Research On The Impact Of Social Responsibility Of Listed Media Companies On Financing Efficienc

The 20 th National Congress of the Communist Party of China emphasized the need to build a socialist ideology with strong cohesion and leadership,strengthen the leading force of ideological public opinion in the new era,strengthen the comprehensive communication system,and promote the formation of a good network ecology.As a listed media company,fulfilling social responsibilities will help improve corporate reputation and influence,better practice and disseminate mainstream ideas,and form a good network ecology.Under the background of globalization and the normalization of the epidemic,enterprises are facing many challenges,media enterprises due to their own characteristics,the improvement of corporate financing efficiency is also facing obstacles,whether the performance of social responsibilities has an impact on the financing efficiency of enterprises,whether it helps media listed companies to improve financing efficiency,plays a key role in the development of enterprises.Given the above context,this thesis takes 76 listed A-share media companies in China from 2015 to 2021 as the object of the research,focuses on social responsibility and financing efficiency,and attempts to empirically explore the relationship between the two variables.The research process is as follows: firstly,the factor analysis method is used to score and measure the social responsibility of 76 media listed companies;Then,the Ultra-efficient BCC model was used to measure the financing efficiency of these 76 media listed companies.Finally,Stata regression analysis is used to discuss how the degree of social responsibility fulfillment of media listed companies affects the financing efficiency,and empirical results are obtained and further discussed,from which inspiration is obtained and reasonable suggestions are put forward.It is found that as far as media listed companies are concerned,actively fulfilling social responsibilities will have a positive impact on corporate financing efficiency,and enterprises taking the initiative to assume social responsibilities can alleviate the financing constraints they face,promote the improvement of financing efficiency,and help the further development and growth of media listed companies.The research conclusion is stable and still significant under endogenous analysis and heterogeneity analysis,which further shows that if media listed companies take the initiative to fulfill their social responsibilities and issue social responsibility reports,it is indeed beneficial to alleviate the problem of financial constraints and improve the financing efficiency of enterprises.To this end,this thesis puts forward the following suggestions: First,the recognition of corporate social responsibility by capital suppliers should be strengthened,guarantee institutions should incorporate social responsibility into the guarantee evaluation system,and financial institutions should support social responsibility as one of the guarantee evaluation criteria;Secondly,encourage media enterprises to actively implement social responsibilities,protect the rights and interests of the state,society,employees,shareholders and creditors from various aspects,and achieve effective implementation of social responsibilities;Finally,to realize the transformation of corporate social responsibility to improve financing efficiency,enterprises must not only correctly understand social responsibility and actively fulfill social responsibility,but also publish relevant social responsibility reports,convey relevant information to the outside world,maintain corporate image,reduce information asymmetry between enterprises and stakeholders,enhance the connection between enterprises and stakeholders,alleviate financing constraints and promote financing efficiency.