Research On The Influence Of Corporate Social Responsibility On Financing Constraints Of Listed Companies In China

Combined with the current situation of corporate governance in China,financing has gradually become an important part of it.Financing constraints have become one of the factors restricting the development of enterprises.One of the root causes of financing constraints is the information asymmetry between investors and financiers.How to alleviate the financing constraints faced by enterprises,optimize resource allocation,and protect the rights and interests of stakeholders is a key problem that enterprises need to overcome in the process of corporate governance.Corporate Social Responsibility(CSR)information is an important part of the information between investors and financiers.Comprehensive research by senior scholars on this aspect: One view is that CSR is the responsibility and obligation that the government or other non-profit organization departments should perform.If the company fulfills its social responsibility,it will increase the operating cost of the enterprise and bring financial burden to the enterprise.It is undoubtedly worse for companies that have already faced financing constraints.However,another view is that,based on the theory of information asymmetry,one of the root causes of financing constraints faced by enterprises is caused by information asymmetry.If enterprises can have good performance in social responsibility information disclosure and performance,they can be to a certain extent.To ease the financing constraints faced by enterprises.This view also believes that based on the stakeholder theory,the government,the public,and the society are also the stakeholders of the enterprise.The operational goal of the enterprise is to maximize the benefits,but this interest group is not only the shareholders of the enterprise,but also the government.Other stakeholders such as the public and the community.Based on the above-mentioned contents,this paper analyzes the disclosure of CSR information and financing constraints by reading the existing literature and research results.Firstly,there are three basic research hypotheses about the relationship between the two:(1)the higher the quality of CSR information disclosure,the lower the degree of financing constraints that enterprises face in the sample companies that have published CSR reports;(2)compared with the state-owned enterprises,the disclosure quality of CSR reports of non-state-owned enterprises has a more obvious effect on alleviating the degree of financing constraints;(3)for enterprises in regions with high degree of marketization,the quality of CSR report disclosure in areas with low degree of marketization has a clearer effect on alleviating the degree of financing constraints.Obvious.On the basis of stakeholder theory,information asymmetry theory,optimal order financing theory,financial development theory and so on,this paper adopts the viewpoint of scholars represented by Almeida,that is,the cash-cash flow sensitivity model.Based on the sample data of A-share listed companies in Shanghai and Shenzhen stock markets from 2016 to 2017,this paper studies the influence of CSR on the financing constraints of listed companies in China.Based on the difference of the nature of equity and the regional factors in the differentiation of financial development,this paper draws a conclusion that compared with the state-owned enterprises,the improvement of the information disclosure quality of the non-state-owned enterprises has a more obvious effect on alleviating the financing constraints.Compared to the degree of marketization The listed companies in high-level areas,the low degree of market-oriented listed companies improve the quality of CSR information disclosure is more obvious to ease the effect of financing constraints.The research on the relationship between CSR and financing constraints has some marginal utility,and puts forward some suggestions for enterprises to disclose CSR information actively and fulfill their social responsibility actively.At the same time,it also provides a theoretical basis for the government to formulate and improve the CSR information disclosure and implementation policies and regulations.