Enterprise Capital Cost

本文基于2009-2018年沪深A股上市公司的面板数据,全面深入地考察社会信用对企业资本成本的影响,并以《社会信用体系建设规划纲要(2014-2020年)》的实施为切入点,进一步深入分析社会信用与其的交互影响,通过理论分析和实证检验发现:社会信用水平的提升显著降低了企业的债务资本成本与权益资本成本。路径分析部分表明,社会信用对企业资本成本的影响主要通过缓解企业的经营风险与信息风险实现。进一步分析表明,作为我国社会信用体系建设总纲领文件的《信用建设纲要》的出台显著促进了社会信用对企业资本成本的影响。本文不仅补充了社会信用与企业资本成本的相关研究,而且对于完善我国的信用建设法律法规以及更好地为企业融资服务,具有一定的启示意义。

Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2018,this paper comprehensively and deeply investigates the impact of social credit on the cost of corporate capital,and further analyzes the interaction between social credit and the implementation of《the Outline of the Social Credit System Construction Plan(2014-2020)》.Through theoretical analysis and empirical test,it is found that the improvement of social credit significantly reduces the cost of debt capital and equity capital.The path analysis shows that the impact of social credit on capital cost is mainly achieved by mitigating the business risk and information risk of enterprises.Further analysis shows that the introduction of《the Outline of Credit Construction》,as the general guideline document for the construction of social credit system,significantly promotes the impact of social credit on capital cost.This paper not only supplements the relevant research on social credit and capital cost,but also has certain enlightenment significance for improving the laws and regulations of credit construction in China and better serving enterprise financing.