企业社会责任、政治关联与债务融资

文章从沪市上市公司企业社会责任战略性运用的角度出发,研究企业社会责任、政治关联与债务融资之间的关系。经过对2010—2013年沪市A股上市公司的实证研究发现:企业社会责任的履行有助于增强企业的债务融资能力；政治关联对企业社会责任与债务融资之间的关系起正向的促进作用。同时,文章进一步对产权性质进行研究,发现与非国有企业相比,国有企业通过履行社会责任获取债务融资的能力更强,效果更显著。本研究在多因素交互影响的视角下探讨企业社会责任与债务融资之间的关系,为缓解我国融资困境提供了实证研究。

Corporate Social Responsibility, Political Linkage and Debt Financing

In order to alleviate the financing difficulties of enterprise, this paper explores the relationship among corporate social responsibility, political linkage and debt financing from the perspective of multi-factor interaction so as to provide evidences. Using A-share enterprises of Shanghai stokes market during 2010-2013 as a research sample, relevant models were constructed by reviewing existing literatures so as to prove the relationship of corporate social responsibility, political linkage and debt financing considering the social responsibility strategy. The results show that:the implementation of corporate social responsibility is helpful to enhance the debt financing for enterprises; the political linkage has positive effect on the relationship between corporate social responsibility and debt financing. More than that, it was found out that state-owned enterprises improve debt financing ability more easily by fulfilling social responsibility than non-state-owned enterprises.