“The Belt And Road Initiative” Corporate Social Responsibility,Financing Constraints And Inefficient Investment

As front-line participants of “the Belt and Road Initiative”,Chinese enterprises shoulder multiple economic,political and social responsibilities,and their behaviors will affect the construction of China’s overseas image.In this context,how to build a competitive global enterprise? Can overseas investment enterprises improve their social performance,relieve the constraints of external financing,and improve the efficiency of foreign investment? In order to solve this problem,this paper has a certain reference significance,which will be conducive to the improvement of non-financial performance of enterprises,resolve or alleviate the difficulties of financing difficulty,expensive financing and high investment risk faced by“going out” enterprises,improve the international influence of Chinese enterprises,and continue to deepen the strategic connotation.Therefore,combined with the “the Belt and Road Construction” initiative,this paper makes an in-depth analysis of corporate social responsibility and investment and financing behavior.By collecting and sorting out relevant literature and combining with the “the Belt and Road Initiative”,the research content of this paper is sorted out,the scope and operation steps of key enterprises supported by the “the Belt and Road Initiative” initiative are defined,and the evaluation index system of each variable is determined.Taking Chinese A-share listed companies from 2014 to 2019 as the initial research sample,the propensity score Matching method(PSM)was used to screen out 6357 groups of data.The macro “the Belt and Road Initiative” and micro enterprises were included in the analysis framework and divided into two groups according to whether they were supported by the initiative.Quantitative analysis method is used to empirically study the correlation between non-financial behavior and investment and financing activities of enterprises,verify the adjustment effect of “the Belt and Road Initiative” macro policy,and conduct robustness test.Further research,the introduction of the mediation effect test program,test under different samples of financing constraints in the relationship between the establishment of the mediation.The results of empirical tests show that:(1)corporate social responsibility will reduce inefficient investment,and the belt and road initiative will strengthen the negative correlation between corporate social responsibility and inefficient investment.(2)Corporate social responsibility will restrain the degree of financing constraints,and the “The Belt and Road Initiative” will strengthen the inhibition effect.(3)CSR can reduce the level of inefficient investment by alleviating financing constraints.(4)The mediating effect of financing constraints on CSR and inefficient investment is established in the sample of non-BELT and Road initiative supported enterprises.However,in the sample of key enterprises supported by the “the Belt and Road Initiative”,the mediating effect of financing constraints is not established.Finally,policy suggestions are put forward based on empirical conclusions.To sum up,this paper is expected to enrich the research on the economic consequences of CSR fulfillment by enterprises,contribute to the steady progress of “the Belt and Road Initiative” construction,and provide theoretical guidance for enterprises to ease financing constraints and improve investment efficiency.