Research On The Influence Of Corporate Social Responsibility Performance On Corporate Financial Distress Term Of Chinese Listed Companies

Corporate Social Responsibility(hereinafter referred to as CSR)has been a hot topic in academic circles and the industry in recent years.What kind of economic consequences will be brought about by enterprises actively undertaking social responsibility is not only a topic of special concern to the outside world but also to enterprises themselves.At this stage,on the one hand,affected by the environment of the external economy and the economic downturn,the outside world has higher and higher requirements for enterprise risk management.On the other hand,although the development of capital market has become increasingly perfect,there are more and more problems for enterprises.Many enterprises are in deep financial distress in the operation process,and they urgently need to strengthen their own risk management means.Therefore,this paper aims to expand the research on the economic consequences of CSR,combine the urgent need of financial distress avoidance in risk management with CSR,and analyze the impact of CSR on financial distress.This paper first combed the domestic and foreign literature on corporate social responsibility and financial distress to understand the basic research situation in related fields.Secondly,combining with the signaling theory,resource-based theory and reputation theory,this paper sorts out the influence mechanism of CSR performance on financial distress of enterprises,and puts forward research hypothesis based on it.Finally,based on the stakeholder theory,factor analysis was used to calculate the comprehensive score of CSR performance.Combined with the data of A-share listed companies from 2013 to 2018,the Logistic regression was used to analyze the impact of CSR performance on the financial distress of enterprises,and the robustness test was performed by replacing key variables.The following conclusions are drawn: there is a significant negative correlation between CSR performance and corporate financial distress,that is,the better corporate social responsibility performance is,the less likely it is to get into financial distress.In addition,by adding interactive terms,this paper discusses whether the effect of CSR performance on enterprises' financial distress is different due to the nature of enterprise ownership,industry type and enterprise size.The results show that: compared with state-owned enterprises,the social responsibility performance of non-state-owned enterprises has a more significant effect on reducing the possibility of financial distress.Compared with the stigma industry,the social responsibility performance of the nonstigma industry has a more obvious effect on reducing the possibility of financial distress.Compared with smaller enterprises,the social responsibility performance of large-scale enterprises has a weak impact on financial distress.This paper studies the influence of CSR performance on corporate financial distress.On the one hand,it expands the research on the economic consequences of CSR,and at the same time complements and improves the research on risk management in financial distress,which has certain academic value.On the other hand,the main research conclusion that the better the CSR performance is,the less likely the enterprise is to get into financial distress is of practical significance for the enterprise in risk management,which broadens the enterprise risk management approach and also promotes the enterprise to actively undertake social responsibility.