Research On The Impact Of Jin Xinnong’s Social Responsibility Performance On Financing Constraints

As a traditional agricultural country,China’s agricultural development is related to the national economy and people’s livelihood.Since socialism with Chinese characteristics entered a new era,more attention has been paid to the development of agricultural modernization.To achieve this,agribusiness becomes an indispensable force.And listed agricultural companies are among the leaders.Therefore,the state has formulated many policies to benefit farmers,and at the same time provided a large amount of financial support for agricultural enterprises.However,in recent years,with the continuous development of agricultural enterprises,the amount of capital required has increased rapidly.In this context,the financing constraints commonly faced by agricultural enterprises have become an urgent problem to be solved.Blindly investing money in support is not a long-term solution.This paper first finds through a large number of literature that fulfilling social responsibility can bring good effects to enterprises and alleviate financing constraints.However,the specific impact mechanism of corporate social responsibility on financing constraints has not yet been mentioned.Therefore,in order to solve the problem of financing constraints of agricultural enterprises,this paper selects Jin Xinnong,an agricultural listed company whose main business is ecological breeding,as a case.By analyzing the social responsibility fulfillment status of Jinxinnong in the past ten years and the changes in some financial data.From the perspectives of five different stakeholders,the specific impact of different social responsibility fulfillment on financing constraints is analyzed.Finally,it is concluded that the specific impact of agricultural enterprises’ social responsibility on financing constraints is as follows:(1)The performance of corporate responsibilities to shareholders and creditors will increase the level of cash dividends,improve the solvency of enterprises,and ease financing constraints.(2)Enterprises fulfill their social responsibilities to employees,improve their work efficiency and improve their operating conditions,and at the same time,the good reputation mechanism sends signals to the market to increase the market value of enterprises,thereby alleviating financing constraints.(3)Agricultural enterprises fulfill their social responsibilities to suppliers and customers,and in the short term,they will increase corporate expenditure and increase financing constraints to a certain extent.However,in the long run,it will reduce management costs,alleviate agency conflicts,and ultimately ease financing constraints.(4)The fulfillment of environmental protection responsibilities may increase the cash outflow of enterprises in the short term,but environmental protection benefits and policy support will eventually enrich the cash of enterprises and achieve the purpose of alleviating financing constraints.(5)The proper fulfillment of the responsibilities of the government and the public will establish a good corporate image,win more sources of funds,and alleviate financing constraints to a certain extent.Based on the above research conclusions,this paper puts forward the following suggestions:(1)Agricultural enterprises themselves should strengthen their awareness of social responsibility and take into account the interests of various stakeholders when fulfilling their social responsibilities.Moreover,the fulfillment of social responsibility must be adhered to for a long time,in order to effectively alleviate financing constraints and seek stable sources of funds for long-term development.(2)The Ministry of Government should strengthen guidance and improve the reward and punishment and management systems.Establish and improve a more convenient financing system to create a new financing environment for agricultural enterprises.