企业社会责任与债券信用利差关系及其影响机制——基于沪深上市公司的实证研究  

Corporate Social Responsibility and Credit Spreads on Corporate Bonds——An Empirical Study Based on China's Public Companies

作　　者：周宏[1,2] 建蕾[1,2] 李国平[1,2] 

机构地区：[1]中央财经大学会计学院,100081 [2]中央财经大学管理科学与工程学院,100081

出　　处：《会计研究》2016年第5期18-25,95,共8页Accounting Research

基　　金：国家社会科学基金(15ZDB137;15ATJ005);国家自然科学基金(71372190;71172152);北京市会计类专业群(改革试点)建设项目;北京市与中央在京高校共建项目;中央财经大学"211工程"重点学科建设;中央财经大学"青年科研创新团队支持计划"与中央财经大学研究生科研创新基金(201405)的资助

摘　　要：以2010-2013年沪深两市发债上市公司为研究对象,本文探讨了发债企业社会责任与其债券信用利差之间的关系。本文的主要研究结论如下:首先,发债企业承担社会责任能够显著降低其债券信用利差;其次,同国有企业相比,承担社会责任降低企业债券信用利差的作用在民营企业中更显著;最后,本文验证了企业社会责任会通过降低信息不对称来减少债券信用利差这一理论机制。本文的研究结果从债券融资成本的角度为企业通过承担社会责任以降低融资成本、提高财务绩效提供了实证证据。Using both Shanghai-listed and Shenzhen-listed companies in China's bond market during the period 2010- 2013 as samples,this paper examines the relationship between corporate social responsibility( CSR) and credit spreads on corporate bonds. Firstly,the companies that are social responsible enjoy low corporate bonds credit spreads. Meanwhile,since CSR can be seen as political rent-seeking behavior,we studied the Ownership Nature of Ultimate Controller of the enterprises who take social responsibility and its relationship with bond credit spreads,we find that this decrease in corporate bonds is more pronounced in non-state-owned enterprises. The results not only provide empirical evidence for the relationship between CSR and financial performance from the perspective of the cost of debt,but they also have inspiration in research of CSR for the transition countries in the emerging markets.

关 键 词：企业社会责任 债券信用利差 民营企业 

分 类 号：F832.51[经济管理—金融学]