Research On The Impact Of Social Responsibility On The Efficiency Of Capital Allocation

With the development of Chinese society and the entry of market economy into the new normal period of medium and high-speed growth,as well as the continuous optimization and improvement of supply-side structural reform,how to improve the efficiency of capital allocation has become a hot issue in various industries and enterprises in China.Enterprise is the basic cell unit of social and economic operation and the main carrier of market economy operation.Pursuing profits is the nature of enterprises,but with the emergence of a series of social problems,such as environmental problems,employee salaries,agency problems,tax evasion,counterfeit and inferior products,enterprises can no longer pursue profits solely,but also must always pay attention to and take care of their own burdens on paying employees’ salaries,gaining the trust of shareholders and creditors,building a harmonious community,and expenditure on time.The responsibilities of stakeholders,such as paying and abiding by government taxes and laws,protecting consumers’ interests,and protecting the natural environment.The concept of social responsibility arises at the historic moment,and a series of social responsibility problems increase the operational and financial risks of enterprises and their industries,and affect the capital gains,investment and financing process and efficiency of industries and enterprises.Therefore,enterprises and external investors begin to pay attention to social responsibility in order to assess the impact of disclosure and fulfillment of social responsibility on the investment and financing process and effective capital flow of industries and enterprises.Therefore,the study of how social responsibility affects the efficiency of capital allocation has important guiding significance.Firstly,this paper classifies the relevant literature at home and abroad,and defines the relevant concepts.Then,through theoretical analysis,it constructs the theoretical framework of social responsibility on capital allocation efficiency and establishes the economic models of social responsibility on macro-capital allocation efficiency and social responsibility on micro-capital allocation efficiency by referring to Wurgler and Richardson models,respectively.The data of Shanghai and Shenzhen A-share listed companies are selected in the database of social responsibility information disclosure of Hexun.SPSS19.0 software is used for statistical analysis.The effects of social responsibility information disclosure on macro-capital allocation efficiency and micro-capital allocation efficiency are studied,and the effects of social responsibility performance quality on macro-capital allocation efficiency and micro-capital allocation efficiency are also studied.The results show that the disclosure of social responsibility information and the improvement of the quality of social responsibility performance both play a promoting role in the efficiency of inter-industry capital allocation,and the disclosure of social responsibility information and the improvement of the quality of social responsibility performance also play a promoting role in the efficiency of enterprise internal capital allocation.Accordingly,this paper puts forward the following suggestions: on the one hand,the government should further strengthen the construction of social responsibility information disclosure system and its implementation of supervision,formulate relevant laws and standards to prevent adverse selection caused by rent-seeking behavior of operators;on the other hand,enterprises should pay more attention to the disclosure and implementation of social responsibility ideologically.We should strive for the support of the government and society,and then pay attention to the quality of social responsibility information disclosure and social responsibility performance.Of course,we should do our best to take into account the interests of all aspects of social responsibility.