融资约束下企业社会责任信息披露质量与创新持续性

利用2012-2016年我国中小板企业数据，实证研究了不同类型企业社会责任信息披露质量对创新持续性的影响路径。结果显示，对股东、员工的责任信息披露质量能显著缓解融资约束，从而正向影响企业创新持续性;对供应商、客户、消费者、社会和环境的责任信息披露质量只能部分缓解融资约束，但仍正向促进企业创新持续性;国有性质的中小板企业对社会责任信息披露质量更加敏感。以上结论说明，我国中小板企业应注重履行并披露对不同利益相关者的社会责任信息，这对于企业缓解融资约束、维持创新持续性具有积极作用。

Information Disclosure Quality of Corporate Social Responsibility and Innovation Sustainability under Financing Constraints

Based on the data of China's small and medium sized listed companies from 2012 to 2016, paper empirically studies the influence paths of different types of corporate social responsibility information disclosure on innovation sustainability. The study shows that the quality of information disclosure to shareholders and employees can significantly ease the financing constraints, Which positively affects the sustainability of enterprise innovation. The quality of information disclosure to suppliers, customers, consumers, society and environment partially alleviate the financing constraints，but it is still positive to the sustainability of corporate innovation. Moreover, the research shows that state owned companies are more sensitive to the quality of corporate social responsibility information disclosure. The above conclusion shows that small and medium sized board enterprises should pay attention to fulfill and disclose the social responsibility to different stakeholders, which has a positive effect on easing financial constraints and maintaining the continuity of innovation.