Corporate Social Responsibility And The Executive Characteristics And The Financing Constraints

China's economy has shifted from a stage of rapid growth to a stage of high-quality development.In order to achieve high quality and steady growth,enterprises must carry out quality control and efficiency reform.Corporate social responsibility and financing constraint are two problems that must be properly solved in the process of enterprise transformation and upgrading.After the rapid development of the "golden decade" in the 21 st century,China's mining enterprises gradually declined.In recent years,the mining market has been faced with the pressure of oversupply,declining investment and economic downturn,as well as a series of social contradictions and conflicts such as environmental pollution,ecological damage,safety accidents and illegal land use.These problems reflect the current situation that mining companies' CSR management is not in place and their companies are trapped in investment and financing difficulties.In order to solve the current capital dilemma faced by Chinese mining companies and standardize CSR management and to achieve high-quality development of enterprises,it is necessary to clarify the relationship between CSR and financing constraints.This study refers to the previous literature,and proposes the research hypothesis based on the theories of signal transmission,resource dependence and high-level echelon.Through empirical analysis,this paper explores the influence of CSR on financing constraints and the moderating role of gender,educational background and political background of executives in the process of CSR's influence on financing constraints.The study selects the financial data,corporate social responsibility data and executive characteristics data of 218 listed mining companies in China from 2010 to 2018.This paper constructs a regression model of CSR and cash-cash flow sensitivity coefficient to verify the hypothesis,using spss19.0 and eviews9.0 software.After statistical and regression analysis,the following conclusions are drawn: financing constraints are prevalent in listed mining companies in China;There is a significant negative correlation between CSR and financing constraints.There is a gender imbalance at the top,with a tiny proportion of companies employing women.Most of the senior executives are at the level of graduate or above,and the proportion of graduate or above senior executives is increasing year by year.There is the fact that the listed mining companies have the political background of the executives,but the proportion of the companies with the political background of the executives is very small.The influence of CSR on financing constraints can be positively adjusted by the employment of female executives,the higher education of executives and the political background ofexecutives.According to this,the following Suggestions are put forward: enterprises should improve the strategic position of social responsibility and form the competitive advantage of capital market;We should fully explore the economic value of the characteristics of senior executives,employ senior executives with political background and higher education,and appropriately increase the proportion of female senior executives.The government strengthens the capital market construction,optimizes the enterprise financing environment;The government standardizes the management of corporate social responsibility and formulates the guiding mechanism of clear reward and punishment.