Corporate Social Responsibility,Media Supervision And Financing Constraints

At present,China’s economic development is in the strategic transition period from high-speed growth stage to high-quality development stage.In order to ensure the further realization of high-quality development of the economy,enterprises must pay attention to high-quality development,but for a long time,China’s enterprises are facing strong financing constraints.The increase of external financing costs makes enterprises deviate from the optimal investment level,resulting in insufficient R&D and innovation of enterprises,and the accumulation of reproduction factors,which ultimately restricts China’s economic growth.Obviously,easing financing constraints is one of the key points to achieve highquality economic development.At the same time,with the promotion of the concept of sustainable development and the increase of the information demand of stakeholders,the performance of corporate social responsibility has increasingly received the attention of all sectors of society.This behavior can reduce the degree of information asymmetry,transmit its own values to the outside world,establish a good reputation and image of the enterprise,broaden the information channels of stakeholders,and ease the financing constraints.However,due to the immature capital market in China and the relatively large proportion of individual investors,the signal that enterprises actively fulfill their social responsibilities may not be effectively transmitted to investors.Therefore,this paper introduces media supervision variables to explore the regulatory role of media supervision on the two.On the one hand,the media itself has the role of supervision and dissemination,can distinguish the authenticity of enterprise information,and become the communication medium for enterprises and stakeholders.On the other hand,the media will add emotional words,which will easily affect the public’s decision on the enterprise.Based on the above analysis,based on stakeholder theory,information asymmetry theory,signal transmission theory,legitimacy theory and agenda-setting theory,this paper selects A-share listed companies from 2012 to 2020 as research samples,constructs a Logit model to measure the degree of corporate financing constraints,uses J-F coefficient to measure the degree of media supervision,and carries out multiple linear regression analysis and further analysis on corporate social responsibility,media supervision and financing constraints,The conclusions are as follows:(1)The better the performance of corporate social responsibility,the more the financing constraints can be alleviated.(2)The smaller the pressure of media supervision,that is,the more positive the content of media reports,and the stronger the role of corporate social responsibility in alleviating financing constraints.(3)After being further divided into traditional media and online media,both can strengthen the role of corporate social responsibility in alleviating financing constraints.(4)Compared with state-owned enterprises,the mitigation role of social responsibility and the regulatory role of media supervision are more obvious in non-state-owned enterprises;Compared with the central and western regions,the mitigation role of social responsibility and the regulatory role of media supervision are more obvious in the eastern region;Compared with enterprises that disclose social responsibility reports compulsorily,the mitigation role of social responsibility and the regulatory role of media supervision are more obvious in enterprises that voluntarily disclose social responsibility reports.The main innovations of this paper are as follows: First,when building the Logit model to measure the financing constraints,take the cash flow into consideration,and improve the newly added cash to meet the investment ratio based on the company size,capital structure,investment value,dividend policy,operating capacity and profitability,so that the model can more comprehensively measure the financing constraints of enterprises.The second is to incorporate media supervision into the analysis framework of corporate social responsibility and financing constraints,and consider the regulatory role of media reporting tendency.Thirdly,according to the actual situation,starting from the information dissemination carrier,explore whether there is a difference between the regulatory role of traditional media and online media on corporate social responsibility and financing constraints,and enrich the research on the external supervision mechanism of media supervision.In view of the financing constraints commonly existing in China’s enterprises at present,this paper studies the relationship between corporate social responsibility,media supervision and financing constraints and provides new ideas,and puts forward relevant suggestions from the perspectives of enterprises,stakeholders,media and government,to improve the enthusiasm of enterprises to fulfill social responsibilities and improve corporate financing efficiency.