Research On The Relationship Among Private Corporate Social Responsibility,debt Financing And R&D Investment

With the gradual transformation of China's economy from high-speed growth to high-quality growth,the efficiency of economic development and virtuous circle have become important factors of comprehensive competitiveness.The development advantages of private enterprises in the supply-side structural reform in the context of the era has become more and more prominent,especially in improving scientific and technological research and development investment,promoting industrial optimization and upgrading,ensuring national tax stability,expanding the market demand for employment and other areas of sustained and efficient empowerment.According to the national strategy of coordinated regional development,the Yangtze River Delta,the Pearl River Delta and the Bohai Sea region are the three core economic circles that promote the stable development of China,its open business environment and strong economic background have attracted many private enterprises to settle here,the flourishing development of private enterprises at the same time promote their own commitment to high-quality social responsibility,through increased investment in research and development and innovation drive,seize the market opportunities to drive the coordinated development of the regional economy.This article is based on the analysis of China's economic transition and high-quality economic development.Based on the analysis of resource-based theory,stakeholder theory,information asymmetry theory,and prioritized financing theory.This paper takes 931 Shanghai and shenzhen A shares private listed companies as research objects,using sample data from 2013 to 2018,through descriptive statistics,full-sample regression analysis,and the three major economic zones of the Yangtze River Delta,Pearl River Delta,and Bohai Rim,namely the three major regions and the regression analysis of the key regions grouping tests the relationship between private corporate social responsibility,debt financing and R&D investment.The empirical results show that: in the entire sample,social responsibility of private enterprises can promote greater R&D investment;the increase in debt financing of private enterprises will have an inhibitory effect on R&D investment;debt financing plays a reverse adjustment in the relationship between social responsibility of R&D and private enterprises effect.From the perspective of different regions,it is divided into three major regions of Yangtze River Delta,thePearl River Delta,and the Bohai Rim and non-key regions.The results show that in the PearRiver Delta and Bohai Rim sample groups,private companies' social responsibility and R&D investment are less significant than in the Yangtze River Delta region,and non-key regions have no significance.Therefore,in the Yangtze River Delta region,private enterprises actively assume social responsibilities is more beneficial increase R&D investment.In the relationship between private enterprise debt financing and R & D investment,the sample groups in the Pearl River Delta and non-key regions are more significant than the Yangtze River Delta and the Bohai Rim region.Although the Pearl River Delta and the non-key areas are significantly different,the impact of private enterprise debt financing on R&D investment is greater in the Pearl River Delta sample group than in non-key areas.The moderating role of debt financing in the relationship between private corporate social responsibility and R&D investment is positively regulating in the Yangtze River Delta and non-key regional sample groups,and it is negatively regulating in the Bohai Rim sample group.And there is no significant regulatory effect in the Pearl River Delta sample group.Finally,based on the research conclusions,from the government level and the enterprise level,the countermeasures and suggestions for private enterprises increase R&D investment and assume social responsibility are put forward.It is recommended to build a unified regional information network sharing mechanism,strengthen government financing supportencourage enterprises to increase R&D investment,Stimulate the overall vitality of the enterprise and rationally plan the financing strategy,and assume corporate social responsibility to improve R&D investment.