The Empirical Research On Corporate Social Responsibility Information Disclosure Alleviating Financial Constraints

The shortage of resources and environmental pollution are exacerbated by the rapid development of the economy. Enterprises blind pursuit of high profits, regardless of the impact on the community, not only criticized by public opinion, but also resisted and opposed by the enterprise workers. In this context, the public as well as a variety of groups have begun to care about the social impact of corporate behavior. However, the domestic empirical research of the economic consequences for corporate social responsibility (CSR) information disclosure is very few. This research studies from the perspective of the financial constraints providing empirical evidence for the further improvement of the related policies.The paper first reviews the relevant literature at home and abroad, then, it introduces the theoretical foundation. Through analysis of effective decision-making theory, signaling theory and the effective theory of capital markets,the paper clarify the dialectical relationship between CSR information disclosure and financial constraints existing, the better information disclosure, the lower degree of financial constraints the corporate faces. Then, we use empirical method to investigate the effects of CSR information disclosure alleviating financing constraints. The research results show that the higher the quality of the CSR information disclosure the enterprise has, the lower financial constraints it faces. Further research found that, the effects of CSR information disclosure alleviating financing constraints also affected by the nature of ownership and the region:phase for state-owned enterprises, the effects of CSR information disclosure of private corporate alleviating financial constraints of the role is more significant; relative to the enterprise in the central and western, the degree of CSR information disclosure of eastern enterprise alleviating financial constraints is more significant, this mainly due to the regional market process. Finally, the article put forward recommendations for the future development of CSR information disclosure:perfecting CSR information disclosure system, enhancing CSR information disclosure incentive, carrying out the audit of the corporate social responsibility report and promoting the concept of corporate social responsibility investment.The contribution of this paper contain:1. In the empirical study part, this paper use Rankings CSR Ratings data which is assessed by Run Ling global independent body to measure the quality of CSR information disclosure, this improvement make the results more persuasive;2. the empirical part, the paper introduces the background of China’s economic system, and found that the structure of property rights and the location affect the ability to alleviating the financing constraints of corporate social responsibility.