| The development of enterprises is inseparable from the support of funds.With the operation and growth of the enterprise,it is difficult for the internal funds to meet the needs.At this time,the external capital needs of enterprises are increasing.Most domestic enterprises are facing financing constraints,due to the current fierce market competition environment.Therefore,enterprises urgently need to find effective ways to expand financing channels and reduce financing costs.Achieve the goal of avoiding limited investment scale and striving to optimize corporate investment.Corporate social responsibility is now an important part of external stakeholder evaluation.Therefore,enterprises need to take into account social benefits while pursuing economic benefits and shape a good corporate reputation.This behavior is conducive to gaining the trust of financial institutions and external investors,and helps to obtain financing at a lower cost of financing.Ultimately,it helps alleviate the financing constraint dilemma faced by enterprises.The behavior of corporate social responsibility goes beyond the traditional concept of obtaining high profits as the only goal of corporate existence.This new concept emphasizes the contribution of external stakeholders such as consumers,the environment and society in production and operation,and can convey the responsible and friendly image of the company to the outside world,reduce the problem of information asymmetry inside and outside the company,obtain the support of stakeholder groups,and obtain positive reputation resources.Finally,it helps enterprises effectively obtain financing and alleviate financing constraints.However,the internal mechanism of this needs further study.Therefore,from the perspective of enterprises,this paper uses the existing public experience data of listed companies to deeply explore the impact of enterprises that actively fulfill corporate social responsibility on financing constraints,and uses the analyst coverage in external attention to explore the mechanism of action,so as to enrich the research results in this field.In summary,based on the current era background,this paper selects the intermediary variable of analyst coverage as the internal mechanism of the relationship between the two,and further studies the mediating role played by securities analysts in the impact of corporate social responsibility on financing constraints.This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,and studies the 27127 sample observations obtained after excluding the financial industry,ST,*ST and listed companies with missing values.Firstly,the relationship between corporate social responsibility,financing constraints and analyst coverage is analyzed by using stakeholder theory,information asymmetry theory,signal transmission theory,and reputation theory.The hypothesis of this paper is put forward and a multiple regression model is established: first,the higher the level of CSR fulfillment,the lower the degree of financing constraints;Second,the higher the level of CSR fulfillment,the more attention it receives from analysts;Third,analyst coverage on acting as an intermediary between corporate social responsibility and financing constraints.Second,the three hypotheses proposed above are confirmed by empirical results;The robustness of the regression results was tested using the CSR lag method for the explanatory variables by one period,substitution of explanatory variables,replacement of fixed effects,and replacement of sample intervals.Finally,the heterogeneity analysis was performed for whole-sample group regression.According to the mediation effect test approach proposed by Wen Zhonglin and Ye Baojuan(2014),this paper concludes that the fulfillment of corporate social responsibility has a significant negative impact on the degree of financing constraints faced by enterprises,and analyst coverage to play an intermediary role in it.Grouping regression illustrate that analyst coverage plays a greater intermediary effect in non-state-owned enterprises than in state-owned enterprises.Among heavy polluters,analysts are concerned that CSR plays a more obvious intermediary role than non-polluting firms.Analyst coverage on the mediating effect that is more pronounced in smaller firms than in larger firms.In the less economically developed western region,the effect of analyst coverage is stronger,followed by the central region and the weakest in the eastern region.The research conclusion is of great critical implication for enterprises to strengthen their social responsibility and pay attention to the external attention of analysts,in order to improve their financing capabilities.Therefore,this paper make following recommendations from the perspective of enterprises: First of all,enterprises should pay great attention to the construction of social responsibility.Establish the values of corporate social responsibility.Second,enterprises should further standardize the disclosure of social responsibility reports.Conducting self-management and self-supervision.To ensure that the reports issued are authentic,and to broaden access to financing by attracting the attention of outside investors.Third,make full use of the securities analysts’ attention and the form of media opinion to broaden the channels of information circulation.In order to solve the financing constraints to establish and maintain a good quality corporate image. |
