摘要：本文以我国2004—2013年上市公司为研究样本，运用Tobit回归方法，从货币政策环境视角实证考察了企业社会责任对商业信用融资的影响。研究发现，相对于社会责任表现较差的企业而言，社会责任表现较好的企业能取得更多的商业信用融资；当货币政策由宽松期转向紧缩期时，尽管企业获得的商业信用融资显著降低，但社会责任表现较好的企业仍能取得更多的商业信用融资，在进一步控制相关内生性问题后，上述研究结论依然成立。本文从企业面临宏观货币政策波动时而采取的主动行为视角，拓展和深化了宏观经济政策与微观企业行为互动关系的研究，同时也丰富了商业信用的替代性融资假说。

Abstract: This paper investigates the impacts of the corporate social responsibility (CSR) on trade credit financing using domestic listed firms from 2004 to 2013 from the view of the monetary policy changes through Tobit regression approach. Our results indicate that compared with firms with low quality of the CSR, firms with high quality of the CSR are more likely to obtain more trade credit. Especially during monetary contracting periods when firm obtains less trade credit financing, high quality CSR help firms to obtain more trade credit financing, and these results hold after we control the endogeneity. This paper extends the literature about the research of interaction relationship between macroeconomic and micro enterprise behavior, and also enriches the trade credit as a substitute for intuitional finance.