“双碳”背景下企业社会责任信息披露与债务融资

Corporate social responsibility information disclosure and debt financing under the background of carbon peaking and carbon neutrality

如何提升企业履行社会责任的动力成为“双碳”背景下推动企业绿色转型的关键。本文以2009—2018年发布社会责任报告的A股上市公司为样本,实证检验了企业社会责任信息披露对企业债务融资规模和成本的影响,并进一步探究了这一影响对不同股权性质公司以及在不同信息化建设水平地区的异质性表现。研究发现,社会责任信息披露能显著提高公司的债务融资规模并降低债务融资成本,而这种影响在非国有上市公司和信息化建设水平高的地区的上市公司中表现更加显著。研究结论表明,企业能够通过更多更好地披露社会责任信息获取融资优势。

How to improve the motivation of enterprises to fulfill their social responsibilities has become the key to promoting the green transformation of enterprisesunder the background of carbon peaking and carbon neutrality.Taking A-share listed companies that issued social responsibility reports from 2009 to 2018 as samples,this paper empirically tests the impact of corporate social responsibility information disclosure on the scale and cost of corporate debt financing,and further explores the heterogeneity of this influence on companies with different equity properties and in regions with different levels of informatization construction.The study shows that social responsibility information disclosure can significantly increase the scale of debt financing and reduce the cost of debt financing,and this impact is more significant in non-state-owned listed companies and listed companies in regions with high levels of informatization.The research conclusion shows that enterprises can obtain financing advantages through more and better information disclosure of social responsibility.