The Impact Of Corporate Social Responsibility On Investment Efficiency

Enterprise investment efficiency is an important non-financial index of enterprises.It plays an important role in the process of maximizing the value of enterprises.Investment is the core content of the daily operation and management of contemporary enterprises.Non efficiency of investment often wastes enterprise resources and causes more hidden cost.High efficiency of investment can bring benefits to enterprises from many aspects,so as to enhance the market value of enterprises.However,in reality,the phenomenon of enterprise investment inefficiency is relatively common,which not only inhibits the sustainable development and overall value of enterprises,but also affects the benign development of social economy.Corporate social responsibility has attracted extensive attention in recent years.With the improvement of social responsibility consciousness,more enterprises explore the impact of fulfilling social responsibility on enterprises.This paper forms four theories from the four perspectives of financing constraints,agency costs,corporate signals and cash dividends,and holds that corporate social responsibility can promote investment efficiency.The positive impact of corporate social responsibility on enterprises can make enterprises favored by investors and partners,enable enterprises to have higher financing capacity,and reduce the investment inefficiency caused by insufficient funds in the face of investment opportunities;The fulfillment of corporate social responsibility can also reduce the short-term internal cash flow of the enterprise,so as to reduce the possibility of cash abuse by the management and reduce the agency cost,also,more open enterprise information will enable enterprises to receive more supervision when making investment decisions and improve investment efficiency;Corporate social responsibility can also send a signal to the outside that enterprises are confident in their own development,making investors more willing to increase investment and improve investment efficiency;Enterprises fulfill their social responsibilities and encourage more cash dividends,the distribution of dividends can reduce the internal cash surplus,reduce agency problems,send the message of long-term value-added to the outside world,reduce financing constraints,and improve the investment efficiency of enterprises.In order to further explore the impact and path of corporate social responsibility on investment efficiency,this paper selects the data of A-share listed companies from 2010 to 2020 as a sample,and excludes some special enterprises.Through Winsor processing,descriptive statistics,correlation test,benchmark regression,intermediary effect test,regulatory effect test and robustness test,this paper explores the impact of corporate social responsibility on investment efficiency.This paper first studies the impact of corporate social responsibility on investment efficiency,and then discusses whether the intermediary variable financing constraint is an impact path,and whether agency cost,corporate signal and cash dividend can promote this impact.Through literature review,theoretical analysis and empirical verification,this paper concludes that in the impact of corporate social responsibility on investment efficiency:(1)corporate social responsibility has a positive effect on investment efficiency;(2)Financing constraint has intermediary function;(3)The agency cost has a reverse regulating effect;(4)Enterprise signal has a positive regulatory effect;(5)Cash dividends have a positive regulatory effect.Finally,based on theoretical and empirical research,this paper puts forward relevant practical suggestions in order to encourage enterprises to fulfill and more effectively fulfill their social responsibilities and promote the rational allocation of social resources.