Research On The Effect Of Corporate Social Responsibility On Performance Of Listed Companies Based On Financing Constraints

In recent years,corporate social responsibility has been valued in China,and has now risen to the national strategic level.It is an important responsibility that cannot be avoided in the survival of enterprises and sustainable development of green.China's capital market is still not complete enough.The problems of information asymmetry in the market have led to differences in the internal and external financing costs of listed companies,which has created financing constraints and constrained the development of listed companies in China.This paper examines whether corporate social responsibility has a significant impact on firm performance,what impact it has,and how the different levels of financing constraints affect the economic consequences of social responsibility.This study first elaborates the connotation of corporate social responsibility,corporate performance and financing constraints from different angles,and explains the definition of the three in this study.Then it introduces the historical evolution and development status of corporate social responsibility of China's Shanghai and Shenzhen A-share listed companies,as well as the status quo and characteristics of the financing structure.Based on stakeholder theory,principal-agent theory and contract theory,this paper systematically analyzes the relationship between corporate social responsibility performance and social responsibility report disclosure quality on the performance of listed companies;secondly,from shareholders,creditors,consumers,suppliers,employees,government,Seven aspects of the community,with reference to some research results of the predecessors,establish a new evaluation system of corporate social responsibility performance indicators,and use the entropy weight method to calculate the weight,get the quantitative score of corporate social responsibility performance.At the same time,the score data in the rating report issued by Runling Global,a third-party professional rating agency of Corporate Social Responsibility Report,is selected as the core explanatory variable of the quality of corporate social responsibility information disclosure in regression analysis;again,according to the interest guarantee multiple The sample companies are grouped and set into three different levels of financing constraints: high,medium and low,and then the assignment of dummy variables is carried out,and cross-terms are formed with social responsibility.Finally,the economic value-added rate of enterprises with comprehensive indicators is respectively EVAR and Financial Accounting Indicators Total Return on Assets ROA,as an enterprise performance indicator,selects a number of control variables to screen out relevant data for 366 listed companies in the CSI A-share market in 2013-2017.After data processing,the model is empirically analyzed to discover the impact of corporate social responsibility on the performance of listed companies from theperspective of financing constraints.The empirical results show that corporate social responsibility has a stable and significant positive impact on both the economic value-added rate(EVAR)as a comprehensive indicator and the ROA as a financial asset's total return on assets.On the other hand,financing constraints will inhibit the economic consequences of corporate social responsibility performance and the quality of social responsibility reporting information disclosure.The performance of the responsibility of the relevant stakeholders by the enterprise can maximize the interests of all parties and enhance the value of the enterprise itself.However,through the research on the development status of corporate social responsibility,it is found that the awareness of social responsibility of Chinese enterprises needs to be improved.