The Impact Of Corporate Social Responsibility On Corporate Financialization

The real economy is the lifeblood of the national economy.The country’s prosperity depends on the support of real enterprises,which can not bubble.In recent years,with the general favourable socioeconomic conditions,the real economy appears to be declining relative to that of the country,and in the face of the vigorous development of the financial and real estate industries,each has turned its target to the financial field that benefits much higher than that of traditional industries,and the phenomenon of "corporate financialization" has gradually emerged.Under the condition that the total amount of resources is certain,if the allocation of financial assets is excessive,it will inevitably lead to the gradual separation of the entity from the main business,and eventually bring about the "dematerialization of the enterprise",which will have a great impact on the macroeconomy.How to curb the excessive financialization of enterprises is an important issue which requires urgent consideration in the current society.Based on the above analysis,this paper selects the non-financial companies in the A-share market of Shanghai and Shenzhen stock markets in 2010-2019 as a research sample,combines relevant theoretical evidence to examine the impact and role path of corporate social responsibility on corporate financialization,and deeply analyze and explore the intermediary effect of financing restraint in their relations.This paper summarizes the existing literature research and high-quality master’s and doctoral theses at home and abroad,with the help of Theory of maximizing shareholder value,Stakeholder theory,Principal-agency theory and the Asymmetric Information theory.This paper makes a comprehensive analysis of the relationship among corporate social responsibility,financing constraints and corporate financing,and the theoretical framework of "corporate social responsibility-financing constraint-enterprise financialization" is formed.The paper discusses the data of non-financial enterprises listed in Shanghai and Shenzhen A-shares.The primary and secondary terms of the independent variables were gradually added for empirical analysis of the main effect,and then the mediation variables were added for analysis,and the intermediary effect was tested by reference to the causal stepwise regression method.In addition,the paper also incorporates the nature of equity and enterprise scale into the research framework,and further discusses the impact of equity nature and enterprise scale on the relationship between corporate social responsibility and corporate financialization and the mediating effect of financing constraints.The results show:(1)the influence of corporate social responsibility on corporate financialization can be discussed from two aspects: promotion and inhibition,showing an inverted "U" structure that rises first and then suppresses.(2)Further research shows that financing constraints play an important intermediary role in CSR’s impact on financialization.(3)In the empirical process of heterogeneity analysis,it is found that the performance of nonlinear relationship and mediation effect in state-owned enterprises and private enterprises is still significantly established;Among the heterogeneity of enterprise scale,the CSR of small-scale non-financial firms has an obvious inverted U-shaped structure on the financialization of firms,and the intermediary effect of financing constraints is also significantly reflected,but not in large-scale enterprises.According to the results of the study,this paper provides the following suggestions to enterprises: companies should actively establish their own sense of social responsibility,and avoid the harmfulness of financialization to the real economy.Suggestions to the government: formulate relevant social responsibility regulations to promote the enthusiasm of enterprises to fulfill social responsibility,and it can also help private enterprises that take the active initiative to assume responsibility to alleviate the problem of difficult and costly funding,to stimulate the real economy.