Research On Financing Constraints,Corporate Social Responsibility And Performance Of Listed Airlines In China

The problems of asymmetric information and high cost of external financing always exist in the economic market,which makes Chinese airlines generally face the dilemma of financing constraints,and then restricts the external financing of airlines.Airlines are capital intensive enterprises,which need to consume a lot of capital in daily operation.The existence of financing constraints will inhibit the investment activities of the company,hinder the growth of the enterprise and the implementation of daily business activities,thus adversely affecting the performance development.Therefore,it is urgent for airlines to alleviate financing constraints and improve performance.In recent years,corporate managers and external investors have always attached great importance to corporate social responsibility(CSR).Performing social responsibility activities can establish a good image for airlines,enhance communication with external investors,weaken the impact of information asymmetry,thus bringing favorable resources to the company and promoting the improvement of comprehensive performance of airlines.In addition,long-term corporate social responsibility(LCSR)can bring continuous positive impact on enterprises,which means that the positive effect of CSR on performance may have a "cumulative effect".Based on this,full text explores the relationship among airline financing constraints,CSR and performance,then introduces them in the same theory model,further explores the corporate social responsibility in the relationship between financing constraints and performance of the airline regulation plays a role,to alleviate our country airline financing constraints,promote enterprise performance provides the reference.Firstly,full text expounds the domestic and foreign literature and theoretical basis,describe the present condition of financing constraints of listed airlines in China,then investigate the influence of financing constraints and CSR on the comprehensive performance of airlines,and puts forward the corresponding assumptions and theoretical models.In the empirical research part,six listed airlines in China are taken as the object to construct the financing constraint index.Then use the factor analysis method to structure the airline comprehensive performance evaluation target and the general enterprise financial index and airline production capacity index are comprehensively considered.In addition,based on the social responsibility rating data of Hexun,LCSR index is constructed to empirically test the impact of financing constraints on the performance of Chinese airlines under the influence of long-term and short-term social responsibility.The results show that: firstly,financing constraints have a significant negative effect on corporate performance.Secondly,CSR has a significant promoting effect on corporate performance,and LCSR has a stronger promoting effect,there exists a "cumulative effect".Thirdly,social responsibility behavior is able to moderate the negative effect of financing constraints on airline performance,and the moderating effect also has a "cumulative effect".Finally,to generalize the integral article and bring forth proposals from the national level and the company level to ease financing constraints and improve the performance development of Chinese airlines.