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CORPORATE SOCIAL RESPONSIBILITY, FINANCING CONSTRAINTS AND CORPORATE SUSTAINABLE DEVELOPMENT

Based on the resource-based theory and stakeholder theory, this paper uses the data on 540 A-share listed companies in Shanghai and Shenzhen stock exchanges from 2014 to 2019 to carry out an empirical test of the relationship between corporate social responsibility, financing constraints and corporate sustainable development by using Stata14 software. The author explains the internal influence mechanism of corporate social responsibility on corporate sustainable development. The results show that corporate social responsibility can inhibit financing constraints and promote the sustainable development of enterprises in the Chinese context. Financing constraints restrain sustainable development of enterprises. Financing constraints play an intermediary role in corporate social responsibility and sustainable development. The conclusion of the study provides new management insights for the practice of corporate social responsibility in China. 
 