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Does Corporate Philanthropic Giving Impact Cost of Bank Loan?

Author: CuiJianNan
Tutor: DuXingQiang
School: Xiamen University
Course: Accounting
Keywords: Corporate Philanthropic Giving Cost of Bank Loan CorporateSocial Responsibility
CLC: F270
Type: Master's thesis
Year: 2014
Downloads: 8
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Abstract


Corporate philanthropic giving is considered the highest level of enterprises’ fulfillment of their social responsibility. With the substantial development of the Chinese capital market and the strengthening of enterprises’ economic power, also with the frequent occcurance of natural disasters, the process of Chinese enterprises’ fulfillment of their social responsibility is speeding up. An increasing number of listed corporations turn to corporate philanthropic giving as the main method to fulfil their corporate social responsibility.This dissertation collects data on corporate philanthropic giving, interest expense and bank loan from2008to2012from firms listed in the Chinese A-share stcok market; then empirically examines the samples of2008,2008to2012and the ones classified by implantting the concept of donation frequency respectively, in order to illustrate the correlation between corporate philanthropic giving and cost of bank loan.The results indicate that:(1) ceteris paribus, compared with listed companies which do not donate, those that do enjoy lower cost of bank loan.(2) ceteris paribus, for listed companies that do donate, with the increasing of donation amount, the cost of bank loan will first decrease, then increase significantly, demonstrating a U-shaped pattern between corporate philanthropic giving and cost of bank loan.(3) ceteris paribus, stronger correlation can be found in the high donation frequency group; while in the low donation frequency group exists a weaker link between donation amount and cost of bank loan.The results of this dissertation enrich the literature on corporate philanthropic giving and cost of bank loan; it also provides guidance for enterprises putting strategic philanthropy into practice, sending positive signals to banks and bringing back favorable economic results.

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CLC: > Economic > Economic planning and management > Enterprise economy > Economic theory and methods
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