Research On The Influence Of Corporate Social Responsibility Of Cultural Enterprises On Corporate Financing Constraints

The healthy development of the cultural industry plays an important role in the national economy and is more related to the country’s soft power.Although China’s cultural industry has made great progress in recent years,it still needs further development compared with the international level.The difficulty of financing has become a prominent problem restricting the development of the cultural industry.One of the main reasons is the serious information asymmetry between Chinese cultural enterprises and investors.Relevant research found that the disclosure of corporate social responsibility information can improve the information asymmetry between investment and financing parties,and the unique ideological attributes of cultural enterprises also determine that they need to bear social responsibility more.Therefore,whether cultural enterprises can alleviate the financing difficulties by fulfilling their social responsibilities has become a key issue to promote the high-quality development of the cultural industry and implement the long-term goal of building a socialist cultural power by2035,which has relatively important practical significance.In addition,China’s economy has a "dual ownership structure",and the capital and financial elements of private cultural enterprises and state-owned cultural enterprises are significantly mismatched.Further research on distinguishing the nature of property rights is conducive to reaching more targeted conclusions.Under this background,this paper takes a total of 1312 samples of 168 listed companies in the cultural industry from 2012 to 2020 as the research object,and uses fixed effect model and group regression model to study the economic consequences of corporate social responsibility from the perspective of corporate financing constraints.The specific research objectives are as follows:(1)to explore whether the willingness and quality of disclosure of cultural corporate social responsibility information can alleviate corporate financing constraints;(2)Analyze whether the conclusions of cultural enterprises with different property rights will be different.This study finds that:(1)from the perspective of disclosure intention,compared with cultural enterprises that do not disclose corporate social responsibility information,the degree of financing constraints faced by cultural enterprises that disclose information is significantly lower;(2)From the perspective of disclosure quality,among cultural enterprises that disclose corporate social responsibility information,the higher the quality of information disclosure,the lower the degree of financing constraints faced by cultural enterprises;(3)Considering the nature of property rights,compared with state-owned cultural enterprises,the quality of social responsibility information disclosure of private cultural enterprises has a more significant ability to alleviate financing constraints.In order to make the conclusion more robust,this paper has carried out a series of robustness tests,including using Heckman two-stage regression and instrumental variable two-stage regression to solve the problem of sample self-selection and endogenous ΔCSR and Hexun’s corporate social responsibility scores are used as the replacement variables of cultural corporate social responsibility,and the SA index is used as the replacement variable of corporate financial constraints.After re-examination,it is found that the above conclusions are still valid.This paper also further analyzes the impact of different dimensions of cultural corporate social responsibility on corporate financing constraints,and the impact of cultural corporate social responsibility on equity refinancing.The research finds that:(1)among the different dimensions of cultural corporate social responsibility,cultural enterprises can significantly reduce the degree of financing constraints by undertaking the responsibility of cultural external dissemination,charitable responsibility,environmental responsibility and employee rights and interests protection;(2)The choice of cultural enterprises to disclose social responsibility information can bring them certain financing convenience,help cultural industry listed companies to obtain more equity refinancing amount,and thus alleviate the financing constraints of companies.Finally,this paper puts forward relevant policy recommendations for regulators,cultural enterprises and stakeholders.