The Impact of CSR Performance on the Debt Financing Cost
Using A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as research samples,the impact of corporate social responsibility on debt financing costs has been analyzed.The results show that active corporate social responsibility can significantly reduce debt financing costs,especially in non-state-owned enterprises,non-heavily polluted enterprises and en-terprises in areas with high marketization process.Mechanism analysis shows that the negative impact of CSR on debt financing costs is mainly realized through three paths:enhancing corporate reputation,reducing the risk of debt default and obtaining govern-ment support.These findings provide empirical support for enterprises to alleviate financing difficulties and realize high-quality de-velopment.
corporate social responsibilitydebt financing costcorporate reputationdebt default riskgovernment subsidy
万方数据
维普
