Impact Of Corporate Social Responsibility Information Disclosure?property Right And Bond Financing Cost

In recent years,the problems of product quality,the impairment of employees' rights and interests,the environmental pollution of enterprises and so on which caused by the lack of corporate social responsibility,have been exposed by the media frequently.These problems also attracted attentions of government departments,the public and the media.Social responsibility has gradually become the focus of enterprise s' sustainable development.In fact,government departments in our country successively issued a series of documents to advocate that enterprises actively shoulder their social responsibilities and make relevant disclosures from 2006.In theory,corporate social responsibility information disclosure have become a hot topic to be researched.What our scholars do research about corporate social responsibility information is about two points: one is the factors that affect the disclosure of corporate social responsibility,the other is the economic consequence of the disclosure of corporate social responsibility.However,the research result about the former is more richer than the later.Researchers are specially interested in the impact of corporate social responsibility disclosure on the financing cost in the study.In the past,most research explore the relationship between corporate social responsibility disclosure and equity financing cost,few scholars study the relationship between corporate social responsibility disclosure and debt financing cost.We have also known that bond financing is one of the main ways of corporate debt financing.In this article,we will further explore the impact of corporate social responsibility disclosure on financing cost,mainly about the bond financing cost in the debtor's view based on empirical evidences of china's listed companies in 2009-2016.Specifically,this paper studies the following questions:(1)if the disclosure of corporate social responsibility will influent the financing cost of corporate bonds,(2)the relationship between the level of corporate social responsibility disclosure and bond financing cost,(3)taking the property rights of enterprises into consideration,if the relationship between the disclosure of corporate social responsibility and the cost of bond financing between state-owned and non-state-owned enterprises are different.Based on a large number of literature and theoretical studies,this paper studies whether corporate social responsibility disclosure will reduce the cost of bond financing and improve the financial performance of enterprises.We conduct this empirical evidences based on china's listed companies in 2009-2016 by taking advantage of the score of corporate social responsibility reports provided by Rankins CSR Ratings to measure to the level of corporate social responsibility disclosure,and using interest rates and bond credit spreads as a measure of bond financing costs.These are research results:(1)Compared with the non-disclosure of corporate social responsibility information,the disclosure of corporate social responsibility of listed corporate have a lower bonds financing costs,(2)The higher the level of corporate social responsibility disclosure,the lower the cost of bond financing,(3)Compared with state-owned enterprises,the impact of corporate social responsibility disclosure on the cost of bond financing is more significant in non-state-owned enterprises.That is,non-state-owned enterprises can enhance their corporate social responsibility disclosure to reduce the cost of bond financing more effectively.The results of this article can make corporate realize the importance to enhance the awareness of corporate social responsibility and improve the disclosure level of corporate social responsibility.