Cultural And Creative Corporate Social Responsibility, External Financing And Investment Efficiency Research

Today,building a harmonious society has become the theme of the times,people generally increased attention to the issue of corporate social responsibility,the academic research on corporate social responsibility and its economic consequences is also growing.In recent years,the rise of the cultural and creative industries,because of its products and services to provide a profound impact on people's values and behavioral tendencies.Thus compared to the general business,cultural and creative enterprises themselves should bear more heavy social responsibility.Due to the problem of information asymmetry,the phenomenon of inefficient investment,including over-investment and under-investment,is widespread in cultural and creative corporations,which seriously restricts the sustainable development of enterprise's health.A small amount of research results show that corporate social responsibility can play a positive role in improving the efficiency of investment.But academic researches about how social responsibility affects the efficiency of investment of Cultural and creative enterprises are far more enough,which provide the research idea of this article.what the paper highly concern about is the particularity of the cultural and creative enterprises and the rare research on the effect of social responsibility on investment efficiency.Based on stakeholder theory,This paper established the social responsibility evaluation system of cultural and creative enterprises from their cultural perspectives within the society.By using the panel data model within the period between 2011-2015 for the A-share cultural and creative industry listed companies,this paper has,from the aspect of cultural perspectives,probed whether and how the execution of social responsibilities for the cultural and creative enterprises impact on the efficiency of investment,whether external financing has a mediating effect between social responsibility and investment efficiency.The results show that the social responsibility performance of our cultural and creative enterprises is uneven,but the overall situation is not good;CSR helps to reduce the information asymmetry between companies and stakeholders,as well as agency costs.Thereby reducing the corporate finance constraints,improve investment efficiency,and external financing has a mediating effect between social responsibility and investment efficiency.Further research found that,the effects of improving investment efficiency also influenced by the industrial competition and the region.Finally,this paper put forward suggestions from two aspects of enterprise and government,but also hope that this study can cause the market investors and consumer concerns,the disclosure of social responsibility play a supervisory role effectively,in order to guide the cultural and creative enterprises actively fulfill their social responsibility,reduce financing constraints,improve investment efficiency.