Corporate Social Responsibility,Audit Opinion And Financing Constraints

Because the capital market is not perfect,investors,creditors and so on cannot obtain complete and comprehensive enterprise information,the two sides of investment and financing are in an unequal position,which leads to the difficulty of enterprise financing,restrain the development of enterprise,and affect the efficiency of market resource allocation.How investors,creditors and so on to provide the financing required by enterprises under the balance of risk and income,to ease the financing constraints of listed companies,has always been an important issue to be discussed in the theoretical and practical circles.At present,social responsibility has entered the stage of global consensus,and corporate social responsibility has been paid more and more attention in our country.As an important component of non-financial information,corporate social responsibility information can provide more additional information to the market,leading investors,creditors and other stakeholders to make more effective investment decisions.By disclosing social responsibility information,enterprises can build good corporate image and reputation in order to obtain more beneficial social resources and strengthen and consolidate the core competitiveness of enterprises.Therefore,the study of corporate social responsibility can alleviate the degree of corporate financing constraints has a strong practical significance for the future development of enterprises.At the same time,the audit opinion,especially the standard unqualified opinion,as an opinion expressed by an independent third party on the financial situation and operating results of the enterprise,has a high reliability of information content and can effectively narrow the information asymmetry gap between the two parties.Non-financial information and financial information complement each other.Good performance of corporate social responsibility can reduce the possibility of financial fraud,improve the quality of accounting information and reduce the audit risk of auditors to a certain extent.It makes it easier for enterprises to obtain standard and unqualified audit opinions,so as to transfer the favorable information to the market and alleviate the financial constraints of enterprises.Based on corporate social responsibility,audit opinion and financing constraints,this paper is based on the four theories of principal-agent,stakeholder,signal transmission and "deep pocket",which is based on the theory of principal-agent,stakeholder,signal transmission and "deep pocket".Taking the 2013-2017 data of China's A-share listed companies as a sample,this paper explores the relationship among them by means of the combination of theoretical and empirical research,and further studies whether audit opinion is one of the ways of corporate social responsibility affecting financing constraints.The corresponding assumptions are put forward.The results show that,(1)there are financing constraints in Chinese enterprises,(2)the better the corporate social responsibility is,the smaller the financing constraints are,and the more significant it is in the non-state-owned enterprises.(3)the standard unqualified audit opinion can alleviate the financing constraint,and it is more significant in the non-state-owned enterprises;(4)the audit opinion is the intermediary variable of the corporate social responsibility influencing the financing constraint,and plays a part of the intermediary role in it.Based on the above conclusions,this paper puts forward relevant countermeasures and suggestions on how to alleviate the financing constraints faced by enterprises,and provides a decision-making reference for perfecting the capital market of our country and alleviating the financing constraint predicament of listed companies in our country.