Study On Relationship Of Process Of Marketization?Corporate Social Responsibility And Debt Financing

The events of "Poison Vaccine" and "Yin-Yang Contract" occurred showing that enterprises violate the moral bottom line in order to maximize economic benefits.The whole society begin to realize the importance and necessity of corporate social responsibility.Based on the frequent social responsibility incidents in practice.The government promulgates a series of rules and regulations requiring enterprises to fulfill their social responsibilities,theoretical circles have carried out research on social responsibility issues,such as the concept of social responsibility category,influencing factors,economic consequences and so on.Among them,the study on the economic consequences of corporate social responsibility focuses on the relationship between social responsibility and corporate value.Some studies discuss the relationship between social responsibility and investment,while few studies discuss the impact of corporate social responsibility on debt financing.Because the research on the relationship between social responsibility and debt financing is not comprehensive and in-depth,and there is no consistent conclusion,this paper discusses the relationship between social responsibility and debt financing.The research object of this article takes A-share listed companies in Shanghai and Shenzhen from 2014 to 2018,and studies the impact mechanism of corporate social responsibility on debt financing of listed companies.Firstly,through the occurrence of social phenomena and the related institutional background,this article leads to the theme of corporate social responsibility research.From the existing literature,it is found that the research on the economic consequences of corporate social responsibility focuses on corporate value and equity financing,while the research on debt financing is less,which is the research topic of this paper.Background.Secondly,it summarizes the economic consequences of corporate social responsibility and the influencing factors of debt financing in the existing literature;based on the theory of information asymmetry and reputation mechanism,it makes theoretical analysis and logical deduction on the relationship between corporate social responsibility and debt financing,and puts forward the hypothesis ofthis paper;then,empirical design is carried out to describe the selected variables and establish a model.Descriptive statistics,correlation analysis,multiple regression and robustness test are used to verify the research hypothesis.The conclusion of this paper is that fulfilling corporate social responsibility can expand the scale of debt financing,extend the term of debt financing and reduce the cost of debt financing.It is further proved that the higher the degree of Regional Marketing,the more significant the impact of corporate social responsibility on debt financing scale and term structure;Compared with state-owned enterprises,private enterprises' performance of social responsibility has more significant impact on the scale,term structure and cost of debt financing.Finally,the paper puts forward some enlightenment and suggestions on the research issues and conclusions.The innovation of this paper is mainly reflected in the following two aspects.First,enrich the research on the economic consequences of corporate social responsibility.At present,due to the different research objects and methods,the relationship between corporate social responsibility and debt financing has not reached the same conclusion.Therefore,based on the perspective of social responsibility,this paper studies its impact on debt financing,makes up for the gaps in the existing literature,provides new timeliness for the research conclusions,and enriches the research on the economic consequences of corporate social responsibility.Secondly,it expands the research on the influencing factors of debt financing.Most of the researches on the influencing factors of debt financing in the existing literature focus on the single factors such as its own characteristics,corporate governance,financial situation.while the research on the influence of corporate social responsibility on debt financing is not systematic.In order to consider the influence of external market environment on debt financing,the paper further introduces the adjusting variable regional marketing degree,and studies the influence of Regional Marketing Degree on the relationship between corporate social responsibility and debt financing.