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1、CORPORATESOCIALRESPONSIBILITY,FINANCIALCONSTRAINTSANDCORPORATEINVESTMENTBEHAVIOR:BASEDONANEMPIRICALSTUDYOFASHARELISTEDFIRMSINCHINAABSTRACTSince1924thefirsttimecorporatesocialresponsibilityorCSRhasbeenproposed,ithasdrawnmoreandmoreatentionsacrosstheworld.F
2、romthebeginningofthe21stcentury,ChinesegovernmentandrelativeinstitutionsalsopayattentiontotheconstructionofCSRregulations.FirmsalsorealizethatCSRmayinfluencetheirvalue,competitivepowerandfinancialactivities.Investmentactivitiesplayanimportantroleinthedeve
3、lopmentofthecompany,andhaveacloserelationshipwiththefirms'valueandcompetitivepower.Therefore,thisessaytirestofigureouttheimpactofCSRonthefirms'investmentbehaviorwiththeconsiderationofthefinancialconstraints,toexaminewhetherthefulfillmentofCSRcanrelievethe
4、firms'financialconstraintsandtoinfluencetheirinvestmentbehavior.Basedonthereviewoftheexistingliteratureandtheanalysisoftherelativetheories,includinginformationasymmetrytheory,thepeckingordertheoryandprincipal-agenttheory,thisessaychose2010-2013panelhidata
5、oftheAsharelistedcompaniesfromShanghaiandShenzhenstockexchangeofChinaasaresearchsample,usingtheempiricalresearchmethodtoanalyzetherelationshipoftheCSR,financialconstraintsandfirms'investmentbehavior.Thisessaycomesupwiththefollowingfourresults:first,theful
6、fillmentofCSRhaveapositiveimpactonfirms'investmentbehavior;second,thereisanegativerelationshipbetweenfirms'financialconstraintsandinvestmentbehavior;third,thefulfillmentofCSRcanrelievethefirms'financialconstraints,andthenaffecttheirinvestmentbehavior;fort
7、h,thefulfillmentofCSRoftheSOEandnon-SOEhavedifferenceinrelievingfirms'financialconstraints.Finally,accordingtotheempiricalanalysisresults,thisessayputsforwardtworelativesuggestions.KEYWORDS:CorporateSocialResponsibility;FinancialConstraints;CorporateInves
8、tmentBehavior目录第一章引言第一节研宄背景第二节相关概念界定第三节研究意义第四节研究内容及框架第五节本文的创新点第二章国内外相关文献综述第一节国外相关文献综述第二节国内相关文献综述第三节文献述评第三章理论基础及研究假设第一节理论基础第二节研宄假设第四章研究设计第一节样本选取与数据来源第二节变量选取与计量第三节研宄模型第五章实证研究第一节描述性统计分析第二节相关性分析第三节融资约束指标构建第四节实证回归结果分析第五节
