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

In the context of the accelerated development of social economy and science and technology,people are more and more aware of the importance of health,and the requirements for the quality of life are constantly improving,which has promoted the vigorous development of chinese biopharmaceutical industry.Seizing development opportunities and responding to challenges has become an important task of corporate strategy.Many pharmaceutical companies have increased investment in equipment,R&D and marketing in order to improve their production capacity,innovation capability and market share to establish a competitive advantage.For fast-growing enterprises,it is very important to obtain sufficient funds,and the problem of difficult and expensive financing has plagued many enterprises.Debt financing is an important channel for enterprises to obtain funds.At present,banks and non bank financial institutions that provide financial debt financing and suppliers,customers and other stakeholders that provide operational debt financing usually review the financial and operating conditions of borrowing enterprises.However,due to the asymmetry of information,it is impossible to fully understand the operation status of enterprises only through financial information.Therefore,non-financial information such as corporate social responsibility(CSR)has become an important supplementary information,which has an important impact on financing and has attracted more and more attention.However,medical safety problems occur frequently,the overall social responsibility level of the industry is not high.How to make enterprises realize the importance of social responsibility and its role in alleviating the problem of debt financing is very important.Using the methods of literature research,case analysis and quantitative analysis,this paper selects Yunnan Baiyao,one of the top 100 pharmaceutical brand enterprises,as the research object to analyze its social responsibility level,operational debt financing,financial debt financing and financing cost.Firstly,according to information asymmetry theory,signal transmission theory and corporate reputation theory,this paper discusses the impact of corporate social responsibility on operational and financial debt financing and financing cost,and forms the impact mechanism diagram of CSR and heterogeneous debt financing;secondly,it constructs the corporate social responsibility evaluation system of Yunnan Baiyao by using entropy method,and analyzes the CSR level of Yunnan Baiyao,introduces the financing situation of Yunnan Baiyao;finally,verify the relationship between Yunnan Baiyao CSR and operational debt financing,financial debt financing and debt financing cost,and clarify the feasibility of pharmaceutical enterprises to improve debt financing by improving the level of social responsibility.Through theoretical analysis and case analysis of Yunnan Baiyao,the following conclusions are drawn:(1)the higher the level of social responsibility of Yunnan Baiyao,the more inclined it is to use low-cost or even cost-free operating debt financing;(2)Yunnan Baiyao’s operational debt financing and financial debt financing are complementary and alternative;(3)the higher the social responsibility level of Yunnan Baiyao,the lower the financing cost.Put forward suggestions from the perspective of enterprises,governments and media,so as to improve the awareness of corporate social responsibility and promote enterprises to realize the role of social responsibility level in alleviating debt financing.