企业社会责任对债务融资成本影响研究

The Impact of Corporate Social Responsibility on Debt Financing Cost--A Mechanism Effect Based on Default Risk

企业主动承担社会责任有助于减少融资约束,使其在供应链关系管理中获得优势。以2017-2021年沪深A股上市公司为样本,实证考察了在违约风险的作用下,企业社会责任对债务融资成本的影响。结果显示:企业承担社会责任对债务融资成本和违约风险均有降低作用,且违约风险具有中介作用,即企业通过承担社会责任能够降低违约风险,进而获得低成本融资优势。进一步研究发现:在供应链集中度较低的情况下,履行社会责任对降低债务融资成本作用显著,且违约风险在其中发挥了中介效应。基于研究结论,企业要注重社会责任的履行、政府要优化相关的政策规定、社会公众要发挥出监督的作用,促进企业履行社会责任。

The initiative of enterprises to assume social responsibility can help reduce financing constraints and gain advantages in supply chain relationship management.This paper used the data of A-share listed companies in Shanghai and Shenzhen from 2017 to 2021 as the sample,and empirically analyzed the impact of corporate social responsibility on debt financing cost under the role of default risk.The results show that corporate social responsibility can reduce both debt financing cost and default risk,and default risk has an intermediary role,that is,enter-prises can reduce default risk by assuming social responsibility,and then obtain low-cost financing advantage.Further research finds that:when supply chain concentration is low,social responsibility has a significant effect on debt financing cost,and default risk plays an intermediary effect.Based on the research conclusions,enterprises should pay attention to fulfilling social responsibility,the government should optimize relevant policies and regulations,and the public should play a supervisory role to promote the fulfillment of corporate responsibility.