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企业社会责任(CSR)是企业在生产经营过程中要摒弃把利润作为唯一目标的发展理念,对利益相关者承担起相应的责任。本文回顾了CSR与企业融资约束关系的国内外文献,通过问卷获取了225个调查样本的数据,在对数据进行探索性因子分析、信效度分析的基础上,利用相关性分析、方差分析、回归分析对CSR表现与企业融资约束的关系进行了实证研究。结果表明:CSR表现与企业融资约束高度相关,CSR表现越好,企业融资约束程度越低,其中环境责任、股东责任、消费者责任对企业融资约束影响最大。此外,企业规模对企业融资约束没有显著影响,所有制性质与企业融资约束显著相关,国有企业融资约束要远远低于民营企业。因此,企业要增强CSR意识,提高履行CSR的能力和技巧;政府要加强对CSR行为的监督和引导,加大金融对民营企业的支持力度。
Corporate Social Responsibility (CSR) is the development philosophy that enterprises should abandon their profit as their only goal in the process of production and operation, and take corresponding responsibilities to stakeholders. This paper reviews the domestic and foreign literatures on the relationship between CSR and corporate financing constraints, and obtains the data of 225 survey samples through questionnaires. Based on the exploratory factor analysis and reliability and validity analysis of the data, the paper uses the correlation analysis, variance analysis, Regression analysis empirically studies the relationship between CSR performance and firm financing constraints. The results show that: CSR performance is highly correlated with corporate financing constraints, CSR performance is better, corporate financing constraints are lower, among which environmental responsibility, shareholder responsibility and consumer responsibility have the greatest impact on corporate financing constraints. In addition, the size of the firm has no significant impact on the corporate financing constraints. The nature of the ownership is significantly related to the corporate financing constraints. The financing constraints of SOEs are much lower than that of private enterprises. Therefore, enterprises should enhance their awareness of CSR and improve their ability and skills to fulfill their obligations. The government should strengthen the supervision and guidance of CSR activities and increase the financial support for private-owned enterprises.