Research On The Relationship Of Green Credit,Corporate Social Responsibility And Debt Cost

Under the rapid development of the socialist market economy,China is faced with increasingly severe environmental pollution problems.China's sustainable development has become an important area of concern for the country and society.In order to implement the concept of sustainable development,stop corporate environmental pollution,and build a beautiful China,government departments have successively formulated a series of policies and regulations on environmental protection and vigorously promoted a green credit policy.The purpose is to guide companies to actively fulfill their social responsibilities and improve the environment.Protection awareness.At the same time,as the main body of economic activities,enterprises must not only undertake obligations to shareholders within the company,but also fulfill their social responsibilities so as to meet the needs of other stakeholders.In addition,many companies have always faced the problem of financing difficulties,among which debt financing plays an important role in the growth and development of the company.Therefore,how to effectively reduce the cost of debt has become a concern of the enterprise.Banks and other financial institutions will assess whether there are credit risks based on financial information or non-financial information disclosed by companies.Corporate social responsibility information is supplemented by important non-financial information and is increasingly concerned by stakeholders.It appears that corporate social responsibility is It is an important basis for loan banks to evaluate credit risks.Therefore,this paper first discusses the relationship between green credit policies and debt costs,then studies the relationship between corporate social responsibility and debt costs,and explores whether creditors such as banks will rely on corporate social responsibility performance.Provide preferential financing policies.Finally,we will further discuss whether the disclosure of corporate social responsibility information will weaken the relationship between green credit and debt costs,so as to help polluting companies reduce costs.At present,research on green credit is mostly focused on theoretical research such as the establishment of its legal system,its operating mechanism,and its influence on commercial banks,and its data support is relatively lacking.In addition,the relevant literature on corporate social responsibility research focuses on its impact on corporate financial performance,corporate value,and cost of equity capital,and its impact on debt costs needs further study.In particular,from the perspective of the national financial regulatory system,there is little literature on the impact of corporate social responsibility on the economic consequences of green credit implementation.Therefore,further analysis of the economic consequences of corporate social responsibility in the context of the financial regulatory system is extremely significant.The research in this paper will improve the content of corporate social responsibility and provide theoretical basis and practical guidance for the construction of green credit and green financial system.The core theories used in this paper are:stakeholder theory,information asymmetry theory,sustainable development theory,and signal transmission theory.Take the listed companies in the A-stock heavy polling industry from 2010 to 2016 as a sample,through empirical methods.Highly polluting industry companies have conducted in-depth studies.The study finds that:the green credit policy has a significant positive correlation with the debt costs of polluting enterprises,and the corporate social responsibility and debt costs show a significant negative correlation;further research results show that corporate social responsibility information disclosure will weaken green in the context of the implementation of green credit policies.Positive correlation between credit policy and debt costs.The innovation of this paper is to provide data support for the green credit field,and also expand the dimensions of the research on the relationship between corporate social responsibility and debt costs,so as to more effectively guide and improve the green financial system.