Study On The Impact Of Corporate Social Responsibility On Commercial Credit Financing

Nowadays,people are demanding more and more from the environment,the public good and social equity,and responsibility has become a topic that companies must think about,face and respond to.The effectiveness of corporate social responsibility practices has affected all aspects of firms' funding,credit and operations.Focusing on this social hotspot,this paper reviews and combs the relevant literature and theories on CSR,commercial credit financing and corporate reputation,and empirically examines whether CSR has an impact on commercial credit financing and whether corporate reputation plays a role in the impact of CSR and commercial credit financing.In this paper,it selects the transportation companies listed in Shanghai and Shenzhen A share from 2012 to 2018,and collects relevant data on CSR,commercial credit financing,corporate reputation and other indicators through CSMAR,Hexun and WIND database.Through the Heckman two-stage model,the rationality of sample selection is verified.On the basis of this,it introduces corporate reputation as an intermediary variable,corporate size and corporate market position as adjustment variables,and explores the mutual influence between CSR and commercial credit financing.Through the empirical research on the above issues,this paper expands and enriches the relevant theoretical achievements of CSR,corporate reputation and commercial credit financing,and provides corresponding references for the adjustment of the future development direction and daily operation of transportation enterprises.The empirical results show that:first,the ability of the transportation enterprise to fulfill its social responsibilities has a positive impact on the acquisition of commercial credit financing.A better commercial credit performance will bring more low-cost commercial credit financing to the enterprise.Second,a company's positive reputation has a positive impact on the acquisition of commercial credit financing.Positive reputation plays a full intermediary role in the impact of CSR on commercial credit,while negative reputation does not play an intermediary role.Third,the size of the enterprise and the market position of the enterprise play a positive role in regulating the relationship between CSR and commercial credit financing,and this role is significant at different levels of influence.The larger the enterprise,the higher its market position.The greater the positive impact of CSR on commercial credit financing.Therefore,enterprises in the entire transportation industry should actively practice social responsibility,and each sub-industry should take advantage of its own shortcomings according to its own characteristics,and enhance the practical ability of social responsibility.Enterprises should reasonably determine the structure of credit financing according to their own situation,pay attention to the cultivation and maintenance of their reputation,and establish a good corporate image in daily operations.