社会责任信息披露对企业资本结构的影响基于市场竞争度的视角

摘要

Disclosure of social responsibility information (CSR)is one of the most important methods to communicate with stakeholders and take corporate social responsibilities for enterpri-ses,and external stakeholders can also better understand enterprises'business strategy from this. Taking the listed companies in Shanghai and Shenzhen stock exchanges in 2012,this article stud-ies the relationship between CSR disclosure and capital structure,the empirical results indicate that they show a U-shaped curve.Further studies show that the relation becomes more significant with the rising competition degree,which suggests that competition strengthens the relationship between CSR disclosure and capital structure.%社会责任信息披露是企业与利益相关者进行沟通的重要渠道，亦是履行企业社会责任的重要手段，外部利益相关者可借此了解企业的经营策略。以2012年沪深两市上市公司为截面样本，通过实证研究发现：企业社会责任信息披露与资本结构之间呈现“U”型结构，且该结构在市场竞争激烈时显著，在市场竞争度低时不显著，说明市场竞争强化了企业社会责任信息披露与资本结构之间的关系。