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
The Influence of Social Responsibility Disclosure on Corporate Capital Structure: A Perspective of Market Competition

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。
Disclosure of social responsibility information (CSR) is one of the most important methods to communicate with stakeholders and take corporate social responsibilities for enterprises, 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 studies 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.