Research On The Influence Of Financing Constraints On Corporate Social Responsibility

Thanks to the reform and opening up,China's economic development has improved significantly.The economic management ideas of developed countries have also been introduced into China and attracted the attention of many scholars,including the idea of corporate social responsibility,which has also been recognized and practiced by more and more business managers.However,in the past two years,social events such as "formaldehyde door","Hongmao liquor" and "false propaganda" of Sappoise have made the public expect enterprises to fulfill their social responsibilities,and the fulfillment of corporate social responsibilities has also received wider attention.As far as the reality of corporate social responsibility in China is concerned,most enterprises still pursue profit maximization unilaterally.False propaganda,inferior products and environmental pollution are prohibited repeatedly.The importance of sustainable development has not been well valued,and the interests of ordinary people are inevitably infringed.Therefore,scholars' research has gradually shifted from whether enterprises need to undertake social responsibility,how to define corporate social responsibility to how to promote enterprises to better fulfill their social responsibility,what factors will affect the performance of corporate social responsibility and so on.In addition,as the capital market is still improving,Chinese enterprises are still facing different degrees of financing constraints,which has a greater negative impact on the survival and development of enterprises.In the actual operation process,financing constraints will have a certain impact on corporate social responsibility.This paper argues that there is a certain relationship between the size of financing constraints and the performance of corporate social responsibility,and the impact of financing constraints on corporate social responsibility in different dimensions may not be the same.Based on this,this paper uses the theory of stakeholders and preferred financing to analyze how financing constraints affect corporate social responsibility performance,and puts forward corresponding hypotheses.Then,taking the relevant data of A-share listed companies in 2016 as research samples,on the basis of combing previous scholars' research,this paper constructs the theory of financing constraints affecting corporate social responsibility.The model takes rational person hypothesis and pecking order financing theory as the theoretical basis of the study.First,it verifies whether financing constraints will affect the performance of corporate social responsibility,and then examines the relationship between financing constraints and corporate social responsibility in different dimensions.The results show that there is a negative correlation between commercial credit financing constraints,bank loan financing constraints and corporate social responsibility performance,while the correlation between corporate internal financing constraints and corporate social responsibility performance is not significant.The study also finds that different types of financing constraints have different effects on different dimensions of corporate social responsibility.On the one hand,this paper makes an in-depth discussion on different types of financing constraints,proving their impact on corporate social responsibility.On the other hand,it also proves that different types of financing constraints have different effects on different dimensions of corporate social responsibility.It provides a reference for relevant departments to formulate corresponding policies and systems,and also improves corporate social responsibility awareness and promotes corporate social responsibility in China.Implementation provides a new way of thinking,which has a positive role in promoting the perfection of China's capital market and the construction of a good financing environment.