The Quality Of Corporate Social Responsibility, Official Regional Favoritism And Bank Loans

Since the 19 th National Congress,the country has paid more and more attention to the sustainable development of the economy and green ecology.The social responsibility of enterprises has become an important factor in market evaluation.Enterprises are facing the dual pressures from the institution and the environment.At the same time,the pressure of internal stakeholders also stimulates the demand for resources and legitimacy,and encourages enterprises to actively fulfill their social responsibilities.Corporate social responsibility information has become an important part of information disclosure of listed companies in China.We take Chinese listed companies that publish social responsibility reports in 2012-2017 as research samples.Through empirical research,it is found that after controlling other variables,the higher the quality of CSR report,the higher the efficiency of obtaining bank loans.That is,more bank loans,longer maturity and lower loan rates can be obtained.Since ancient times,Chinese people have a special preference for places of birth,growth and work.For core government officials with greater power,the work experience of the former ruling party may give rise to a regional preference for the region.We introduce the regional preference of provincial core officials as a moderator variable to explore whether it can affect the relationship between CSR and bank loans.The preference of provincial core officials for the former governor can enhance the effect of CSR information disclosure on bank loans,that is,in companies with geographical preference,the positive relationships between CSR and loan size,maturity are stronger,and the negative relationship between CSR and rate is also stronger.We also take the implementation of the 2015 New Environmental Protection Law as a demarcation point,and tests the samples before and after the implementation of it.The study finds that after the implementation of the new Environmental Protection Law,the relationship between CSR and loan size,maturity and rate is more significant.At the same time,further research finds that the regional preference is stronger in the prefecture-level cities where the provincial core officials have a longer administration time.If the current governor and secretary of the provincial party committee had been in the prefecture-level city for more than five years,the company obtained a larger loan,a longer maturity,and a lower borrowing rate.This paper examines the relationship between CSR and bank loan in terms of size,maturity and rate,which further enriches the literature on corporate social responsibilityand bank loans.We take the regional favoritism of provincial senior officials as a moderator variable of the relationship between CSR and bank loans,and discuss the consequences of the preference of provincial officials to the former government,which expands the literature on the influence of government officials on enterprises' access to bank loan.This paper studies some of the consequences of social responsibility commitment,and actively promotes corporate social responsibility.It also has reference value for the development and application of green credit policy.This paper introduces the regional preference of provincial core officials as a regulatory variable.Its impact on bank loans provides optimization suggestions for the system design of “regional avoidance” for officials to reduce the impact of core senior officials on the allocation of credit resources because of their emotional preferences.