Research on the Impact of E-Commerce Enterprises’ Social Responsibility on Financial Performance—Based on the Mediating Role of Financing Constraints

本文聚焦电子商务行业特性，基于利益相关者理论与信号传递理论，探究企业社会责任(CSR)对财务绩效的作用机制及融资约束的中介效应。以2013~2023年国内电商上市公司为样本，实证研究发现：CSR履行显著正向促进财务绩效，且融资约束在其中发挥部分中介作用。通过替换解释变量与滞后效应模型验证结论稳健性，揭示出电商企业通过社会责任实践可优化资本配置效率，依托数字金融工具创新融资渠道。研究为电商行业构建社会责任战略与监管部门制定差异化披露标准提供理论依据，推动数字经济时代经济效益与社会价值的协同共生。Focusing on the characteristics of e-commerce industry, this paper explores the mechanism of corporate social responsibility (CSR) on financial performance and the mediating effect of financing constraints based on stakeholder theory and signaling theory. Taking domestic e-commerce listed companies from 2013 to 2023 as a sample, the empirical study finds that CSR fulfillment significantly and positively promotes financial performance, and financing constraints play a partly mediating role. The robustness of the findings is verified by replacing the explanatory variables with a lagged effect model, revealing that e-commerce companies can optimize the efficiency of capital allocation through the practice of social responsibility, and innovate financing channels by relying on digital financial tools. The study provides a theoretical basis for the e-commerce industry to build social responsibility strategies and for regulators to formulate differentiated disclosure standards, so as to promote the synergy between economic benefits and social values in the era of digital economy.