Social Responsibility Disclosure,Analyst Following And Financing Constraints

In recent years,with the frequent occurrence of social problems such as food counterfeiting,waste water pollution,tax evasion and illegal operation,corporate social responsibility has gradually become one of the focuses of people from all walks of life.In order to standardize the social responsibility behavior of enterprises,relevant regulatory departments such as Shanghai Stock Exchange,Shenzhen Stock Exchange and SASAC have issued a lot of relevant policy documents in succession to promote the performance of social responsibility and related information disclosure of domestic enterprises,and the proportion of enterprises issuing social responsibility reports in China has also begun to increase.At present,with the rapid development of domestic economy,due to the existence of limited capital supply and information asymmetry and other factors,Chinese enterprises are generally faced with the financing dilemma of "financing difficult and financing expensive " in the process of operation.It is a common problem for enterprises to consider how to alleviate the financing constraints.As an important part of non-financial information disclosure,social responsibility information disclosure can effectively meet the needs of external investors for incremental information beyond the financial situation of the enterprise,and to a certain extent plays a role in reducing information asymmetry.So,can corporate social responsibility information disclosure ease financing constraints? If it can,can the tracking behavior of analysts as the information intermediary of capital market adjust the mitigation effect of social responsibility information disclosure on financing constraints? This paper will analyze and discuss through normative research and empirical research.From the perspective of social responsibility information disclosure,this paper mainly studies the following questions:(1)will social responsibility disclosure affect its financing constraints?(2)Does the existence of analyst tracking affect the relationship between social responsibility disclosure and financing constraints?After systematically combing and summarizing the relevant literature at home and abroad,this paper selects 12894 samples of China's A-shares from 2010 to 2017 as the research object,and empirically studies the relationship between social responsibility information disclosure,analyst tracking and financing constraints,The results show that:(1)when other conditions are certain,corporate disclosure of socialresponsibility information can significantly alleviate the degree of corporate financing constraints.(2)When other conditions are certain,the less the analysts follow the enterprises,the more significant the mitigation effect of corporate disclosure of social responsibility information on financing constraints.Specifically,the research of this paper is based on the idea that through the disclosure of social responsibility information,enterprises to a certain extent reduce the information asymmetry with the outside world,and easier to obtain the support of the government and banks in financing,improve the reputation of enterprises,enhance the confidence of market investors in the future development of enterprises,so as to achieve the role of easing financing constraints.In addition,when there are few analysts who track and study enterprises,it shows that enterprise information is difficult to get the full mining,interpretation and dissemination of capital market information intermediary,which may cause the external information environment of enterprises to be more opaque.In order to enhance the understanding of enterprises,market investors will also pay more attention to and rely on the information disclosure behavior of enterprises themselves.Therefore,at this time,enterprises The social responsibility information disclosure has a more significant role in easing the financing constraints.In order to test the correlation between social responsibility disclosure,analyst tracking and financing constraints,this paper constitutes a multiple regression model based on the cash and cash and cash flow sensitivity model.Combined with the previous scholars' research,it also controls a series of variables such as enterprise scale,capital expenditure,non-cash working capital change,short-term current liabilities change and enterprise growth.In order to test the impact of analyst tracking on the relationship between social responsibility information disclosure and financing constraints,this paper divides analysts' tracking into two groups according to the median of analysts' tracking,i.e.more analysts' tracking and less analysts' tracking for regression analysis.Then,considering that the differences in the nature of ownership and financial transparency may have an impact on the relationship between the disclosures of social responsibility information and financing constraints,this paper further studies the differences in the nature of ownership and financial transparency.Finally,in order to verify the robustness of the conclusions of this study,this paper tests the endogeneity of the control sample self-selection problem and the related missing variables respectively,and at the same time carries out the regression test of the replacement analyst tracking measurement.This paper is divided into six parts.The first part is introduction,It introduces research background?significance?ideas and methods?content and framework?innovation and shortcomings of this paper.The second part is literature books.Literature on social responsibility disclosure,analyst tracking and financing constraints,this part summarizes the existing research literature,and then finds the space for further research.The third part is the theoretical overview of social responsibility information disclosure,analyst tracking and financing constraints.This part first introduces the definition and measurement of social responsibility information disclosure,analyst tracking and financing constraints,and then elaborates the theoretical basis of this study.The fourth part is the theoretical analysis and hypothesis of social responsibility information disclosure,analyst tracking and financing constraints.This part puts forward the research hypothesis through theoretical analysis and derivation.The fifth part is the empirical study of social responsibility information disclosure,analyst tracking and financing constraints.In this part,we first introduce the sample selection and data sources,and then elaborate the definition of variables and research model.Then we analyze the empirical results including descriptive statistics,relevance analysis and multiple regression analysis.Finally,we make further analysis and robustness test.The sixth part is the research conclusion and policy suggestions.Combined with the previous research results,this part summarizes the conclusions of this study,and based on this,puts forward relevant policy recommendations from many aspects.