企业社会责任、社会信任及债务融资效率  

Research on the relationship between corporate social responsibility,social trust and debt financing efficiency

作　　者：胡旭微[1] 马怡兰 HU Xuwei;MA Yilan(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)

机构地区：[1]浙江理工大学经济管理学院,杭州310018

出　　处：《浙江理工大学学报（社会科学版）》2020年第5期473-481,共9页Journal of Zhejiang Sci-Tech University：Social Sciences

摘　　要：提高债务融资效率能够有效解决企业资金问题,而研究如何通过履行社会责任来取得社会信任,从而获得债务资金有重要意义。从沪深两市A股上市公司中选择已连续6年(2012—2017)披露社会责任报告的501家企业作为样本,采用数据包络技术法(DEA)计算得到各企业的债务融资效率,采用Python软件爬取数据并计算社会信任指数;并结合国泰安财务数据库和润灵数据库数据,分析企业社会责任对债务融资效率的影响,以及社会信任的中介作用。结果表明:企业履行社会责任能够显著提高债务融资效率,且在这一关系中,社会信任(包括声誉信任、制度信任、关系信任三个维度)均可起到部分中介作用,但作用时期有所不同。Improving the efficiency of debt financing can effectively solve the financial problem of an enterprise.How to obtain social trust and thus get debt financing through fulfilling social responsibility is worth studying.501 companies that disclosed social responsibility reports for six consecutive years(2012—2017)were selected among A-share listed companies as samples,and the data envelopment technology(DEA)method was used to calculate the debt financing efficiency of each company.Social trust index was figured out by crawling data with Python software.Besides,the impact of corporate social responsibility on debt financing efficiency and the mediating effect of social trust were studied by combining the data of CSMAR database and RKS database.The results show that the fulfillment of corporate social responsibility can significantly improve the debt financing efficiency,and in this relationship,social trust(including reputation trust,institutional trust and relationship trust)plays a partial mediating role,but the period of action differs.

关 键 词：企业社会责任 债务融资效率 社会信任 

分 类 号：F270[经济管理—企业管理]