企业社会责任报告与公开债务融资

Corporate Social Responsibility Report and Public Debt Financing

本文以2016—2018年沪深两市A股非金融类上市公司为样本,研究企业社会责任报告与公开债务融资的关系。研究发现,披露企业社会责任报告显著提高了企业公开债务融资的成功率和规模;企业社会责任报告质量越高,对企业公开债务融资选择、规模的正向影响越大;相较于民营企业而言,国有企业披露社会责任报告对公开债务融资的影响更为明显。进一步研究发现,相较于应规披露、未披露企业社会责任报告的上市公司而言,自愿披露对公开债务融资具有显著正向影响;市场化水平较高的地区,披露企业社会责任报告对公开债务融资具有显著促进作用,市场化水平较低的地区则不具有明显影响。

This paper examines the relationship between corporate social responsibility(CSR) reports and public debt financing, taking the A-share non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2016-2018. The research found that listed companies that disclosed CSR reports have a greater probability of obtaining public debt financing;the higher the quality of disclosed CSR reports, the greater the impact on the choice and scale of public debt financing;compared with private enterprises,the impact of disclosure of CSR reports by state-owned enterprises on public debt financing is more pronounced. Further study found that voluntary disclosure has a significant positive effect on public debt financing compared to listed companies that should disclose and do not disclose CSR reports;disclosure of CSR reports has a significant contribution to public debt financing in regions with a high level of marketization and no significant effect in regions with a low level of marketization.