Research On The Impact Of CSR Information Disclosure On Financing Constraints From The Perspective Of Institutional Environment

In recent years,with the continuous transformation of China's economic development mode,further optimization of economic structure,and constant adjustment of growth momentum,the issue of corporate social responsibility has increasingly attracted widespread attention,becoming a green barrier for enterprises to explore the domestic and foreign markets.In addition,the repeated exposure of social responsibility accidents in China has affected the social harmony and stability,and corporate social responsibility has gradually become a hot issue of public concern.In this context,enterprises,in order to seek their own sustainable development,also began to actively undertake the corresponding social responsibility.However,as China's corporate social responsibility is still in the primary stage,its external disclosure is not ideal,and there is a big gap in the quality of reports among different enterprises,and the overall quality of reports needs to be further improved.In addition,the operation mechanism of China's capital market is not sound,the existence of information asymmetry and other factors,resulting in the financing constraints often encountered by enterprises,and then affect the investment decision and long-term development of enterprises.Then,as an important supplement to financial information,whether the social responsibility report can alleviate the financing constraint status of the company by reducing the degree of information asymmetry and whether it will present new characteristics under the special institutional background of China will become the main concern of this paper.Therefore,this paper took the a-share listed companies that published their social responsibility reports continuously from 2013 to 2017 as samples to explore the effect of social responsibility information disclosure on corporate financing constraints.And on this basis,based on the current special institutional background of China,further investigate the heterogeneity of this role in different enterprise pr operty rights and external institutional environment.The results show that Chinese enterprises generally face the problem of financing constraints,and the quality of corporate social responsibility information disclosure is on the rise,but the overall l evel needs to be improved.Secondly,as an important supplementary form of financial information,the improvement of the disclosure quality of social responsibility report can effectively improve the financing constraints of enterprises.In addition,this paper found that this effect is also affected by the nature of property rights and external institutional environment,and the effect is more pronounced in non-state-owned enterprises and areas with good institutional environment.Based on the above conclusions,this paper puts forward the following Suggestions: on the one hand,the government should weaken the mandatory intervention means to market behavior,improve laws and regulations,promote the efficiency of resource flow,and create a good external i nstitutional environment;On the other hand,enterprises should enhance the awareness of CSR information disclosure,strengthen the internal governance mechanism of corporate social responsibility,focus on building an efficient and reasonable information disclosure system,and improve the overall disclosure quality of CSR reports.