Corporate Social Responsibility, Financing Ability and Innovation Input: An Empirical Analysis based on A-share Listed Companies

In the past few years, the Chinese economy has been in a rapid soaring. Whether enterprises could shoulder social responsibility has been a great highlight to the public. This research explores the impact of shouldering social responsibility on the innovation investment capacity of enterprises. The A-share listed companies for the period 2013-2018 in our country are used as the study sample, excluding financial industry, real estate industry and enterprises that have been st/*st during the research period. The analysis for this study was done using a STATA regression model. The result shows that shouldering social responsibility is a promoter for innovation investment, and external financing is an intermediary of the impact of corporate social responsibility on innovation investment. This means that shouldering social responsibility could enhance the external investment capacity of enterprises to push the innovation input of enterprises.