An Empirical Study On The Relationship Between Corporate Social Responsibility Performance And Debt Financing Term Of Chinese Listed Companies

Corporate Social Responsibility(CSR)has gradually become a new focus in academia and industry since the beginning of the 21 st century.Similarly,the economic consequences of corporate social responsibility behavior have been brought into new focus by global scholars.At the present stage,the news media frequently appear such themes as "the break of enterprise capital chain,debt crisis" and so on,which has aroused widespread concern of the society.At the same time,with the deepening of academic research on corporate debt,the focus of its research has shifted from the choice of capital structure to various details of corporate financing decisions,such as corporate debt maturity.At present,the research trend of the factors affecting the maturity structure of corporate debt financing is mostly focused on the characteristics of enterprises themselves and the market institutional environment,and little attention is paid to the informal market system and financial indicators.Therefore,this paper will take listed companies in China as an example,using empirical methods to explore whether corporate social responsibility performance will have an impact on corporate debt financing maturity.Based on the data of Listed Companies in China from 2013 to 2017,this paper uses factor analysis method and the corresponding indicators selected in advance to measure various dimensions of corporate social responsibility,calculates the comprehensive scores of corporate social responsibility performance each year,and takes this as an empirical indicator of corporate social responsibility.In addition,we collect and collate the relevant data on the maturity and amount of external debt financing of listed companies from Cathay Tai'an and Wande databases.Finally,we use multiple regression analysis to test the selected sample enterprises,and draw the following conclusions:Firstly,using the theory of signal transmission and perceived risk to derive and use the relevant literature,this paper puts forward four research hypotheses.The dimensions of corporate social responsibility indicators are selected according to stakeholder theory,using factor analysis method to construct corporate social responsibility indicators,combined with the data of A-share companies listed in Shenzhen Stock Exchange of Shanghai Stock Exchange from 2013 to 2017,using multiple regression to test thesample enterprises.Theoretical and empirical studies show that corporate social responsibility performance is negatively correlated with the duration of corporate debt financing.It is negatively correlated with the proportion of long-term debt financing in total debt financing and positively correlated with the proportion of short-term debt financing in less than one year.The better the performance of corporate social responsibility,the less long-term debt will be used for financing,but the more short-term external debt will be used for financing,so that the weighted term value of the overall debt financing period will be shorter.Finally,by adding group regression,we also find that the relationship between corporate social responsibility performance and corporate debt financing maturity is also regulated by state-owned and non-state-owned factors.Empirical results show that,under the condition of controlling other conditions unchanged,the social responsibility performance of state-owned enterprises is more obvious than that of non-state-owned enterprises,and its impact on debt financing maturity is more obvious.Finally,by replacing the key variables,we test the robustness of the empirical results of the above assumptions.On the one hand,this paper explores the impact of CSR performance on corporate debt financing maturity,enriches the relevant research directions of CSR impact on corporate performance,and has a certain academic value.On the other hand,testing the impact of social responsibility performance on debt financing maturity provides a theoretical basis for promoting the development of corporate social responsibility in China,and also provides a certain reference basis for corporate financing options,which has a certain practical significance.