Corporate Social Responsibility And Financing Constraints

In the field of corporate finance theory,financing constraints have always been one of the important research directions.The rich research achievements by scholars have also provided great help to optimize the financing constraints of listed companies.However,because of the research results mainly based on the mature capital markets of western developed countries,there are still doubts about the applicability of the research results for China's capital markets which are still in the process of maturity.At the same time,with the rapid development of modern economy and the increasing attention of entrepreneurs to social benefits,corporate social responsibility has become increasingly concerned at home and abroad.How to balance the economic and social benefits of enterprises has become one of the important issues in China's economic transformation.In addition,under the background that our government vigorously promotes the reform of mixed ownership of state-owned enterprises and the rapid development of social capital,the development of mixed ownership enterprises in China has made considerable progress.Therefore,as the main participant of our modern corporate system,whether the state-owned enterprises,private enterprises and the growing mixed ownership enterprises are facing financing constraints,and whether the importance of corporate social responsibility will have an impact on the level of financing constraints,this paper needs to consider.Using Almeida's revised Cash-Cash Flow sensitivity model and the data of Chinese listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2017 as sample data,this paper examines the impact of different ownership nature and social responsibility on the level of financing constraints of Chinese listed companies through empirical regression analysis.The results show that:(1)Chinese listed companies generally are facing different degrees of financing constraints,and the Cash-Cash flow sensitivity coefficient of private enterprises and mixed-ownership enterprises is significantly higher than that of state-owned enterprises,that is,the financing constraints faced by state-owned enterprises are lower;(2)considering the nature of different ownership,corporate social responsibility disclosure will significantly improve China's listing.The decreasing level of financing constraints of companies is mixed ownership enterprises,private enterprises and state-owned enterprises in turn;(3)Considering the quality of social responsibility reports,the higher the quality of social responsibility reports disclosed by enterprises,the level of financing constraints of private enterprises and mixed ownership enterprises is basically the same,but significantly higher than that of state-owned enterprises.The results of this paper show that the nature of ownership and the importance attached to social responsibility of listed companies have an important impact on financing constraints.Therefore,as the participants of market economy,the government,financial institutions and Chinese listed companies themselves should make efforts and contributions to improve the financing environment of listed companies and promote the development of mixed ownership enterprises from different perspectives.