The Influence Of Marketization Index On The Cost Of Enterprise Debt Financing

Because of the opening up,China’s economy has developed vigorously,the overall national strength has been continuously improved,and the people’s living standards have generally stepped into a well-off society.Various facts show that the reform focusing on marketization is an important driver of China’s economic development.Capital is the blood of enterprises.Debt financing is more and more favored by enterprises because of its advantages such as fast financing speed,low cost of capital,non-dilution of equity and so on.The cost of debt financing not only directly affects the difficulty of enterprise financing,but also directly related to the efficiency of capital allocation in the whole capital market and the healthy development of economy.At present,the academic research on the influencing factors of debt cost has been relatively mature,but most of them explore the impact of internal factors on financing costs from the perspective of enterprises themselves.there is little literature on how the macroeconomic market affects the debt financing activities of enterprises.In addition,in recent years,frequent social hot events such as environmental pollution and food safety have frequently pushed the topic of corporate social responsibility to the forefront.Generally speaking,enterprises that perform well in social responsibility have a good reputation and are more likely to be recognized by investors.To sum up,does the level of marketization have any impact on the cost of debt financing? Can corporate social responsibility be conducive to financing activities?Solving these problems can not only clarify the relationship between the macro market and corporate financing activities,but also deepen corporate understanding of social responsibility,and help to alleviate the dilemma of difficult and expensive corporate financing.Firstly,this paper discusses the influence of marketization on debt financing cost on the premise of theory.and try to explain its mechanism through the intermediary effect of corporate social responsibility.Then,on the basis of the relevant academic literature at home and abroad,deeply explore the possible relationship between the three variables,and make research hypotheses.Finally,taking Shanghai and Shenzhen A-share listed companies from 2014 to 2018 as the research sample,the intermediary effect model is established to empirically test the research hypothesis.The results show that:(1)there is a significant negative correlation between the degree of marketization and the cost of corporate debt financing;(2)the higher the degree of marketization,the better the performance of corporate social responsibility.(3)in the process of the impact of the degree of marketization on the cost of corporate debt financing,the performance of social responsibility as an intermediary variable plays a part of the intermediary effect.On the one hand,the research results provide a theoretical basis for the implementation of market-oriented reform,on the other hand,it also provides a corresponding reference direction for the financing behavior and internal control management of listed companies.