Corporate Social Responsibility Disclosure And Financing Constraints

In recent ten years,Corporate Social Responsibility(CSR)has gradually become a hot topic of public concern.As a series of polices and rules for the CSR disclosure have been issued continuously,the number of disclosed CSR information has risen linearly.One of the most important parts among the types of CSR information is the Practice Information,which has the closest contact with the commitment and practice of CSR,and it also has very important meaning in practice.However,in three types of classified Practice Information,there has been a significant difference in the number of disclosure.Therefore,conducting a comparative study on the effects of classified Practice Information has a high level of researching and practical value.In the meantime,under the background of economic downturn,the phenomenon of corporate financing constraints is widespread in Chinese enterprises,especially for Non-SOEs and SMEs.The existing research shows that corporate information asymmetry is one of the important reasons for financing constraints.Then,we suppose that increasing the disclosure of CRS Practice Information can reduce the asymmetric information and thus ease the financing constraints.Based on thee guesses above,this paper conducts empirical research on 2305 listed companies which disclosed CSR information between 2013 and 2016 to prove whether CSR information disclosure can significantly reduce the financing constraints.The results show that the disclosure of CSR information have a mitigative effect on corporate financing constraints,and the CRS Practice Information plays a vital role in the functional mechanism.However,the effects on classified Practice Information have bring a significant difference.The Market Responsibility Information can significantly reduce the financing constraints,while the effects on the Environmental Responsibility Information and Social Responsibility Information(narrowly defined)will be weakened in turns.In addition,firms that voluntarily disclose CSR information are able to acquire more and better information effect feedbacks than ones that mandatorily disclose these information.To sum up,enhancing the disclosure quality and decision-making relevance of the(narrowly defined)Social Responsibility Information and Environmental Responsibility Information will become key issues for the development of CSR in the future.