Can The Disclosure Of Social Responsibility Information Of Listed Companies On The Small And Medium-sized Board Alleviate Financing Constraints?

The development of enter:prises can not be separated from the development of society.The sustainable development of enterprises depends on the economic and social ecosphere in which they live.In traditional times,enterprises blindly pursue"profit maximization"instead of fulfilling social responsibility,which has been criticized by all sectors of society.Through the reputation transmission mechanism,enterprises can not achieve long-term and healthy development.Based on internal and external forces,more and more enterprises pursue the"win-win" goal of stakeholders.Due to the small scale of assets,high degree of information asymmetry and imperfect credit rating system,financing constraints exist in small and medium-sized enterprises(SMEs)in China,which seriously restricts their sustainable development.Solving the financing problem of SMEs is very important for enhancing their innovation ability,and improving the market vitality and forming a benign market competition mechanism.Firstly,this paper summarizes and analyses the research status of social responsibility and financing constraints by domestic and foreign scholars.On this basis,it defines the concepts of social responsibility information disclosure and financing constraints and determines the measurement methods.Based on information asymmetry theory,signaling theory and stakeholder theory,it combs the relationship between corporate social responsibility information disclosure and financing constraints.The main hypothesis of this paper is that the disclosure or disclosure of high-quality social responsibility information by enterprises can reduce the information asymmetry between the supply and demand sides of capital,thus achieving the effect of reducing the financing constraints of enterprises.On the premise of theoretical deduction,this paper uses the data of SMEs listed in Shenzhen Stock Exchange from 2013 to 2017,uses RKS Score as the quality of social responsibility information disclosure,uses ACW model to measure financing constraints,and uses panel data model to conduct empirical tests.The results show that financing constraints exist in SMEs in China;corporate social responsibility information disclosure behavior has mitigating effect on financing constraints;the higher the quality of information disclosure,the lower the degree of financing constraints;this paper further distinguishes the nature of property rights and disclosure intention of sample enterprises.The research shows that compared with state-owned enterprises,the mitigation effect of private enterprises is more significant.,and the mitigation effect of voluntary disclosure enterprises is more significant than that of compliance disclosure enterprises.According to the conclusions of this paper,some suggestions are put forward to alleviate the financing constraints of SMEs.