Economic Policy Uncertainty,Private Enterprise Social Responsibility And Financing Constraints

At this stage,my country’s economic development pattern has undergone profound changes.The economic growth rate has entered a critical period of pursuing high quality and high efficiency.In addition,due to the downward pressure on the economy and the superimposed impact of the epidemic,macroeconomic fluctuations have intensified.Predictions of government decision-making behavior are biased.Against this backdrop,corporate financing is more challenging.The report of the 19 th National Congress of the Communist Party of China put forward higher requirements for the construction of my country’s capital market.However,due to the natural disadvantages of private enterprises in terms of asset scale,business risks,government-enterprise relations,mortgage guarantees and other conditions,my country’s private enterprises,whether in The stock,increment and channels of financing are all subject to credit discrimination;in addition,due to the existence of information asymmetry,resource dependence and other problems,the financing constraints in the private enterprises are more serious,and private enterprises cannot obtain sufficient funds to support their healthy development.A review of relevant literature found that existing studies have directly focused on the impact of economic policy uncertainty on corporate financing,and whether there is some intermediary effect in this process is rarely discussed by scholars.Corporate Social Responsibility(CSR),as a strategic competition tool for enterprises,has received increasing attention from enterprises,financial institutions and governments in a period when environmental and social issues are becoming more and more prominent.In addition,the national level emphasizes that enterprises should focus on major development strategies,take the initiative to assume social responsibilities,help the entire society achieve common prosperity,and play a role in stimulating the vitality of the market economy.In view of this,it is necessary to research the economic role of private corporate social responsibility;in addition,to explore whether the uncertainty of corporate economic policy affects corporate social responsibility,and then affects financing constraints,is also an important direction of this study.Based on the relevant theories and combined with the real situation of contemporary Chinese enterprises,this paper discusses the relationship between economic policy uncertainty,social responsibility of private enterprises and financing constraints from the perspective of theoretical analysis.Selecting the sample data of A-share listed private enterprises from 2012 to 2019,introducing corporate social responsibility as an intermediary variable,and using the intermediary effect procedure and fixed effect model to conduct empirical tests,the research results show that: First,from the perspective of the whole sample,private enterprise financing Obvious constraints,and rising economic policy uncertainty will deepen the degree of financing constraints of private enterprises,and prompt enterprises to take the initiative to publish social responsibility reports,while corporate social responsibility can help reduce the degree of financing constraints.Second,from the perspective of the mediating effect,economic policy uncertainty alleviates the direct negative impact on financing constraints by promoting enterprises to announce their social responsibility and improving the level of information quality,that is,the mediating effect is manifested as a "masking effect".Third,the empirical results of the sub-groups show that the mediation masking effect of social responsibility is more prominent in the private manufacturing industry.Based on this,this paper believes that enterprises should pay attention to their own credit construction,standardize their own operations,change traditional concepts,and pay attention to the close relationship with external stakeholders;In addition,the government should try to maintain the stability of economic policies,establish and improve the social responsibility information disclosure supervision system,establish a transparent market credit rating system,develop a multi-channel capital market,and explore more abundant financing tools.