Research On The Relationship Between Institutional Environment, Corporate Social Responsibility Information Disclosure And Financing Constraints

The social and economic development in the new era requires enterprises to actively fulfill the corporate social responsibility(CSR).The practice of CSR is related to the sustainable development of society and country,which has attracted more and more attention from the government,media and public.By disclosing CSR information,enterprises can show their practice of CSR,improve the transparency of corporate information,and strengthen the communication with investors or other stakeholders.Financing,as one of the important financial activities of enterprises,directly affects the operation and investment activities.However,due to the serious information asymmetry between enterprises and investors in the capital market,it is difficult to allocate financial resources effectively,and financing constraints become the obstacles to the development of enterprises.As the main body of China’s real economy,manufacturing enterprises are generally faced with the problem of "financing difficulties" in the process of accelerating the development of advanced manufacturing industry,which are influenced by the characteristics of "high input and low output" in traditional industries.Therefore,this paper attempts to explore whether enterprises can transmit positive signals in the capital market through CSR information disclosure,to reduce information asymmetry,obtain more financial support and ease the degree of financial constraints.In addition,China is in the period of "emerging+transition".The institutional environment of different regions is quite different and the development degree is unbalanced.So,this paper brings institutional environment into the research framework with four aspects,degree of marketization,government intervention,legal environment and media attention,to examine whether and how institutional environment effect the relationship between quality of CSR disclosure and financing constraints.By combing the relevant literature,and analysing the theories about Asymmetry Information Theory,Stakeholder Theory,Signaling Theory,Institutional Environment Theory and Corporate Reputation Theory,this paper selects A-share manufacturing listed companies in Shanghai and Shenzhen Stock Exchanges as samples,examines the relationship between institutional environment,CSR information disclosure and financing constraints,and conducts a grouping analysis by the nature of enterprise.The research finds:(1)Compared with enterprises that do not disclose CSR information,the financing constraints of corporate that disclosed CSR information is lower because of the CSR information disclosure has a significant negative impact on financing constraints,which is mainly reflected in non-state-owned enterprises;(2)The quality of CSR information disclosure has a negative impact on financing constraints.The higher quality of CSR information disclosure,the lower financing constraints,which is more significant in state-owned enterprises;(3)Institutional environment has a moderating effect on the relationship between quality of CSR information disclosure and financing constraints.The result as follows:The higher degree of marketization,the stronger negative impact on the relationship between quality of CSR information disclosure,which is mainly reflected in non-state-owned enterprises;The lower degree of government intervention,the weaker negative impact on the relationship between quality of CSR information disclosure and financing constraints,which is mainly reflected in non-state-owned enterprises;The more perfect legal environment,the weaker negative impact on the relationship between quality of CSR information disclosure and financing constraints,which is mainly reflected in state-owned enterprises;The higher attention of corporate media,the more negative impact on the relationship between quality of CSR information disclosure and financing constraints,which is mainly reflected in non-state-owned enterprises.According to the research conclusion,this paper puts forward the following countermeasures and suggestions:(1)The government should vigorously promote market-oriented construction,guide the practice of enterprises,establish and improve laws and regulations,improve the environment for enterprise development,standardize the CSR disclosure,improve the quantity and quality of information disclosure,strengthen the construction of supervision system,and establish special accountability institutions;(2)The society should make use of the strength of non-governmental organizations to standardize corporate social responsibility behavior,utilize the influence of media,strengthen supervision by public opinion,strengthen the awareness of public supervision and enhance the enthusiasm of participation;(3)The enterprises should establish the sense of responsibility,actively assume social responsibility,disclosure CSR information timely and acceptance the supervision of stakeholders,standardize business and investment activities and choose financing strategies rationally,It is hoped that these countermeasures and suggestions can provide reference for strengthening the effective cooperation among the government,society and enterprises,establishing a three-in-one cooperative promotion mechanism to optimize the institutional environment of our country,promote manufacturing enterprises to actively fulfill social responsibilities,disclose high-quality social responsibility information,alleviate the degree of financing constraints effectively,and accelerate the development of advanced manufacturing industry.