Corporate Social Responsibility,Media Reporting And The Trade Credit Financing

Based on the realistic background of the corporate social responsibility from social circles,this paper reviews and combs the relevant theories and empirical literature about social responsibility to trade credit financing.And combined with the present situation and problems of social responsibility implementation in China,also based on the perspective of supplier relationship,this paper reveals the impact of corporate social responsibility on trade credit financing as the research content.The paper explores how social responsibility affects trade credit financing,and combined with media reporting as an external governance factor,we studies whether the impact of social responsibility on trade credit financing is produced through media reporting.This paper has a research on 257 listed companies in Shanghai and Shenzhen stock market from 2013 to 2017,based on theories including Information asymmetry theory,reputation theory and stakeholder theory,The following questions have been studied in this paper: will the impact of corporate social responsibility level on trade credit financing be produced through the external media coverage? Will the endogenous characteristics of enterprise size,nature and market position affect the relationship between the level of corporate social responsibility and trade credit financing?Through the research,it is found that the better the level of corporate social responsibility,the more trade credit financing is obtained,and the level of corporate social responsibility has a positive impact on media reporting.Media reports play a partial intermediary role between corporate social responsibility and trade credit financing.The relationship between the level of social responsibility and trade credit financing is positively regulated by the scale of enterprises.That is,with the expansion of a company in size,its impact of the level of corporate social responsibility on trade credit financing is greater,the greater the positive impact of the level of corporate social responsibility on trade credit financing,and the smaller the size of the enterprise,the smaller the positive effect of the level of corporate social responsibility on trade credit financing.The nature of enterprise plays a significant role in regulating the relationship between social responsibility and trade credit financing.That is,non-state-owned corporate are more affected by the level of social responsibility on trade credit financing than state-owned enterprises.For enterprises with high market position,the level of social responsibility has a greater positive impact on trade credit financing.On the whole,some suggestions are made in this paper: firstly,enterprise managers should attach importance to the relationship with suppliers and other stakeholders,and make it become a valuable tool to obtain trade credit financing by strengthening the construction of social responsibility;Secondly,we should pay attention to the information intermediary function of the media report,mold the corporate image through the media report,improve the core competitiveness;finally,strengthen the level of social responsibility consciousness of the enterprise,and realize the sustainable development of the enterprise.