The Empirical Study On The Influence Of Corporate Social Responsibility On Financing Constraints Of Listed Companies

Under the background of the transformation of economic development,corporate social responsibility in China has been the concern of many listed companies,many enterprises take part in social responsibility and disclose the relevant information to shape a good corporate image and get the needed social resources,thus enhancing the core competitiveness of the enterprise.However,due to asymmetric information and capital market imperfections,the financing constraints are the general problems that our business confront,limiting the development of enterprises and affecting the efficiency of capital market allocation.That the listed company how to obtain external financing,investors and creditors how to reasonable judge the development potential of the companies to ease the financing constraints of listed companies,is an important issue which theorists and practitioners explores.Given to the listed companies by improving the quality of non-financial information disclosure can reduce the information asymmetry and the importance of corporate social responsibility information in the non-financial information,this paper examines the impact of the corporate social responsibility information disclosure on financing constraints of listed companies,from the information disclosure perspective.Based on the relevant theoretical basis such as stakeholder theory,asymmetric information,the pecking order and signal transmission,combining research results at home and abroad,this paper researches the relationship between the listed companies’ social responsibility information disclosure quality and financing constraints.The study found that corporate social responsibility and financing constraints are relevant,social responsibility information disclosure can help ease financing constraints,and the better the corporate social responsibility performance, the lower the level of financing constraints that companies face.Meanwhile,the role of easing financing constraints by corporate social responsibility in enterprises of different size and different performance are significant different.In large enterprises,the role of CSR performance in mitigating financing constraints is more pronounced,addition,the CSR performance to ease the effects of corporate finance constraints,respectively,in good financial performance of the company and the poor ones has been strengthened and weakened.The development of corporate social responsibility is a higher challenge to information disclosure,opens up a new path to ease the financing constraints of enterprises also.Based on the results of this study,the CSR information disclosure is an important factor to ease the financing constraints.Finally this paper suggests that by improving the CSR information disclosure system and awareness,strengthening the supervision mechanisms of listed companies and other aspects can better fulfill the quality of social responsibility information disclosure,in order to improve the ability to obtain financing;broadening the way of financing channels,improving the financing system of assessment and evaluation indicators to comprehensive assess its solvency and investment value are also looking forward,which maximizes the ease of information asymmetry and further improve the efficiency of capital market allocation.