Disclosure Of Social Responsibility Information,Nature Of Property Right And Debt Financing

The disclosure of social responsibility information not only is one of the channels that enterprises transmit information to internal and external information users,but also is the important way that enterprises fulfill social responsibility.For the disclosure of social responsibility information,different scholars hold different views.Some scholars insist that the disclosure of social responsibility information can improve the reputation of enterprises,virtually promote the image of enterprises,rise the valuation and the value of enterprises,improve the relationship with investors,reduce the cost of financing.High quality of the social responsibility information helps investors make the right investment decisions,evaluate the value of enterprises correctly.reduce the risk of information.However some scholars insist that the disclosure of'social responsibility information not only makes the enterprises lack efficiency,but also leads the managers promoting the reputation of enterprises excessively that generates agent problems.Debt financing as one of the financing sources of enterprises,is related to the operation and long-term development of enterprises.On the one hand,debt financing is affected by the political connection,association with the government helps enterprises obtain loan,on the other hand,debt financing is influenced by the disclosure of social responsibility information.The disclosure of social responsibility information improves information transparency,makes creditors more aware of the enterprises.Then,how does the disclosure of social responsibility information affect debt financing?The government plays an important role in the process of allocating resources and sharing information,many empirical studies test that the political connection is very important in obtaining bank credit,and the political connection is worse in non state-owned enterprises than state-owned enterprises.Then,is the relationship between the disclosure of social responsibility information and debt financing different because of the nature of property right?This paper combines the disclosure of' the social responsibility information and the background of non-state-owned enterprises of debt financing and low transparency of' the information.based on the principal-agent theory and the stakeholder theory,uses the 2008-2015 data of listed companies excluding financial listed companies,empirically tests the nonlinear relationship between the disclosure of' social responsibility information and debt financing,and further tests the differences between the nature of property right influences the nonlinear relationship of the disclosure of social responsibility information and debt financing.The empirical results show that under the influence of principal-agent and stakeholders,the disclosure of social responsibility information and debt financing show nonlinear U-shape relationship:when the disclosure of social responsibility information is lower,debt financing decreases with the increase of the disclosure of the social responsibility information,when the disclosure of the social responsibility information is more transparent,debt financing increases with the increase of the disclosure of social responsibility information.Further consideration of the nature of property right,we find the nonlinear U-shape relationship between the disclosure of social responsibility information and debt financing in non-state-owned enterprises is more remarkable.Finally,put forward policy suggestions from four perspectives:government,regulators,enterprises,market,deepen the theoretical meaning and practical meaning.