Corporate Social Responsibility Performance,Core Competitiveness And Commercial Credit Financing

With the rapid economic growth,the living standard of the general public is constantly improving.However,a series of corporate social responsibility issues,such as product quality,ecological environment and employee security,have also attracted wide attention from all walks of life.How to practice corporate social responsibility in order to achieve the dual objectives of economic and social benefits has become a hot topic of academic discussion.The existing literature mainly focuses on the relationship between corporate social responsibility and financial performance.In recent years,the impact of corporate social responsibility on specific financial activities has become a new research trend,which provides a theoretical basis for the study of the relationship between corporate social responsibility and commercial credit financing.However,scholars pay less attention to the intrinsic mechanism of corporate social responsibility performance affecting commercial credit financing and how enterprises respond to the external market competition environment to implement social responsibility strategy.Based on stakeholder theory,information asymmetry theory,principal-agent theory,corporate reputation theory and buyer’s market theory,this paper analyses the relationship among corporate social responsibility performance,core competitiveness and commercial credit financing,and puts forward the intermediary effect of core competitiveness.Furthermore,the degree of market competition is further integrated into the framework of analysis.On the basis of discussing the moderating effect of market competition degree on the relationship between corporate social responsibility performance and core competitiveness,this paper analyzes the regulatory mechanism of market competition degree on the intermediary effect of core competitiveness.The research finds that:(1)Corporate social responsibility performance has a positive impact on commercial credit financing;(2)Corporate social responsibility performance has a positive impact on core competitiveness;(3)Core competitiveness has a positive impact on commercial credit financing;(4)Core competitiveness plays a part of intermediary role between corporate social responsibility performance and commercial credit financing;(5)Market competition degree positively regulates the role of corporate social responsibility performance on core competitiveness;(6)Market competition degree positively regulates the indirect impact of corporate social responsibility performance on commercial credit financing through core competitiveness.According to the research conclusion,this article from three aspects of enterprises,government and suppliers,provides countermeasures and suggestions for enterprises to actively fulfill their social responsibility,enhance their core competitiveness and obtain more commercial credit financing in the fierce market competition.The innovation of this paper lies in putting forward the path of "corporate social responsibility performance——core competitiveness——commercial credit financing" and discussing the moderating effect of market competition degree on this path,which not only enriches the theoretical model of the relationship between corporate social responsibility performance and commercial credit financing,but also combines corporate social responsibility strategy with financing strategy,thus putting forward new ideas for the development of enterprises.