Corporate Social Responsibility,Financing Constraints And Investment Efficiency

Classical economics theory suggests that firms choose to invest in the project depends on the marginal value of the project,but the actual situation is not the case.First,the American economist Joseph Stiglitz,George Akerlof and Michael Spence in 1973,there is information asymmetry in the market,buyers and sellers because of a transaction to grasp the extent of different information,which led to inefficient market operation.Since then many scholars began to study the consequences of information asymmetry.In the capital market,the prevalence of information asymmetry,corporate finance costs rise,making the investment deviation from the optimal level of investment.Bushman and Smith believe that corporate financial information through three channels to improve business investment efficiency,respectively,to reduce moral hazard and adverse selection and to effectively play the role of capital markets.Listed companies to disclose financial information to ease the information asymmetry,so many scholars began to study whether the impact of financial information on corporate investment behavior,thus affecting business investment efficiency.Nowadays,not only the demand for enterprise information is increasing,but also the demand for information from suppliers,consumers and other parties is increasing,and no longer satisfied with the financial information,considering the future development and performance of enterprises.Social responsibility,so the disclosure of non-financial information including social responsibility information has received more and more attention.In recent years,the guidelines on disclosure of relevant social responsibility information have been introduced,and the academic circles have gradually begun to pay attention to the economic consequences of disclosing the social responsibility information disclosed by enterprises.However,the existing researches on the economic consequences of disclosure of social responsibility are mainly concerned with the impact on capital cost,corporate performance and corporate value.Few scholars have studied the impact of CSR disclosure on the efficiency of corporate investment.Then whether the disclosure of social responsibility information can reduce the information asymmetry in the capital market,alleviate the financing constraints of enterprises,and finally affect the investment behavior of enterprises and optimize the investment efficiency,which is the problem studied in this paper.The research methods of this paper are based on the relative research progress at home and abroad,combined with theoretical analysis and empirical test to draw conclusions.By using the theory of information asymmetry,stakeholder theory,organizational legitimacy theory,institutional theory,financing priority theory,agency cost theory,this paper analyzes the impact mechanism of social responsibility information disclosure on investment efficiency,puts forward four hypotheses and uses 2012 to 2014 data to verify the assumptions,conclusions.Based on the first four parts of the study,the fifth part for regulators,regulatory systems and enterprises were given recommendations.The results of this study show that the sample enterprises have financing constraints,and the disclosure of social responsibility information can affect corporate financing constraints,but also can reduce the lack of investment,but did not alleviate excessive investment.Subsequent supplementary tests have shown that high-quality information disclosure has a tendency to reduce over-investment behavior.According to the background and situation of information disclosure system of corporate social responsibility in China at present,this paper applies information asymmetry theory,stakeholder theory,organizational legitimacy theory and system to analyze the social responsibility information disclosure system in China.Theory,the theory of optimal financing order,the theory of agency cost theory and so on,and put forward the hypotheses,combined with the data in recent years to do empirical tests,verify the hypothesis and draw conclusions.Finally,after summarizing the former and combining with the actual situation of our country,the author puts forward the suggestion separately for the supervisor and the enterprise.The results of this study show that the sample enterprises have financing constraints,and the disclosure of social responsibility information can affect corporate financing constraints,but also can reduce the lack of investment,but did not alleviate excessive investment.Subsequent supplementary tests have shown that high-quality information disclosure has a tendency to reduce over-investment behavior.