Study On The Relationship Of Corporate Social Responsibility Information Disclosure And Financing Constraints

The rapid development of China’s capital market,with Chinese characteristicssocialist market economy continue to reform and improve,as well as phenomenon ofmergers and restructuring between large and medium enterprises emergefrequently,making the financing has become a major impact factor in the survival of theenterprise,while which concern is financial constraints problem faced by financial thebusiness.Financing constraints problem is caused by asymmetric information of thecapital markets,which seriously affect the efficiency of the allocation of resources,whichnot only damages the interests of stakeholders,but also is not conducive to their owndevelopment.We want to solve the problem of information asymmetry,one importantway is to improve the quality of accounting information disclosure,disclosure of thisinformation not only refers to financial information,non-financial informationdisclosure,such as social responsibility information disclosure,are equallyimportant,coupled with more and more interest stakeholders began to focus on corporatesocial responsibility,therefore,study the relation of corporate social responsibilityinformation disclosure and financial constraints is of great significance.Article uses a method of combining standard research and empirical research,basedon a series of theories including information asymmetry theory,signaling theory,andprincipal-agent theory,combined with2010-2011data of China’s A-share listedcompanies,from the perspective of Social Responsibility information disclosure,use thecash-cashflow sensitivity model,Empirical investigate the social responsibilityinformation disclosure quality on financing constraints.Thereby introducing the natureof ownership and the level of regional financial development,study the difference ofsocial responsibility information disclosure ease the degree of financingconstraints.Empirical studies found that social responsibility information disclosure canreduce financing constraints,and disclosure quality is higher,the lower the degree offinancing constraints.In addition,respect to the state-owned listed companies,as well asin areas with high levels of financial development of listed companies,the affect of quality of social responsibility information disclosure on financing constraints ofnon-state and lower levels of financial development areas listed companies moreapparent.After the robustness test conducted,the conclusion still holds.Study confirmed the social responsibility information disclosure can alleviatefinancing constraints,which helps to improve the difficulties of corporate finance,forenterprises who have refinancing needs of enterprises to provide referencechannel;Enhance impetus of corporate disclosure social responsibility informationreport,and then improve the company’s image;At the same time,conducive regulatoryauthorities to regulate and improve the system,improve social responsibility informationdisclosure quality,reduce information asymmetry,prompt the efficient allocation ofresources.