Social Responsibility and Financing Constraints of Private Enterprises:Based on the Moderating Effect of Investor Relationship Management
Financing constraint is a difficult problem faced by private enterprises in the process of operation and development.Serious financing constraints will not only restrict the long-term development of private enterprises themselves,but also cause adverse effects on the further transformation and upgrading of China's economy.Taking 1080 A-share private listed companies in Shanghai and Shenzhen stock markets from 2010 to 2019 as samples,this paper studies the relationship between corporate social responsibility and financing constraints,the relationship between investor relationship management and financing constraints,and the moderating effect of investor relationship management on the relationship between corporate social responsibility and financing constraints.The results show that enterprises'active implementation of social responsibility can effectively alleviate financing constraints;strengthening investor relationship management can also effectively alleviate financing constraints.Moreover,investor relationship management has a moderating effect on the process of enterprises'implementation of social responsibility to alleviate financing constraints.
social responsibilityinvestor relationship managementfinancing constraintmoderating effect
国家科技期刊平台
NSTL
万方数据
