Research On The Impact Of Corporate Social Responsibility On Financing Constraints

With the realization of China’s comprehensive poverty alleviation in 2020,China has entered a new era of the Great Strategy of Rural Revitalization and Common Prosperity.In the fight against poverty,enterprises,as the most important subject of the market economy,have made great contributions to China’s comprehensive poverty alleviation by taking the participation in targeted poverty alleviation as an important way to fulfill their social responsibilities.However,the research on enterprises’ fulfillment of social responsibilities should not be stopped,enterprises should continue to play a greater role in the subsequent Great Strategy of Rural Revitalization and Common Prosperity,and enterprises will also be rewarded by society and government.In this paper,based on basic theories such as resource dependence theory and stakeholder theory,the empirical analysis method is adopted to study the alleviating effect of enterprises’ fulfillment of social responsibilities on financing constraints.In the part of empirical study,the KZ index is used as the variable to measure the financing constraints,and the data of A-share listed companies participating in targeted poverty alleviation is used as the variable to measure enterprises’ fulfillment of social responsibilities.The research period is set to be from 2016 to 2021.The conclusions drawn in this paper are as follows:Enterprises’fulfillment of social responsibilities can alleviate the financing constraints on them,the greater the intensity of the enterprises’ fulfillment of social responsibilities,the more obvious the alleviating effect.Compared with state-owned enterprises,the alleviating effect of non-state-owned enterprises’ fulfillment of social responsibilities on financing constraints is more obvious.The alleviating effect of enterprises’fulfillment of social responsibilities on financing constraints is linear,and there is no threshold effect.Further research in this paper shows that the mechanism for enterprises to fulfill social responsibility to alleviate financing constraints is achieved by reducing the cost of debt financing,obtaining more government support.