Social Responsibility Information Disclosure,Executive Equity Incentive And Bank Credit Decision-Making

Under the "new normal",China's economic structure has been continuously optimized and upgraded,and the national economy has developed in a more healthy direction.Private enterprises in the face of major changes brought about by the development opportunity at the same time,also faced with financing difficulties,financing your external difficulties and challenges.As the status of private enterprises in the national economy rising,enterprises,government and society are generally concerned about the path of "credit discrimination" in private enterprises.Under the background of green credit policy,will the bank pay close attention to private enterprise disclosure of social responsibility information? In recent years,have equity incentive system made impact on bank credit decisions? In order to guide the practice of enterprise in theory,it is necessary to do the research of this kind of problem based on the special national conditions of our country.In this paper,to alleviate our country private listed company "loans difficult loans expensive " problem,first of all,on the basis of literature research,combining the theory of asymmetric information,signaling theory,principal-agent theory and risk theory to analyze the social responsibility information disclosure,between executive equity incentive and the impact of the two on bank credit decisions.Then in the empirical research part,selecting A shares from 2009 to 2015,the private listed companies as research samples,designing variables and building the model,using ordinary least squares method and two-stage least squares method empirical research methods,such as,verifying the hypothesis proposed in this paper.The results show that: Corporate social responsibility information disclosure helps enterprises to obtain more bank loans,especially the increase of long-term borrowing;Obtaining more bank loans,especially the increase of short-term borrowing.The disclosure of social responsibility information can be used to encourage the implementation of the influence of the executive equity incentive to the bank borrowing,namely,the social responsibility information promotes the enterprises that implement the executive equity incentive to obtain more long-term loans;Finally,further from the perspectives of the external governance environment analysis,found that under different external governance environment,social responsibility information disclosure and executive equity incentive different effects on bank credit decision-making.The complementary effect between social responsibility information disclosure and executive equityincentive is more significant when the external governance environment is good.At present,although there is a separate research social responsibility information disclosure and executive equity incentive effect on bank credit decisions,but there is no scholar information disclosure of social responsibility and executive equity incentive,both on the interaction effect of bank credit decision-making,the interactive effect of the two on the deeper reveals the social responsibility information disclosure and the influence of executive equity incentive mechanism.In addition,considering the external governance environment,in further analysis from the macro level added social responsibility information disclosure and executive equity incentive and so on micro-level factors impact on bank credit decision-making research.