Institutional Investors,Corporate Social Responsibility Information Disclosure And Financing Constraints

In recent years,with the share reform has been constantly promoted,the shareholding proportion ofvarious typesof institutional investors has increased and actively participate in the company's daily management,in the final analysis,becausethegovernment has introduced relevant laws and policies toencourage institutional investors to hold,institutionalinvestors asaneffectivemechanisminthe capital market get more and more people's attention and recognition.And now,the public has not only to use economic benefits to evaluate whether a business is successful,but at the same time began to consider corporate behavior to shows responsible attitude on society and the impact.For example,self-regulatory departments have developed and introduced a series of policies and regulations related to corporate social responsibility(CSR)information disclosure,moreandmore listedcompaniesbegan to focus on fulfilling social responsibilityandconstantly improving theirown CSRinformation disclosure system,CSR and information disclosure of the situation caused by the practical and academic attention.Because of the capital market information asymmetry,banks and capital markets is difficult to accurately assessthe financing risk and the ownership of discrimination,compared to state-owned enterprises,private enterprises external financing is faced with the problem of financing constraints in particular,when the internal financing is limited,external financing is one of the important financial behaviors to ensure the survival and development of enterprises.Therefore,this research takes the private listed companies as a sample and studies from the perspective of the financial constraints,providing thefurther improvement of the ways to mitigate financing constraints,and attempts to incorporate CSR information disclosure into institutional investors and financing constraints,so as to avoid the effect of diminishing the marginal utility brought about by the input of single factor,but also for privateenterprisesinthecapital market using a variety of financing decision-making combinationto provide theoretical guidance.Thispaperstarts from domestic and foreign aspects,combsthe influence of institutional investors on corporate governance,CSR information disclosure economic consequences,financing constraints of the relevant research of these three aspects of research literature,and the relevantconcepts and theories involved in the paper are defined and elaborated,on the basis of theoreticalanalysis,this paper puts forward the hypothesis of this paper,the use of 2011-2015 A-share of private listed companies through the construction of model and empirical analysis from the following three aspects of empirical testing:(1)Whetherthejoiningofinstitutional investors alleviates the financing constraints of private enterprises;(2)Whether the disclosure of CSR informationis conducive to alleviating the financing constraints of private enterprises;(3)Whether the disclosureof CSR informationwillhave an impactonthe relationship between institutional investors and financing constraints.The results show that institutional investors overall shareholding,CSR report and the higher the quality of the CSR information disclosure have negative correlation with the private listed companies financing constraints degree,and the further study shows that the issuance of social responsibility report can significantly promote the mitigation effect of the institutional investors overall shareholding on the financing constraints of private enterprises,and the quality of social responsibility information disclosure has no significant effect on the promotion effect.Finally,providing policy recommendations.analyzing the limitations of this studyand looking to the future research directions.The research of this paper is the enrichment and supplement of the theoretical research in related fields.The research results have some reference for further standardizing the financing policy of listed companies in China and the development plan of institutional investors in China and the development of CSR information disclosure system.Finally,the corresponding policy suggestions are put forward for the conclusion of this paper.Suchasthe developmentofinstitutional investors,theestablishmentofinstitutionalinvestorsperformance evaluation system,the Government to improve the CSR information disclosure system,the development of CSR report audit.