企业社会责任对高杠杆成本的影响——来自中国上市公司的经验证据

The Impact of Corporate Social Responsibility on High Leverage Cost——Evidence from Chinese Listed Companies

以2010-2018年中国A股上市公司为样本,考察企业社会责任对高杠杆成本的影响。结果表明:企业承担的社会责任越多,公司的高杠杆成本越低;企业社会责任同时抑制了客户、竞争对手及员工驱动的高杠杆成本;企业社会责任通过降低公司与外部利益相关者的信息不对称进而降低高杠杆成本,机构投资者持股促进其正面作用的发挥。

This paper examines the impact of corporate social responsibility on high leverage cost by taking Chinese A-share listed companies from 2010 to 2018 as the sample.Results shows that,the more social responsibilities a company undertakes,the lower its high leverage cost will be.CSR simultaneously reduces high leverage cost driven by customers,competitors and employees.The channel for corporate social responsibility to reduce the cost of high leverage is to reduce the information asymmetry between the company and external stakeholders.Institutional investors;shareholding contributes to the positive role of CSR.