The Internal Control,Corporate Social Responsibility And Financing Constraints

At the beginning of 2020,the cloud of the novel coronavirus quietly settled over the Earth and then swept across the world.With millions of deaths and incalculable direct and indirect economic losses,the global economy has inevitably fallen into recession.The economic crisis brought about by the COVID-19 pandemic has made every country face the greatest challenge in a century.As a responsible major country in the tide of globalization,China cannot and will not remain immune.The 19 th National Congress set out the strategy for economic development in the new era and proposed to shift from high-speed to high-quality economic development.The Congress identified high-quality development as the primary task of building a modern socialist country,and emphasized the organic combination of expanding domestic demand and deepening supply-side structural reform.We are now in a crucial period to optimize the economic structure and transform growth drivers.Under the challenging and complex background of The Times,it is urgent to help enterprises find a feasible transformation and development path in order to facilitate the realization of great goals.Many studies show that financing difficulty,financing problem is still the main problem restricting Chinese enterprises.In this regard,at the macro level,the government uses fiscal policy,monetary policy and many other ways to alleviate the financing difficulties faced by enterprises.As the main body of microeconomy,enterprises should give full play to their own subjective initiative and seek more suitable ways to get out of trouble in the process of enterprise governance and decision-making.Therefore,this paper selects A-share non-financial listed companies in Shanghai and Shenzhen as the research object and takes 2016 to 2020 as the research interval to conduct an empirical study on the relationship between internal control and financing constraint and its transmission path.The results show that:(1)the quality of internal control has a negative impact on the size of financing constraints faced by enterprises.(2)Corporate social responsibility plays a partial mediating role in the influence of internal control on financing constraints.(3)The significant degree of negative correlation between internal control and financing constraints is related to the nature of property rights.In non-state-owned enterprises,internal control has a more obvious alleviating effect on financing constraints.(4)The significant degree of negative correlation between internal control and financing constraints is related to ownership concentration.In enterprises with high ownership concentration,internal control has a more obvious alleviating effect on financing constraints.(5)Part of the mediating effect of corporate social responsibility on the impact of internal control on financing constraints will be moderated by the nature of equity,showing a moderating effect.(6)Part of the mediating effect of corporate social responsibility on the impact of internal control on financing constraints will be moderated by ownership concentration,showing a moderating effect.The above research results explore the factors and mechanisms that affect the degree of financing constraints in corporate internal governance,which not only help enterprises to re-understand financing constraints from a new perspective,but also provide more targeted suggestions for them to proactively deal with financing constraints.