企业社会责任、政府补助强度对中小企业融资约束的影响

The Influence of Corporate Social Responsibility and Government Subsidy Intensity on Financing Constraints of S&M Enterprises

以2011—2019年深市中小企业板为样本,把社会责任按内、外部进行划分,分类探讨企业社会责任与融资约束之间的关系,研究发现:企业社会责任表现与融资约束呈负向关系。在此基础上进一步考察不同的政府补助强度在企业社会责任与融资约束之间的调节效应,实证表明,政府补助强度具有调节企业社会责任与中小企业融资约束关系的作用,企业社会责任与中小企业融资约束呈现负相关关系,因此,建议企业应高质量履行社会责任,以减缓其融资约束。

With the S&M enterprise board of Shenzhen Stock Exchange from 2011 to 2019 as the sample,social responsibility is classified into two parts:the internal and the external,and the relationship between corporate social responsibility and financing constraints are analyzed.The results show that the social responsibility performance of enterprises is negatively correlated with financing constraints.Furthermore,the moderating effect of different government subsidy intensity on social responsibility and financing constraint is further investigated.Empirical results show that different government subsidy intensity can regulate the relationship between corporate social responsibility and the financing constraints of S&M enterprises,which takes on the negative correlation.Therefore,it is suggested that S&M enterprises should fulfill their social responsibilities with high quality and ease the financing constraints.