Disclosure Of Corporate Social Responsibility And Financing Constraint

With the pace of economic globalization, on the one hand, frequent social responsibility accidents make corporate social responsibility information gradually cause domestic capital market regulators and investors, banks, and other public concerns, on the other hand, rooted in the domestic capital-market imperfection, the current corporate external financing is faced with the problem of financing constraints, mainly reflected in the high external financing costs and limited financing scale. As the important routine of the outside world to understand the corporate social responsibility, social responsibility information breaks the traditional needs for financial information, alleviate information asymmetry to some extent, gradually become the gist to assess the business conditions and risks of a company. Using CSR report as the standardized forms to disclose corporate social responsibility information with high quality not only can improve the situation of corporate information disclosure and meet the demands from regulators, but also can alleviate information asymmetry and meet shareholders’ needs for correlative information, so that will have a great positive influence to financing. Research on this aspect, can make some theoretical and practical significances.In this paper, I research the subject with combination of standardized research and empirical research methods, after referring to the relevant literatures, based on the background and present circumstances of domestic corporate social responsibility information disclosure system, use the contract social theory, signaling theory, stakeholder theory, agency cost theory, agency costs theory to to analyze the CSR disclosure, financial constraints and the relation between them, then provide the assumptions based on it, after analyzing the dates of recent years, draw the conclusions. Besides, considering the special conditions of our country, this paper divides corporates into state-owned enterprises and private enterprises, CSR-sensitivity industry and CSR-non sensitivity industry, analyzing with correlative theories, then provide assumptions, divide the dates into different groups to compare, draw a more flexible conclusion. Finally, this paper makes some advises to corporates and regulators.The first part is an introduction, introduces the background and significance of the topic, domestic and international research on social responsibility information disclosure and related financing constraints were reviewed and commented, then provide the research methods, structural arrangements and innovations; The second part is the social responsibility information disclosure and financing constraints theoretical analysis, first social responsibility information disclosure and financing constraints related concepts defined second section describes the main theoretical foundation and research related to the content, and finally, the basis of a comprehensive theory, discusses the social responsibility information Disclosure of financing constraints affect the mechanism and further analysis of the impact of the mechanism of ownership and nature of the industry that may arise; The third part in study design, first proposed based on the assumption that the theoretical analysis, then introduced the sample selection and data sources, and finally design variables and the model used herein; fourth part is empirical, based on data collected by descriptive statistics and regression analysis to verify the article assumes; The fifth part is empirical conclusions and recommendations of this section in accordance with the foregoing theory and empirical results, summarized conclusions of this study, on the basis of corporate and regulatory proposals are put forward.In this paper, the research finds that the higher the social responsibility information disclosure quality, the lower financing constraints will be, and with a further distinction of the ownership and the nature of the industry, this paper finds more significantly reduces to private enterprises and CSR-sensitivity industry enterprises, which have a great theoretical and practical sense to the disclosure of CSR and the improvement of information disclosure system. This innovation of this paper is that take the relationship between social responsibility information disclosure quality and financing constraints into the areas of theoretical analysis, and to combine with China’s actual situation, divide the corporates according to ownership and nature of the industry, draw more realistic and comprehensive conclusions.