The Correlation Study Of Corporate Social Responsibility Report And Debt Financing Cost

Nowadays,there is a rapid economic development in China.However,environmental pollution,food safety,poor products and other social problems have become increasingly prominent.With the continuous attention and discussion of frequent incidents of corporate social responsibility,government departments have issued a series of policy documents,advocating that enterprises take the initiative to undertake social responsibilities and disclose their responsibility information.However,due to the relatively urgent and lack of top-level design of relevant policies and measures,the number of CSR reports is rising,Meanwhile,the situation of CSR events is still grim.Many studies show that corporate disclosure of social responsibility report information has certain internal motivation,and some enterprises have the use of social responsibility report to carry out " impression management"behavior.In view of this,explore the relevant economic consequences of social responsibility information disclosure,not only can deepen our understanding of China's corporate social responsibility information disclosure status,but also helps to find out the reason why corporate social responsibility information disclosure and social responsibility are not consistent,and this will be practical significance.This paper takes the core financial indicators of debt financing costs as the foothold.By using the data of Shanghai and Shenzhen A share listed companies in 2009-2016 years,we examine the relationship between social responsibility reports and the cost of debt financing,and some discoveries have been made in this study.First,the disclosure of social responsibility report helps to reduce the cost of debt financing,and the positive role is more obvious in low competitive industry;secondly,The higher the quality of the social responsibility report,the lower the cost of debt financing for enterprises,and this positive effect is more obvious in the low competitive industry;Finally,we find that corporate disclosure of social responsibility reports which are assured by evaluation agency can effectively reduce corporate debt financing costs.However,this positive effect does not differ significantly between highly competitive industries and low competitive industries.After controlling the endogeny,the above conclusions are still established.The conclusions of this paper will help to enrich the economic consequences of social responsibility information disclosure.In the study of corporate social responsibility report and debt financing cost,the existing scholars only explore the impact of social responsibility report disclosure and the quality of disclosure on the cost of corporate debt financing.On this basis,this paper further explores the impact of the social responsibility report assurance on the cost of corporate debt financing,and helps to improve the relevant research on social responsibility information disclosure.In addition,based on the competition background of Chinese enterprises,we explore the different effects of corporate social responsibility report disclosure on the cost of debt financing in industries of different degree of competition,thus helping to understand the economic consequences of social responsibility information disclosure more comprehensively and deeply,and enrich the existing research literature.