机构地区: 暨南大学
出 处: 《科学决策》 2016年第8期1-19,共19页
摘 要: 企业社会责任信息披露是联通企业与外部相关者的重要方式。以A股2009年前上市公司为研究对象,运用面板数据考察企业社会责任信息披露与资本结构的关系。实证发现:在高竞争度行业,实际资本结构低于目标资本结构的企业样本中,企业社会责任信息披露对资本结构的调整速度有显著的负影响、主要通过短期债务影响资本结构、与资本结构的调整效率呈"U"型关系。 Corporate social responsibility information disclosure is an important way for the company to communicate with the external stakeholders. Using panel data whose companies listed before 2009 examines the relationship between corporate social responsibility information disclosure and capital structure. In the sample which actual capital structure is lower than the target capital structure in a high degree of competition industry,Corporate social responsibility information disclosure has a significant impact presenting U type on the speed and positive efficiency of adjustment of capital structure,Corporate social responsibility information disclosure mainly impacts capital structure through short-term debt.
关 键 词: 企业社会责任信息披露 资本结构 调整速度 调整方式 调整效率