Study of the Role of Financialization in the Relationship Between Corporate Social Responsibility and Research and Development Investment

Abstract

Under the social environment of high-quality development and improvement of corporate innovation performance, the purpose of this study is to explore the internal mechanism of corporate social responsibility's impact on research and development investment, in order to find an effective way to promote research and development investment. Corporate social responsibility can not only significantly increase research and development investment, but also promote financialization, which plays an intermediary role with masking effect in the relationship between corporate social responsibility and research and development investment. Therefore, the government should encourage enterprises to fulfill their social responsibilities, establish a correct concept of responsibility, and play a role in promoting research and development investment. At the same time, it is also necessary to pay attention to the reputation insurance effect formed by corporate social responsibility, strengthen the strict supervision of listed companies' social responsibility, improve the quality of social responsibility information disclosure, and improve the quality of external supervision and internal control. Preventing contribution of corporate social responsibility to research and development investment from being partially offset and overshadowed by financialization.