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Abstract This paper chooses the Chinese A-share companies listed in Shanghai and Shenz-hen Stock Exchange from 2008 to 2014 as the research sample to test the relationship between the charitable donation and the cost of debt capital. The results show that the charitable donation and corporate debt capital cost presented an inverted“U”shaped relationship.This means that when the corporate donation level is low,the negative influence of the share price makes the debt capital cost increase with the increase of the charitable donation.When donations accumulate to a certain ex-tent,the corporate's reputation capital become obvious,then the increase of the charitable donation can significantly reduce the cost of debt capital.Considering that state-owned enterprises'donate is usually to fulfill the social responsibility of the government“assignments”while the non-state-owned enterprises are mainly expected to accept reputation capital and strategic resources by carry-ing out social responsibility,this paper investigates the influence of ownership type,and divides the whole samples into state-owned enterprises and non-state-owned enterprises based on the chow test,the results show that the inverted“U”shaped relationship is obvious in the non-state-owned enter-prises samples and is weak in the state-owned enterprises samples.The contributions of this paper are as follows：①Find the inverted“U”shaped relationship between the charitable donation and the cost of debt capital,and enrich the existing literature about the economic consequences of the charitable donation.②Clarify the mechanism of how the charitable donation influence the cost of debt capital and give the corresponding empirical evidence from the perspective of ownership type,provide some useful reference to guide the enterprise donation behavior and promote the enterprise value.③Based on reputation mechanism to test the influence of reputation capital on the relation-ship between the charitable donation and the cost of debt capital,open a new pattern to reduce the enterprise’s cost of debt capital from the external environment and the combination of corporate gov-ernance.
Key words Charitable Donation；the Cost of Debt Capital；Ownership Type；Reputation Capital