| In recent years,economic globalization has been accelerating,with more and more countries participating.In the context of globalization.Chinese enterprises are also facing various opportunities and challenges.Since the 1990s,Chinese enterprises have gradually begun to attach importance to and enhance their awareness of social responsibility.They have greatly improved and enhanced their social responsibility level through cooperation with government,community and other public service institutions,but the overall development level is still in its infancy.Some companies still maintain a wait-and-see attitude,lack a strong sense of social responsibility,and do not fully understand the necessity and importance of social responsibility for company development.However,in the current economic downturn,the competitive environment faced by enterprises is relatively harsh,and the capital chain has become increasingly tense.The frequent supply and occupation of commercial credit between enterprises require them to continuously strengthen the adjustment of commercial credit policies,in order to maintain the survival of enterprises and promote their development.Due to the fact that commercial credit reflects the business transactions and interdependence between upstream and downstream enterprises in the supply chain,adjusting commercial credit policies appropriately can help stabilize the supply chain and promote industry development.Examining the role of corporate social responsibility in the dynamic adjustment of commercial credit not only helps enterprises optimize commercial credit,actively assume social responsibility,enhance performance value,and enhance social influence,but also helps to promote the smooth operation and sustainable development of the entire supply chain.Based on the research method of literature research,statistical analysis and empirical test,and based on the relevant theories of credit rationing,alternative financing and signal transmission,this paper selects Chinese A-share listed enterprises from 2010 to 2021 as sample data,and uses the systematic GMM estimation method to study the relationship between corporate social responsibility,financing constraints and dynamic adjustment of commercial credit.The empirical research shows that the listed enterprises in our country are positively correlated with the deviation degree of commercial credit,and are positively correlated with the dynamic adjustment speed of commercial credit.Moreover,financing constraints play an intermediary effect in the process of the influence of social responsibility on the deviation degree and adjustment speed of corporate commercial credit,that is,social responsibility affects financing constraints,Thus,it has certain influence on the deviation degree of business credit and target business credit and its own adjustment speed.At the same time,the property right nature plays a significant moderating role in the relationship between the two,that is,compared with state-owned enterprises,with the continuous improvement of corporate social responsibility level,the commercial credit deviation of non-state-owned enterprises is smaller and the adjustment speed is faster,so as to alleviate the pressure of cyclical capital shortage and constantly promote the development of enterprises.The research of this paper is helpful to correctly understand the relationship between corporate social responsibility and commercial credit policy as well as the internal financing mechanism of enterprises,and more specifically elaborated the different effects of social responsibility on state-owned enterprises and non-stateowned enterprises,so as to help enterprises to actively undertake social responsibility obligations and reasonable adjustment of commercial credit policy.Finally,this paper puts forward several suggestions based on the research results,and points out the existing shortcomings,in order to improve and enhance the future research. |
