A Study On The Impact Of Voluntary Social Responsibility On Enterprise Capital Structure

As an important micro-component of the economic system,enterprises behavior plays an important role in economic development,social stability and environmental protection.The survival and development of enterprises can not be separated from various stakeholders.Voluntary social responsibility for stakeholders helps to achieve win-win situation.The fulfillment of voluntary social responsibility helps enterprises to establish a good image and reputation,reduce information asymmetry between investors and creditors,and obtain the "currency votes" of stakeholders.It also consumes the resources of enterprises and exerts direct or indirect influence on the capital structure and dynamic adjustment of enterprises.This paper combs the related theories of corporate capital structure and social responsibility with the method of normative research and empirical research.It theoretically analyses how the performance of voluntary social responsibility affects corporate capital structure and its dynamic adjustment.Taking Shanghai and Shenzhen A-share listed companies from 2009 to 2017 as samples,voluntary social responsibility to stakeholders as independent variables,book assets as total assets.Debt ratio is a dependent variable.The fixed effect model is used to empirically test the impact of voluntary social responsibility on capital structure and its dynamic adjustment.The empirical results show that under the whole sample,the higher the level of voluntary social responsibility is,the slower the adjustment of capital structure is,the bigger the deviation of capital structure is,and the lower the financial leverage rate is.After differentiating the level of liabilities,it is further found that under the high level of liabilities,voluntary social responsibility performance is positively correlated with the speed of capital structure adjustment,but not significantly with the deviation degree of capital structure;under the low level of liabilities,voluntary social responsibility performance is negatively correlated with the speed of capital structure adjustment,and negatively correlated with the deviation degree of capital structure.The study also found that different stakeholders bear voluntary social responsibility,which has different impact on the speed of capital structure adjustment.Relatively speaking,the relationship between voluntary social responsibility of financial stakeholders and the speed of capital structure adjustment is more stable.Therefore,reducing the financing cost of voluntary social responsibility enterprises,giving certain policy preferences,and letting stakeholders actively play the role of public opinion,establishing a good image and reputation for enterprises,can effectively promote enterprises to undertake voluntary social responsibility,so thatenterprises and stakeholders can win-win cooperation.