社会责任报告语调、内部控制质量与企业债务融资能力

Social Responsibility Report Intonation,Internal Control Quality and Corporate Debt Financing Capability

以2010—2021年我国沪深A股上市公司为研究样本,实证检验企业社会责任报告语调特征对债务融资能力的影响。结果表明,企业社会责任报告净正面语调与债务融资能力显著负相关,且内部控制质量会削弱这一关系,说明内部控制质量能够约束管理层的语调管理行为。进一步研究表明,在市场化进程较低和投资者关注度较高的企业中,社会责任报告净正面语调对债务融资能力的削弱作用更显著。

Taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as research samples,this paper empirically tests the influences of the intonation characteristics of corporate social responsibility reports on debt financing capability.The results show that the net positive tone of corporate social responsibility reports is negatively correlated with debt financing ability,and the internal control quality weakens this relationship,which indicates that the internal control quality can constrain the manager s tone management behavior.Further researches show that the net positive tone of social responsibility reports weakens the debt financing ability more significantly in enterprises with low marketization process and high investor attention.