Research On Interaction Between Corporate Social Responsibility Information Disclosure And Financing Constraints

With the introduction of the new concept of the 19 th “Green Sharing” development,corporate social responsibility issues have received much attention.However,there are still a large number of companies that ignore social responsibility issues.The main reason is that companies are pursuing low-cost and focusing on short-term financial performance.The financial status of an enterprise is mainly limited by financing constraints.It is of practical significance to study the interaction between social responsibility information disclosure and financing constraints.First,to explore the impact of social responsibility information disclosure on financing constraints can stimulate corporate social responsibility awareness and establish a correct view of social responsibility;Second,considering the financing constraints into the motivation of social responsibility information disclosure can provide new ideas for testing the motivation of Chinese enterprises to actively disclose social responsibility information.This paper first reviews the literature on social responsibility information disclosure and financing constraints and proposes the shortcomings of the existing literature.Then,based on the relevant theory,the mechanism of the interaction between the two is analyzed and the research hypothesis is put forward.Then,based on the data of 2012-2017 of Shanghai and Shenzhen A-share non-financial listed companies,the paper empirically studies the interaction between social responsibility information disclosure and financing constraints.The findings are as follows:First,corporate social responsibility information disclosure is conducive to reducing information asymmetry,easing financing constraints,and the higher the quality of disclosure,the greater the degree of mitigation.This shows that social responsibility information disclosure can improve the transparency of information in China’s capital market.Second,the higher the degree of financing constraints faced byenterprises,the greater the possibility of disclosing social responsibility information and the time lag effect.This phenomenon validates the economic motivation hypothesis of corporate disclosure of social responsibility information.When enterprises face financing constraints,they have the motivation to improve the financing status by actively disclosing social responsibility information.Third,the impact of financing constraints on social responsibility information disclosure is more obvious in non-state-owned enterprises.This reflects from the side that compared with state-owned enterprises,non-state-owned enterprises have narrower financing channels and more serious financial constraints.The main contribution of this paper is to verify the motivation of enterprises to actively disclose social responsibility information from the perspective of financing constraints,and to enrich the motivation of social responsibility information disclosure.And based on China’s special dual economic background,it compares the motivation of companies with different equity characteristics to disclose social responsibility information when faced with financing constraints.The conclusions of this paper can provide reference for the disclosure of social responsibility information of listed companies.