Research On The Impact Of CSR On Financing Constraints Of Listed Companies In Beijing-Tianjin-Hebei

Corporate social responsibility has been widely concerned in China.As a necessary guarantee to achieve sustainable development,CSR has been an inevitable responsibility.At the same time,the CSR in the capital market investment and financing behavior also began to have an impact.Due to information asymmetry,agency costs caused by the financing constraints have been restricting the issue of China's listed companies The development of the company?In this part,the author first analyzes the relevant literatures both at home and abroad from the aspects of social responsibility,financing constraints and the relationship between the two,and predicts the impact of social responsibility on financing constraints from a qualitative point of view.the theoretical part,the connotation of corporate social responsibility and financing constraint is expounded,and the measurement methods of the two are summarized respectively.Then,the present situation and problems of corporate social responsibility and financing constraints of listed companies in China are introduced.By making assumptions about the above-mentioned theory,taking into account the significance of the impact of different equity properties.For the measurement of social responsibility,this paper constructs the index system of corporate social responsibility evaluation from the aspects of shareholders,creditors,,and gives the weight of social responsibility result.And then use the ACW model to measure the financing constraints on the basis of corporate social responsibility as a regulatory variable to cross the form into the model,taking into account the nature of different equity and intertemporal impressiom about CSR on listed companies financing constraints mode.Finally selected 2014-2016 Beijing-Tianjin-Hebei region listed companies,the use of SPSS21.0 data processing.Through the above normative analysis and empirical research,it is found that the disclosure of corporate social responsibility is negatively related to the degree of financial restraint and has played a role in alleviating some extent.It not only encourages enterprises to actively disclose social responsibility to improve the image of the company.Finally,according to the present situation of social responsibility disclosure of listed companies in Beijing-Tianjin-Hebei region and the fourth part of the empirical study,from the macro and micro perspective of the disclosure of social responsibility in Beijing-Tianjin-Hebei region its suggestions,hope to have some reference significance for the social development of Beijing-Tianjin-Hebei region.