The Influence Of Corporate Social Responsibility On Financing Constraints Of R&D Investment

With the development of the science and technology,the competition pressure makes the enterprise innovate.As the main body of innovation,enterprises' research and development activities is of great significance to improve the comprehensive competitiveness.R&D expenditure is one of the important resources,which decide the innovation ability of enterprises.It is also the important indicator of innovation ability.However,enterprise's R&D spending is low actually.At present,the domestic scholars research on the causes of R&D input generally based on the principal-agent theory,enterprise resource theory,upper echelon theory and so on.Few people pay attention to financing problems of R&D investment.Due to the own characteristics of R&D investment,it is harder to external financing.Although R&D investment plays an important role in economic growth and financing has higher sensitivity,more papers focus on financing constraint problem of fixed investment now.Few literatures focus on financing constraints of R&D investment.Based on the analysis of a large number of literature at home and abroad,combining the stakeholder theory,information asymmetry theory and optimal sequence financing theory,the paper analyzes the influence of corporate social responsibility on financing constraints of R&D investment.The paper reference the FHP(1988)model,using the panel data from 2012 to 2015 of listed companies on the Shanghai and shenzhen stock exchange.The results show that:(1)Cash flow has significant positive correlation with the R&D investment of listed companies.This shows that R&D investment relys on the internal cash flow,and there exsit financing constraints.(2)Information disclosure of corporate social responsibility can promote R&D investment.And corporate social responsibility can significantly alleviate the financing constraints.(3)We further found that the financing constraints of state-owned enterprises and high-tech enterprises are lower.Corporate social responsibility is better able to alleviate financing constraints of state-owned enterprises and high-tech enterprises.Based on the results of the paper,information disclosure of corporate social responsibility is the important factor to alleviate financing constraints of R&D investment.In order to encourage listed companies to fulfill social responsibility and improve the quality of social responsibility information disclosure to obtain more financing,this paper suggest to improve the system of social responsibility information disclosure,improve the social responsibility consciousness and strengthen the supervision mechanism which listed companies perform the social responsibility.The paper also suggests to broaden the channels for the financing and complete the financing evaluation system to maximize the alleviation of asymmetric information and improve the efficiency of resource allocation.