Research On The Relationship Between Corporate Strategy And Csrperformance From The Perspective Of Financing Demand

Look back on the past,the speed of China's economic development has attracted the attention of the world.Despite of significant economic achievements,China's development has also had many problems: violations of employee rights and interests,food problems,environmental pollution,and the phenomenon of farmland occupation etc.so,corporate social performance has gradually become the focus of attention of all parties.Company strategy affects all aspects so that it is important to study the economic consequences of corporate strategy.The more radical the company's strategy is,the greater the demand for financing.Enterprises with larger financing needs have a stronger motivation to improve social responsibility performance.Based on this,paper proposes the effecting path: "Corporate strategic radicalness—Financing demand—Social responsibility performance".Is the corporate social responsibility performance affected by the corporate strategy radicalness,and whether the internal mechanism and the transmission path is the financing demand? This study is to understand the influencing factors of corporate social responsibility,help the relevant government departments to speed up the construction of effective social responsibility report disclosure supervision and verification mechanisms,provide useful suggestions for those who are strategic radical and in the heavy pollution industry to ease financing constraints to meet company the financing need.After the research of corporate strategy radicalness' s impact on social responsibility performance,considering the particularity of heavy polluting industries,the sample is divided into the heavy pollution industry and non-heavy pollution industry sample,to study whether belonging to heavy pollution industry have influence on the relationship between corporate strategy radicalness and social responsibility.At the same time,considering that monetary policy will affect the financing behavior of enterprises,this paper takes monetary policy as moderator to study the impact of corporate strategy corporate on social responsibility in two different periods of monetary policy easing and tightening.Based on the above research,in order to further understand the internal mechanism and transmission path of corporate strategy radicalness affecting social responsibility performance,this paper further analyzes the intermediary effect of financing demand as a mediator variable.The conclusions of this study are as follows:(1)Corporate strategic radicalness has a positive effection on social responsibility;(2)the sample is divided into the heavy pollution industry samples and non-heavy pollution industry sample,through the study found: comparing with the heavy pollution industry,positive influence of corporate strategic radicalness on social responsibility performance is more significant in non-polluting industries;(3)The monetary policy as the adjustment variable,the study found: monetary policy has a moderating effect on the relationship between corporate strategic radicalness and social responsibility in the full sample and non-heavy pollution industries,when the monetary policy is tight,the positive impact of corporate strategic radicalness on the CSR performance is more significant;(4)financing demand is a mediator variable of corporate strategy affecting social responsibility performance,verifies the influence path of "Corporate strategic radicalness—Financing demand—Social responsibility performance".