社会责任报告美观度对企业债务融资成本的影响研究

Based on listed companies that published social responsibility reports from 2007 to 2019, this study applies the deep learning method to extract the aesthetic quality index of the social responsibility reports, and examines its empirical relationship with the listed company’s cost of debt financing. The research shows that the higher the aesthetic quality of the social responsibility report, the lower the listed company’s cost of debt financing. The aesthetically pleasing social responsibility report can more effectively reduce the information asymmetry between creditors and the company, and enhance creditors’ confidence in the company’s solvency. The proportion of institutional investors’ holdings and analyst attention of listed companies will enhance the inhibitory effect of the aesthetic quality of social responsibility reports on the cost of debt financing. Institutional investors and analysts can more effectively interpret and disseminate aesthetically pleasing social responsibility reports, thus expanding the reports’ impact.

Recommended citation: 马宝君, 宋逸兴, 陈怿, & 张健. (2022). "社会责任报告美观度对企业债务融资成本的影响研究." 管理学报. 19(12):1855-1862+1873
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