The Empirical Study Of Corporate Social Responsibility Impact On Financing Constraints

Rapid development of China’s capital market, but the existing money is still unable to meet the needs of all of the enterprise, the enterprise level of financial development, the area of market conditions will lead to different areas of business in human resource, material property resources exist inequality, combined with the nature of the enterprise itself, the different development stages, punctuate the market and investors in the investment, making the possibility of financing constraints difficulties for some companies. Since the 21 st century has staged a series of policy guidance, widespread increased focus on corporate social responsibility, corporate social responsibility has become an important investors assess enterprise non-financial indicators, and the corporate social responsibility for the impact of financing constraints is has the reality guiding sense.Based on the basic theory part, first of all, from the social responsibility,financing constraints, and the relationship between three aspects of domestic and foreign related literature, from the perspective of qualitative forecast social responsibility for the impact of financing constraints; Secondly defines the specific meaning of the social responsibility and financing constraints, this paper introduces the existing evaluation methods for both academic; Finally embarks from the theoretical level to the soft budget constraint theory, information asymmetry theory,signaling theory, principal-agent theory, on the basis of further normative analysis of enterprise existence reasons of financing constraints, points out the social responsibility of possible to alleviate the effect of financing constraints.In terms of quantitative empirical research, this paper takes 2012-2014 Shanghai a-share listed companies as the research object, by using the stakeholder model of corporate social responsibility, to introduce the external audit opinion and the independent directors proportion of cash, cash flow model of innovation, from the capital market, different level of financial development, the nature of the different ownership of enterprises, the Angle to study the effect of corporate social responsibility between financing constraints, secondly, from the perspective of financing channels, financing constraints can be divided into enterprise debt financingand equity financing constraints to further research the difference of financing constraints. In the process of research, chose SPSS19.0 for data processing, the specific use of descriptive analysis and multiple linear regression analysis method.The above normative analysis and empirical research, the author found out that corporate social responsibility disclosure is negatively related to the degree of financing constraints, to a certain extent have played an important role in relief, not only motivate enterprises to actively disclose the social responsibility to improve the company’s image, strive for more financing, and promote the efficient allocation of various resources, the market effectively improve the efficiency of investment for investors. Finally, combining the current situation of our country present stage social responsibility disclosure, put forward the corresponding policies and Suggestions,hope to have the certain reference value.