| In this era of economic globalization and increasingly fierce competition among enterprises,many enterprises have combined CSR with their development strategies in order to further enhance their competitiveness.Since the reform and opening up in China,the economy has been developing rapidly,and the market and enterprises have been constantly iterating and optimizing.Scholars have started to further research and explore the proposition of corporate social responsibility.At the present stage,China’s enterprises’ CSR are still in the exploratory stage,and most of the scores of Corporate social responsibility reports are in the middle level,which indicates that Chinese enterprises do not know enough about undertaking corporate social responsibility,and the depth of research on corporate social responsibility is not enough,especially for agricultural enterprises.As agriculture is the foundation of the country,agricultural enterprises should not only shoulder the burden of national food security,but also solve the problem of farmers’ livelihood,and more importantly,fullfill the corporate social responsibility.Now,the agriculture listed report lower scores of Corporate social responsibility,so agricultural enterprises lack of social responsibility of this issue is a problem to be solved in our country.The key to solving this problem is: agricultural enterprises management need to increase the understanding that Corporate social responsibility will impact on financial performance,as well as the agricultural enterprise’s social responsibility is how to impact on financial performance.Try to explain the impact of Corporate social responsibility of agricultural listed enterprises on financial performance is the purpose of this paper.This paper compares the listed agricultural enterprises with the whole listed enterprises of the scores of Corporate social responsibility,financing constraints,and the current situation of financial performance.The comparison found that: The analysis of the scores of agricultural enterprises from five stakeholder dimensions shows that the social responsibility scores of all stakeholders except shareholders are decreasing year by year.In terms of financing constraint,the average financing constraint level of agricultural enterprises is similar to that of listed enterprises as a whole.In terms of financial performance,the financial performance of agricultural enterprises is not very good.The reason for the gap between CSR scores of agricultural enterprises and those of other industries may be the principal-agent cost,as well as the management’s insufficient understanding of CSR,whichsuggests that CSR performance will have a negative impact on financial performance.Moreover,it is obvious that when there are financing constraints,management will become more sensitive and conservative to the decision of fulfilling social responsibility.To sum up,this paper proposes two hypotheses to explore the relationship between CSR and financial performance of the listed agricultural enterprises and to verify whether financing constraints play an intermediary role or not.This paper adopts the "empirical research method" to analyze the panel data.This paper selects 67 agricultural listed enterprises divided by the industry classification standard of Shenyin Wanguo from 2015 to 2018 as samples.Besides,LSDV test,LM test and robust hausmann test were carried out on the model,and appropriate methods were selected for the test of the model to be verified.Finally,the fixed effect and mixed effect models are used to estimate the model.The research results obtained by verifying the mediating effect in this paper show that: the fulfillment of Corporate social responsibility by the listed agricultural companies will have a positive impact on their financial performance,and the financing constraint plays a mediating role in the whole process. |
