货币政策、企业社会责任与债务融资成本——基于我国上市企业的理论与实证研究.pdf

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1、ABSTRACTInChina,debtfinancingisasignificantwayofexternalfinancingforlistedcompanies.Toraisetherequiredcapitaltimelyandatalowcostisofmomentoussignificanceonexpandingreproductionandadvancingmarketcompetitioncapability.Inrecentyears,corporatesocialresponsibilityhasreceivedwidespreadattention.Theinve

2、stors'evaluationaboutthecompaniesisnotlimitedinitsfinancialperformanceanymore.Investorswillgivemuchconsiderationtothecompanies'socialresponsibilityperformance.Therefore,corporatesocialresponsibilityperformancemusthavecertaineffectonthecostofdebtfinancing.Moreover,monetarypolicyisthemainmeasurefor

3、agovernmenttoregulatemacroeconomic,thechangesofmonetarypolicywillhaveagreatimpactonthecostofdebtfinancing.Intheoreticalresearch,wesummarizerelatedliteraturesbothindomesticandforeign.ThenwepresenttheoreticalfoundationsuchasAsymmetricTheory,ContractTheory,SoftBudgetConstraintsTheory,CreditRationThe

4、orytoanalyzehowcorporatesocialresponsibilityandmonetarypolicyinfluencethecostofdebtfinancing.Basedonthedataoflistedcompaniesduring2009-2013,weexploretherelationshipbetweencorporatesocialresponsibilityandthecostofdebtfinancingunderthebackgroundofdomesticmonetarypolicy.Infurtherresearch,wediscussif

5、differentownershiptypesamplewillhaveadifferentempiricalresult.Theempiricalresultsshowthatgoodsocialresponsibilityperformancecansignificantlyreducethecostofdebtfinancing.Thecostofdebtfinancingishigherwhenmonetarypolicyistight,butitcanbesignificantlyreducedthroughgoodsocialresponsibilityperformance

6、.Innon-state-ownedcompaniessample,wefindthatgoodsocialresponsibilityperformancecansignificantlyreducethecostofdebtfinancingespeciallywhenmonetarypolicyistight,butthiseffectisnotnotableinstate-ownedcompaniessample.Keywords:CostofDebtFinancing;CorporateSocialResponsibility;MonetaryPolicy;OwnershipT

7、ype；China'sStock-MarketListedCompaniesII目录摘要..........................................................................................................................................................IABSTRACT...........