| With the complexity and change of the international situation,governments of various countries frequently adjust economic policies to control risks effectively,therefore,economic policy uncertainty continues to deepen.As an important source of uncertainties in the external environment faced by corporate,the uncertainty of economic policies will have a certain impact on various behaviors of corporate.In recent years,there have been frequent occurrences of debt defaults,and corporate credit crises have become more prominent,which has brought negative effects to society.Therefore,this paper takes economic policy uncertainty and corporate default risk as the main research objects to explore the impact of external factors on corporate micro-behavior.In addition,the fulfillment of social responsibility as a positive behavior of a corporate can improve its reputation,and play a certain role in the process of external factors affecting the corporate default risk.Therefore,this paper will introduce social responsibility as a moderating variable to deeply explore the relationship among the three.Through combing the relevant literature and combining theoretical analysis,this paper selects A-share listed corporation from 2010 to 2018 as the research object,and performs multiple linear regression analysis through panel data.The result shows that the increase of economic policy uncertainty will lead to a significant increase in the risk of corporate default;however,fulfilling social responsibilities actively can significantly alleviate the negative impact of economic policy uncertainty on default risk;this paper also divides corporations according to the nature of property rights and future growth,and discusses the moderating role of social responsibility among different corporations,the result shows that the moderating role of social responsibility is more significant in non-state-owned corporations and high-growth corporations.In order to study the mechanism of social responsibility mitigating default risk,this paper introduces financing constraints and using the method of intermediary effect,it is found that social responsibility can alleviate the risk of default by reducing financing constraints.In response to the research conclusions,this paper recommends that the government should improve the level of decision-making and maintain the stability of the introduction or adjustment of economic policies;corporations should also pay close attention to changes in macroeconomic policies,enhance awareness of social responsibility and improve the level of social responsibility disclosure;at the same time,the regulatory authorities need to strengthen the supervision and management of the disclosure of social responsibility information,so as to effectively alleviate the impact of uncertainty on the risk of default and promote the stable development of corporations. |
