Corporate Social Responsibility, Financing Constraints and Innovation Investment

Abstract

This paper takes the relevant data of China's A-share listed companies in Shanghai and Shenzhen from 2011 to 2019 as the research samples to explore the relationship among corporate social responsibility (CSR), financing constraints and innovation investment. The results show that CSR has a significant positive contribution to innovation investment. CSR is negatively correlated with financing constraints, and financing constraints play a partial mediating role between CSR and innovation investment.