Research On The Relationship Between Social Responsibility And Capital Structure Adjustment In The Perspective Of Financing Costs

As the economic development enters a new era,many external problems of enterprises have gradually become prominent.Corporate social responsibility related behaviors serve as an important way for companies to strengthen contact with external stakeholders and bridge the gap between each other.The capital structure is a concentrated expression of the rights and obligations of corporate stakeholders,and the adjustment of capital structure is also an extremely important decision in the operation of enterprises.Through combing and summarizing relevant theories and literatures,this paper uses the combination of theoretical analysis and empirical testing to explore the specific influence relationship and influence path between corporate social responsibility and capital structure adjustment from the perspective of corporate financing costs.This paper selects the Shanghai and Shenzhen A-share listed companies listed before 2010 as the research sample,and uses the panel data of 655 listed companies for 7 years to construct the corresponding theoretical model and empirical model,To examine the potential relationship between corporate social responsibility and dynamic adjustment of capital structure,And whether the external financing cost is a mediating variable of corporate social responsibility and capital structure adjustment.The study shows:(1)The company has a capital structure adjustment behavior,and corporate social responsibility can positively affect the speed of capital structure adjustment,this kind of influence is more obvious in non-state-owned enterprises;(2)Corporate social responsibility can affect corporate financing costs.Corporate social responsibility can reduce debt financing costs,but the negative impact on equity financing costs is not significant;(3)Corporate social responsibility can influence the dynamic adjustment of capital structure through debt financing cost,that is,debt financing cost plays a part of the intermediary role between corporate social responsibility and capital structure adjustment.However,there is no such intermediary effect in equity financing cost,The results all passed the robustness test.(4)According to the results of the expansion study,after distinguishing the different adjustment directions of the capital structure,the study found that the above results are more significant when the low-debt enterprises adjust the capital structure upwards.