Abstract: Based on the sample selection of A-share listed companies in Shanghai and Shenzhen in 2009-2016, this paper empirically tests the relationship among corporate social responsibility, financing constraints and investors′ heterogeneous beliefs. Research found that: corporate social responsibility can indeed negatively affect investors′ heterogeneous beliefs: that enterprises actively assume their social responsibilities will promote enterprises to reduce the degree of investors′ heterogeneous beliefs; investors′ heterogeneous beliefs will positively act on financing constraints:the higher the investors′ heterogeneous beliefs faced by the company, the more serious the financial constraints are; corporate social responsibility can negatively affect the financing constraints:corporate social responsibility is conducive to alleviating the financing constraints faced by enterprises; investors′ heterogeneous beliefs is the intermediary variable of corporate social responsibility in financing constraints.The conclusion shows that we should speed up the improvement of the corresponding legal system, enhance the corporate social responsibility awareness, and strengthen investors′ ability to identify information.

Key words: corporate social responsibility, investors′ heterogeneous beliefs, financing constraints, mediation effect