Research On The Relationship Between Refinancing Demands And Impression Management Of Enterprises’ CSR Disclosure

The problem of asymmetric information is one of the basic characteristics of the capital market, and one of the way to solve the problem of information asymmetry and make the public and investors understand enterprises’ information is information disclosure. Social responsibility information disclosure can help stakeholders understand enterprises in the performance of the basic situation of social responsibilities, on the other hand also transfer other information to the public and investors, including operation conditions about companies, strength and relationships between shareholders, employees, suppliers and consumers. That can be described as a mirror of knowing the enterprises’ honest information for investors. And there are different kinds of purposes for enterprises to disclose the information about social responsibilities, accessing to refinancing is one of the most important purpose. When enterprises need refinancing (external refinancing needs), whether managers are to obtain financing by social responsibility information disclosure which is impression managed, in order to beautify the reports and improve the quality of reports and obtain the approval and support of investors? What are the ways of impression management? To study these problems is very important and practical to the researches of enterprises, especially the financing problems of small and medium-sized enterprises.To research the relationship between refinancing of enterprises (external financing needs) and social responsibility information disclosure. This paper, based on the basic theories of asymmetric information and signaling, uses content evaluation method and carry out an empirical test, with the Shenzhen SME board and GEM listed companies’ social responsibility reports for the year 2014 as the samples. The outcome is:the greater needs for corporate refinancing, the greater degree of management about social responsibility information disclosure impression management. Then, the writer designs and issues a questionnaire to achieve these two purposes:further verifying the conclusion and revealing the mechanism of the refinancing needs and the social responsibility information disclosure impression management. The outcomes are:there is a positive correlation between the re-financing demand and the social responsibility information disclosure impression management. And the mechanism of action is:Demand for refinancing-Impression Management-Reports’ Quality improvement -- investors’ positive opinions of the report-the company’s recognition and support-impact on investors’ behavior. Therefore, when the companies have refinancing needs, managers will improve the quality of reports by impression management on social responsibility information, and then get the recognition and support of investors to obtain refinancing. Finally, according to the social responsibility information disclosure.the paper puts forward the countermeasures about the difficulties of enterprises’financing, especially small and medium-sized enterprises.