Research On The Relationship Between Enterprise Financialization And Corporate Social Responsibility

The profit gap between real industry and finance,real estate industry makes more and more real enterprises involved in financial assets and real estate,showing the phenomenon of financialization.Most of the existing studies show that there are two main motivations for enterprise financialization: capital reserve motivation and capital arbitrage motivation.From the perspective of capital arbitrage motive,the financial behavior of enterprises can improve the liquidity of enterprise assets,ease financing constraints,so it can promote enterprises to further undertake corporate social responsibility.From the perspective of capital arbitrage motivation,enterprises invest idle funds in financial assets and real estate,ignoring the improvement of product and service quality of enterprises,which is not conducive to the long-term development of enterprises,to a certain extent,it is also an irresponsible performance for consumers and society.Based on the different motives of corporate finance,this thesis studies the relationship between corporate finance and corporate social responsibility.This thesis is divided into six chapters.The first chapter mainly introduces the research background,significance,content and innovation of this thesis.The second chapter combs the motivation of corporate finance,the influencing factors of corporate social responsibility,the related literature of the relationship between corporate finance and corporate social responsibility.The third chapter describes the concept of corporate social responsibility,corporate finance and the theoretical basis of this thesis.The fourth chapter theoretically analyzes the relationship between corporate finance and corporate social responsibility,as well as the relationship between corporate finance and corporate social responsibility under different equity attributes and different values.The fifth chapter empirically tests the relationship between corporate finance and social responsibility,as well as the relationship between corporate finance and corporate social responsibility under different equity attributes and different values.The sixth chapter summarizes the research conclusion and gives some suggestions.This thesis finds that:(1)there is an inverted U relationship between the level of corporate finance and corporate social responsibility.(2)In the state-owned enterprises,there is a negative correlation between corporate finance and corporate social responsibility.In non-state-owned enterprises,the financial level of enterprises and corporate social responsibility show an inverted U-shaped relationship.(3)In the enterprises with the concept of maximizing the wealth of strong shareholders,there is a negative correlation between the level of corporate finance and corporate social responsibility.In the enterprises with weak shareholder wealth maximization,there is a positive correlation between the level of corporate finance and corporate social responsibility.