Research On The Relationship Between Corporate Social Responsibility And Debt Financing Efficiency

In recent years,with the improvement of capital market norms and social civilization,all sectors of society should reach an agreement on corporate social responsibility(CSR)while realizing economic benefits.The economic impact of CSR on enterprises has also been widely concerned and studied.As an important aspect of business operation,how to obtain high-quality and sufficient funds through debt financing is of great significance,whether corporate social responsibility can play a role in improving debt financing efficiency,and which path of influence is worthy of academic research and discussion.The existing literature is rich in content but relatively independent.It mainly focuses on the impact of corporate social responsibility on corporate value and the factors affecting debt financing efficiency.In terms of the relationship between the two,it also takes indirect measurement such as financing cost and financing constraints into account,rather than the measurement of direct efficiency.This paper has made some contributions in this regard.At the same time,based on the theoretical research of social trust dimension,this paper studies the intermediary effect of different dimensions of social trust in the relationship between the two.Based on text analysis and multiple regression methods,this paper studies 501 companies that have disclosed social responsibility reports in the past six years in A-share listed companies of Shanghai and Shenzhen stock markets.Using data measurement tools such as Python software for crawling data,deap software for processing efficiency data and Stata software for processing dynamic panel data.This paper gets the following empirical results:(1)The positive performance of CSR contributes to the significant improvement of debt financing efficiency;(2)CSR can effectively enhance reputation trust,institutional trust and relationship trust;(3)In the impact of CSR on debt financing,reputation trust plays a full intermediary role,while institutional trust and relationship trust can play a partial intermediary role,and reputation trust The significance of trust between Ren and system is greater than that of relationship trust.(4)The effect of CSR on debt financing efficiency decreases with the growth of enterprises.Specifically,it plays a more significant role in the growth period of enterprises in the life cycle,but not in the initial and mature period.The theoretical contribution of this study is to enrich the research on the influencing factors of debt financing efficiency and CSR's impact on economic benefits,and extend the research on the division of social trust dimension from the theoretical level to the empirical level,providing a new research perspective;in practice,it provides a new perspective for enterprises to make scientific decisions on social responsibility and realize the important role of social trust Improve the efficiency of debt financing to provide management enlightenment.At the same time,it provides a reference for the government to set up enterprises to disclose the relevant policies and norms of social responsibility information.