The Influence Of Corporate Social Responsibility On Performance Under Financing Constraints

Corporate Social Responsibility(CSR)first originated in the West.From the day the concept was put forward,corporate social responsibility attracted attention.In recent years,our country has begun to attach importance to this issue and has bound corporate-related behaviors in terms of laws and ethics.This article will examine how corporate social responsibility significantly affects corporate performance and the practical role of corporate social responsibility under financing constraints.At present,there are a lot of literature in the academic community to study these two issues.One is the connotation of corporate social responsibility,and the other is how corporate social responsibility affects corporate performance.However,few literatures have studied the effectiveness of corporate social responsibility under the constraints of financing.As academics are studying these two issues,they have not yet formed a unified definition of social responsibility,leading to inconsistent conclusions drawn from empirical studies carried out in this field.There are currently three views on the impact of corporate social responsibility on corporate performance:(1)Considering that corporate social responsibility can effectively improve corporate performance,the proponents of this viewpoint mostly consider stakeholders.From this perspective,corporate performance Social responsibility is the performance of a company in responding to social expectations.It helps companies gain widespread recognition and trust in society and is conducive to the development of their business operations.(2)It believes that corporate social responsibility has no effect on corporate performance.(3)A small number of scholars have found through empirical evidence that corporate social responsibility adversely affects corporate performance.Enterprises must also pay a lot of effort and cost while performing their duties.This will consume the resources that the company applies to management.The current performance of the enterprise is obviously unfavorable.The author believes that this inconsistency is mainly caused by:(1)There is currently no unified definition of corporate social responsibility in the academic community,which leads to different interpretations of social responsibility in theoretical research,and therefore studies its impact on corporate performance.At the same time,different conclusions are obtained;(2)when researching the impact of corporate social responsibility on corporate performance,different approaches to the valuation of corporate social responsibility are required;(3)when researching the relationship between the two,scholars use the measure of corporate performance.Different indicators.Therefore,it is necessary to standardize the meaning of corporate social responsibility before the study and choose a representative measure of corporate performance.This article summarizes the existing literature by reviewing and discovering that since the 1990s,scholars have begun to study social responsibilities from the perspective of stakeholders.From this theoretical point of view,this article will also first define the study of this article from seven dimensions.Corporate Social Responsibility;secondly,the rating data of the third-party professional rating agency Runling Global in the Corporate Social Responsibility Report,which was published in March 2016,is taken as the core explanatory variable of corporate social responsibility in the regression analysis.The score is scored by taking into consideration the performance of the company in fulfilling its social responsibilities in the environment,employees,shareholders,creditors and governments,customers,partners,social welfare,etc.It can well represent the performance of the company in fulfilling its social responsibilities.Thirdly,according to the size of the company and the cash dividend payment rate,the sample companies are grouped into high,medium,and low financing groups.Then dummy variables are assigned and cross-items with social responsibility.Market Index Enterprise Market Value mvalue and Accounting Index Main Business Asset Yield CR As an enterprise performance,OA selects several control variables,uses stata14.0 software for regression analysis,and analyzes the regression data to find out the impact of corporate social responsibility on performance under financing constraints.The regression results show that corporate social responsibility has a significant positive impact on market value mvalue as a market indicator or CRO A as a corporate accounting indicator.Financing constraints will significantly weaken the practical role of corporate social responsibility.The responsibility of the company for the stakeholders can not only improve the overall welfare of the society,but also increase the market value and financial performance of the company.However,the analysis of the status quo of CSR shows that the awareness of corporate social responsibility in China needs to be strengthened.