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1、ＡＢＳＴＲＡＣＴUnderthebackgroundofeconomicglobalization,theentrepreneursareinthepursuitofinterests,butatthesametimetheyhaverealizedtheimportanceofsustainabledevelopment.Andbegintopaymoreattentiontobeartheirsocialresponsibility.Tobearthesocialresponsibilityisnotonly
2、goodforthestakeholderstoknowmoreaboutofthecompany,butalsohelptheentrepreneursimprovetheirmanagementlevel,andrealizethesustainabledevelopment.Nowpeoplepaymoreandmoreattentiontothesocialresponsibilityofcompany:thegovernmentsregulategraduallyincreasethelevelofth
3、eenterprisesocialresponsibility;theScholarspaycloseattentiontothesocialresponsibility;theconsumersandotherstakeholdersthinkhighlyofthesocialresponsibility.Inthecapitalmarket,theinvestoristheonewhoserespondisthefastest,andtheinvestingofthesociallyresponsiblele
4、adinvestmenttrend.Financingisoneoftheimportantactivitiesofenterprises,thecompanywhocangetthefinancingeasieristendingtotaketheopportunityfaster.Thentheycandevelopthemselvesmorequickly.Inchina,strongstockholdersaremorewillingtochoicethewayoffinancingstandonthes
5、ideofthemselves.Thisphenomenoncanconfirmafactthatitisgenerallyforourcompanieswhoarelakeofthesocialresponsibilityandignoretheinterestedparties’benefit.But,it’simprovedsince2009.Theinterestedpartiespaymoreandmoreattentiontothecompanyandthecompanywanttoearnthetr
6、ustfromthem.Sotheenterprisetrytheirbesttoimprovetheirdisclosurequalityofthesocialresponsibility.Anumberofscholarfindthatthedisclosurequalityofthesocialresponsibilityisconnectwiththerefundingofenterprise,ifthedisclosurequalityisgood,theenterprisewillhavelarge–
7、scalerefunding,andwillchoicebetterrefundingway.Inviewoftherefundingmarket,it’sbenefitforthedevelopmentoftheChinesecapitalmarkettoencouragebondedrefunding.Forpubliccompany,bondedrefundingcannotonlyincreasethecapitalsource,reducethefinancingcost,optimizethefina
8、ncingstructure,andalsosolvethecostofagent.Ifthereisonlyhavethestockfinancinginthecapitalmarket,themarketwillbepoorofefficiencyandheavyobstaclesundoubtedly.Forthisreason,itisgoodforimprovi
