Research On The Impact Of Corporate Social Responsibility Report On Financing Constraints

In the past two years,China's capital market ups and downs,many angel investment,VC,PE for the capital market to provide a lot of money to solve the financing difficulties of enterprises in our country.However,there are also events that arise from the use of information superiority,manipulation of stock prices,and damage to the interests of small and medium investors.These violations of social responsibility have a serious impact on the company's reputation,but also have a negative impact on the company's share price,so that enterprises in the open market financing is severely constrained.In addition,because of their own conditions and the limitations of the environment,some enterprises are unable to raise the necessary funds to expand reproduction,leading to bankruptcy or mergers and acquisitions.This paper discusses the consequences of the implementation of the disclosure of social responsibility reports from the perspective of financing constraints,the domestic research on the relationship between the two is more,this paper researches on the two can fill the academic blank,provide empirical basis for later study.This paper starts with the research background,defines the relevant knowledge concepts,and discusses the significance of the research.In the method,the article uses normative research and empirical research,carefully study the academic achievements of previous scholars,and review the relevant literature and use it.On this basis to find out the theoretical basis of social responsibility report and disclosure of financial constraints,through the analysis of the asymmetric information theory,principal-agent theory,pecking order theory,signal transmission theory and effective capital market,investigate the disclosure of social responsibility report and the financial constraints of internal relations,found that the contents of the disclosure of social responsibility report more perfect can reduce the problem of asymmetric information,can reduce the financing constraints of external pressure.In the empirical research section,the sample of 2011-2015 years A share listed companies finds that companies that disclose social responsibility reports can ease the pressure of financing constraints compared to companies that do not disclose CSRreports.Further studies showed that the rankins CSR rating score is higher,is facing low level of financing constraints;compared with state-owned enterprises,private enterprises are facing greater pressure due to financing constraints;the imbalance in regional development,relative to those of the regional financial ecological environment is not perfect,the lower the pressure of financing constraints is facing financial ecology the environment is perfect;in the A stock market,which belongs to the company governance sector relative to those not governance sector companies facing low financing constraint pressure.At the end of the article,and puts forward some suggestions on perfecting the social responsibility report,and some prospects for the development of social responsibility report,social responsibility report audit initiative,promoting corporate social responsibility investment.The main contribution of this paper is: 1,to consider a more comprehensive hypothesis,such as whether the active disclosure,whether governance sector factors and financial ecological environment,so as not to consider the influence of the less because of the loss of the significance of the study;2,in the proof of the model of the flexible use of assumptions,model changes into cross factor the cause,not too single,is the conclusion of lost reference meaning;3,by scoring third party professional rating agencies of the CSR report as the measure,avoids the problems in previous studies are too subjective and measurement method is not accurate.