Research On The Effect Of Corporate Social Responsibility On Working Capital Management Moderated By Industry Competition Degree

With the development of economy,more and more enterprises have been paying attention to corporate social responsibility(CSR).Relatively speaking,the fulfillment of CSR in manufacturing industry is better.Manufacturing industry is the pillar industry of our national economy.And working capital is the lifeline of the manufacturing enterprise,involving various aspects of daily production and operation.The production and operation of enterprises need the support and resource input of stakeholders,and the transformation of working capital is essentially the evolution process of these symbiotic resources in the enterprise.Enterprises should replay various capitals which stakeholders put into the enterprise,that is,to fulfill their social responsibilities,to win support and gain a higher reputation.Industry competition,as an important external governance mechanism,can effectively supervise and motivate enterprises managers,but also provide enterprises with the opportunity to obtain a good reputation.Therefore,this paper studies the impact of CSR on working capital management from the perspective of industry competition.This paper selects manufacturing listed companies between 2011 and 2015 as the research samples,using STATA software to test the hypotheses empirically.The results are listed as follows:(1)Manufacturing enterprises undertaking social responsibility can significantly shorten IC,RC and CC.(2)The higher the level of CSR in manufacturing industry to different stakeholders,the shorter IC,RC and CC.(3)The impact of CSR in manufacturing industry on PC is non-significant.(4)Compared to less competitive industries,the effect of the social responsibility on the working capital management is more obvious for enterprises in more competitive industries.This paper enriches the research on CSR and working capital management,but also provides some suggestions on developing working capital management strategy and improving market competition mechanism,which may encourage enterprises to be more active and more persistent to fulfill their social responsibility.