动态环境下企业社会责任、研发投入与债务融资成本——基于中国制造业民营上市公司的实证研究

Corporate Social Responsibility,R&D Investment and the Cost of Debt Financing in Dynamic Environment——The Empirical Study Based on China's Private Listed Companies in Manufacturing Industry

基于利益相关者理论和信号传递理论,以沪深A股市场2010-2013年制造业民营上市公司为样本,对动态环境下企业社会责任、研发投入和债务融资成本的关系进行研究,并提出竞争性假设。实证结果表明:积极承担企业社会责任能够有效降低制造业民营企业的债务融资成本;在当前经济背景下,研发投入和环境动态性均可发挥增强企业社会责任对债务融资成本影响的调节作用,且环境动态性能够显著增强研发投入的调节作用。

Based on the stakeholder theory and the signaling theory, with the sample of China＇ s private A-share listed companies in manufacturing industry from Shanghai and Shenzhen Stock Exchange from 2010 to 2013, this article tries to analyze the relationship between corporate social responsibility and the cost of debt financing moderated by R＆D investment and environmental dynamism and proposes competitive hypothesis. The results show that CSR of private enterprises in manufacturing industry has significant negative influence on the cost of debt financing. R＆D investment and environmental dynamism can both effectively enhance this effect inde- pendently. What＇s more, environmental dynamism can effectively enhance the moderating effect of R＆D investment.