Empirical Research On Social Responsibility Information Disclosure And Financing Constraints

With the growth of China's economy,social responsibility has become more and more important in the business activities of listed companies.Enterprises have been unable to break away from social responsibility and have long-term development.At the same time,the scope of social responsibility in the capital market is also more and more extensive,especially investment and financing behavior.Due to the incomplete market and the opaque information,many listed companies in China have been restricted by financing,and it is of great practical significance for enterprises to disclose whether social responsibility reports will have a certain mitigation effect on this restriction.This paper first elaborates on the related concepts of social responsibility and financing constraints,and statistics on the status quo of the two through various channels such as the Internet.Secondly,it introduces the theories related to the research of this paper,and combines these theories to explore the impact mechanism of social responsibility on financing constraints.Based on this,the research hypothesis is proposed.Secondly,most researchers have used investment-cash flow sensitivity indicators as a measure of financing constraints.However,whether the indicator and the financing constraint have a linear relationship has not yet been unified in the academic world.Therefore,this paper uses a multi-index composite index to measure the financing constraints,namely the actual profit level,cash redundancy,asset-liability ratio,return on equity,and net sales rate.The logistic regression model is constructed by logistic regression.The Pr value that ultimately measures the financing constraints is presented.Then,select the data of China's A-share listed companies from 2010 to 2014 to explore the different effects of different disclosures on financing constraints,and also separate the voluntary disclosure and mandatory disclosure samples to consider the corporate social responsibility performance on the financing constraints of listed companies.In addition to this,the difference in the impact of social responsibility performance on financing constraints under different equity properties is also considered.The empirical results show that the disclosure of social responsibility can reduce the financing constraints faced by enterprises.At the same time,enterprises should strengthen their performance on social responsibility such as shareholders,employees,and society,because this content will significantly relax financing constraints.In addition,in companies that disclose social responsibility reports,the higher the qualityof voluntary disclosure reports,the more they can alleviate financing constraints,and mandatory disclosures do not.Similarly,for state-owned enterprises,disclosure of social responsibility reports by other private and foreign-owned enterprises is more obvious in reducing financing constraints.