摘要
本文以2010一2020年中国沪深A股上市公司为样本,实证考察了企业债务融资成本与企业创新之间的关系。研究发现:企业债务融资成本对企业创新具有负向影响,企业社会责任在其中具有调节效应,即企业社会责任抑制了债务融资成本对企业创新水平的负向影响,且该调节效应主要存在于非国有企业、金融深度较低地区的企业中。据此,政府应加强融资环境建设,制定差异化政策,鼓励企业履行社会责任与创新;企业应积极履行社会责任,增强创新研发能力;银行等金融机构应将企业社会责任信息纳入考察,倒逼企业社会责任管理水平提升。
This paper empirically examines the relationship between corporate debt financing costs and corporate innovation based on the sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020.The study finds that the cost of corporate debt financing has a negative impact on enterprise innovation,and the corporate social responsibility has a regulatory effect,that is,corporate social responsibility inhibits the negative impact of the cost of debt financing on the level of corporate innovation,and this moderating effect mainly exists in non-state-owned enterprises and enterprises in areas with low financial depth.Accordingly,the government should strengthen the construction of financing environment,formulate differentiated policies,and encourage enterprises to fulfill their social responsibilities and innovation;enterprises should actively fulfill their social responsibilities and enhance their innovation and research capabilities;banks and other financial institutions should incorporate CSR information into the assessment system to force the improvement of CSR management level.
出处
《企业经济》
北大核心
2023年第6期32-41,共10页
Enterprise Economy
基金
国家自然科学基金面上项目“激励机制、人力资本与公司价值”(项目编号:72072107)
上海财经大学浙江学院发展基金项目“债务融资成本对企业创新的影响研究——基于企业社会责任的调节效应”(项目编号:2021GR001)。
关键词
融资成本
创新
社会责任
financing cost
innovation
social responsibility
