Corporate Social Responsibility?Financing Constraints And Innovation Investment

Since the 18 th Party,General Secretary Xi Jinping has attached great importance to innovation and development,and has repeatedly emphasized that "innovation is the first driving force for development." The 19 th National Congress of the Communist Party of China once again put forward new requirements for accelerating the construction of an innovative and powerful country.The continuous escalation of Sino-US trade frictions tells us that to achieve high-quality development,we must have a strong core technology of independent research.In order to implement the innovation-driven development strategy and take the road of independent innovation with Chinese characteristics,it is necessary to increase investment in innovation and research activities.However,corporate R&D activities have the characteristics of high investment uncertainty,long investment cycle,large capital demand,and high confidentiality,making it more vulnerable to financing problems.Therefore,it is of great significance to study how to alleviate the financing of innovation activities.Studies have shown that corporate social responsibility has a positive impact on the company's innovation investment.If the company strengthens the disclosure of social responsibility information quality,the financing constraints of corporate R&D activities will be alleviated,and the quality of corporate social responsibility information disclosure will be somewhat It reflects the commitment of corporate social responsibility.Therefore,this paper studies the role of corporate social responsibility commitment in the regulation of financing constraints and corporate innovation investment,and has important practical significance for promoting corporate social responsibility and alleviating the financing constraints of corporate innovation activities.This paper first reviews and comments on the relevant research results of domestic and foreign scholars from three aspects: corporate social responsibility,financing constraints and innovation investment.Secondly,based on the theory of corporate social responsibility,information asymmetry,principal-agent theory,financing priority theory,stakeholder theory,etc.,combined with the connotation and characteristics of financing constraints and innovation investment,detailed analysis of the impact and role of corporate social responsibility on them and make assumptions.Finally,we select the data of China's Shenzhen and Shanghai A-share listed company in 2009-2017,and addthe fixed effect of industry and time.Through the least squares method to establish the relevant regression model.According to the size of the enterprise,the nature of the enterprise and the enterprise area,the sample model further tests the adjustment role of corporate social responsibility between financing constraints and innovation input.Through analysis,the following conclusions are obtained:(1)Chinese enterprises are subject to financing constraints to varying degrees,and the greater the financing constraints,the less innovation investment,the more unfavorable to enterprise innovation.(2)Corporate social responsibility can promote innovation investment,which means that the higher the level of social responsibility,the more R&D investment.(3)Corporate Social Responsibility(CSR)can play a significant positive adjustment role in the negative relationship between financing constraints and innovation input.Corporate social responsibility is beneficial to alleviate the restraining effect of financing constraints on R&D investment,thus promoting enterprise innovation.(4)For China's non-state-owned enterprises,social responsibility is more conducive to alleviating the constraints of financing constraints on innovation investment.(5)The the adjustment effect of the size of the enterprise is still uncertain and needs further study.(6)The commitment of corporate social responsibility in the eastern and central regions can play a role in alleviating the constraints of financing constraints,and the regulatory effect of the central region should be stronger.For the western region,the commitment of corporate social responsibility will increase the restraining effect of financing constraints on corporate innovation.Based on China's basic national conditions,this paper innovates from the perspective of research,focusing on the role of corporate social responsibility commitment in financing constraints and R&D investment.Finally,according to the research conclusions of this paper,the paper puts forward suggestions on strengthening the commitment of corporate social responsibility,improving the financing environment of private enterprises,coordinating the development of the eastern,central and western regions,and cultivating the innovation environment of enterprises.