The Research On Relationship Of Corporate Social Responsibility Information Disclosure,Financing Constraints And R&D Investment

With the increasingly fierce competition,improving the independent innovation ability has been regarded as the lifeline by many enterprises.Hence,the importance of R&D investment is self-evident.Since Fazarri(1988)has proposed the financing constraints phenomenon,the scholars at home and abroad commonly believed that there is financing constraints phenomenon in enterprise's R&D investment,and this phenomenon is subject to the degree of financing constraints.In the study of exploring the way to alleviate the financing constraints of R&D investment,in recent years,some scholars turned to the field of CSR,which is now in the forward position as well as a hot topic.CSR has been high-profile since been put forward.The attention on CSR in China is also gradually rising in recent years.There have been third party organizations such as the Golden Bee and Ranking CSR Ratings scoring and rating the performance and information disclosure of CSR.The research on the relations among CSR,financing constraints,and R&D investment has important significance to alleviate the information asymmetry,agent conflict,and improve the performance and value of enterprises.Firstly,this study reviews the literature about R&D investment,financing constraints,and CSR.Next,analyzing the problems of financing constraints and proposing four hypotheses based on the characteristics of R&D investment and CSR and six theories,including the asymmetry information theory,principal-agent theory,optimal sequence financing theory,stakeholder theory,sustainable development theory and the theory of decision usefulness.Then,this study carries out the empirical test by using China's A-share listed companies,data from 2009 to 2013.The empirical results show that:(1)There are financing constraints problems in the R&D investment.The strong spillover and high uncertainty aggravate the phenomena of information asymmetry,and make outside investors afraid to invest the enterprise,which may lead to raise the difficulty of obtaining money from outside,so the enterprises need to rely on internal cash flow.(2)The financing constraints inhibit R&D investment.Due to the existence of financing constraints phenomenon,the R&D investment is difficult to obtain exogenous financing to support R&D investment' demand of big-sum money.For lacking an important source of financing,the R&D activities are inhibited.(3)CSR information disclosure can promote R&D investment.The fulfillment of CSR information disclosure may effectively reduce the degree of asymmetric information and problem of principal-agent,enhance confidence of the investors,and increase the investment efficiency of R&D.(4)CSR information disclosure can ease financing constraints of R&D investment.It can create the convenience for R&D activities in the aspect of financing through delivering more information to the public,improving the social image of the enterprise,and enhancing the confidence of the investors.Finally,based on the theoretical analysis and empirical results of this paper,this study puts forward some policy suggestions for the promotion of R&D investment in the aspects of strengthening the construction of CSR and easing financing constraints,as well as from the angles of the enterprise,the social public,government and laws and regulations.