Analysis on the Relationship between Corporate Social Responsibility ，Financing Constraints and Corporate Performance of Listed Pharmaceutical Companies in China
- VernacularTitle:我国医药上市公司的企业社会责任、融资约束与企业绩效关系分析
- Author:
Meng ZHANG
1
;
Qun WANG
1
;
Shuzhen CHU
1
Author Information
1. Research Center of National Drug Policy & Ecosystem，China Pharmaceutical University，Nanjing 211198，China
- Publication Type:Journal Article
- Keywords:
Listed pharmaceutical company;
Corporate social responsibility;
Financing constraints;
Corporate performance
- From:
China Pharmacy
2021;32(5):518-523
- CountryChina
- Language:Chinese
-
Abstract:
OBJECTIVE：To study the r elationship between corporate social responsibility ，financing constraints and corporate performance of listed pharmaceutical companies ，so as to provide reference for pharmaceutical enterprises to fulfill their social responsibility in China. METHODS ：Taking 211 A-share listed pharmaceutical companies in China from 2015 to 2018 as samples ， using corporate performance as explained variables ，corporate social responsibility and financing constraints as explanatory variables，asset size ，equity nature ，growth，R&D investment ，marketing investment and annual as control variables ，a multiple regression equation was constructed to study the relationship among corporate social responsibility performance ，financial constraints and corporate performance and put forward the suggestions. RESULTS ：Corporate social responsibility had a significant positive impact on corporate financial performance ；in the promotion of corporate social responsibility on corporate performance ， finacing constratins couldn ’t inhibit the promote function. CONCLUSIONS ：In China ’s pharmaceutical industry ，the awareness of corporate social responsibility needs to be improved ；pharmaceutical enterprises actively perform social responsibility will interactively promote corporate performance. The overall financial constraints faced by Chinese pharmaceutical enterprises are not high，and enterprises which facing financial constraints will better improve their performance by fulfilling corporate social responsibility. It is suggested that the government should promote the legislative process of corporate social responsibility ； pharmaceutical enterprises should enhance the awareness of social responsibility and pay attention to the impact of financing constraints；investors should pay real-time attention to the responsibility information and actual performance of pharmaceutical enterprises.
