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.
关键词
企业社会责任/债务融资成本/企业声誉/债务违约风险/政府补助
Key words
corporate social responsibility/debt financing cost/corporate reputation/debt default risk/government subsidy
维普
万方数据