Research On The Influence Of Corporate Social Responsibility To Corporate Performance-the Intermediary Role Of Financing Constraints

The economic consequences of corporate social responsibility have always been widely concerned by academics and practitioners.Although the relationship has been explored for a long time between corporate social responsibility and corporate performance,scholars still don’t get the same conclusion.The main reason is that there are many intermediate variables and unforeseen circumstances are not considered in the studies of the relationship.As a prerequisite for the survival and development of enterprises,the performance of enterprises is subject to the constraints of financing constraints.Funding providers are affected by the level of corporate social responsibility and the degree of stakeholders’ satisfaction,and enterprises can reduce the asymmetry of information and obtain lower external financing through taking activities of corporate social responsibility.One important incentive of corporate social responsibility is to get low-cost external financing,so the financial constraints will link corporate social responsibility and corporate performance together.However,scholars merely pay attention to how the three problems linked.Therefore,it is necessary to clarify the path of corporate social responsibility and corporate performance.This study chosen the chemical industry and energy industry of listed companies as the research object,excluded the problem data,and got 615 data samples.This study used the literature research method to sort out the development of relevant theories and put forward the proposed hypotheses on the basis of summing up the predecessors’ achievements based on the normative research method.Firstly,this study analyzed the reliability and validity by SPSS software for the reliability and consistency of the data.And then,this study established the conceptual model by Amos to test the hypothesis.After the index correction,this study got a more fitting research model to try to explore the mechanism between corporate social responsibility and corporate performance from the perspective of financing constraints.The results show that corporate social responsibility positively affects corporate performance,that financing constraints negative affects corporate performance,and that corporate social responsibility negative affects financing constraints.Corporate social responsibility impacts corporate performance in two ways:(1)CSR affects corporate performance directly;(2)CSR affects corporate performance by mitigating financing constraints.Financing constraints plays an intermediary role and is one of the important path and mechanism between corporate social responsibility and corporate performance.