Abstract: Working capital is an indispensable key resource for enterprise production and operation, and it is an important guarantee for the high-quality development of enterprises. Existing researches on working capital management focuses merely on itself and ignores the stakeholders related to the working capital, so they fail to answer the question of how to improve the efficiency of working capital management. Based on WSR methodology, this paper puts forward a Wuli-Shili-Renli framework of corporate social responsibility affecting working capital management, and clarifies the role of stakeholder cognition between the two. The findings are as follows: (1) Corporate social responsibility improves the efficiency of working capital management. However, as the intensity of fulfilling social responsibility increases, the incentive effect of social responsibility activities decreases, and the improvement of working capital management efficiency becomes insignificant. (2) Stakeholder cognition has a significant moderating effect on the relationship between corporate social responsibility and working capital management. Under the influence of high level of cognition, stakeholders have stronger perception of the incentive effect of corporate social responsibility, and then take more active actions to strengthen the efficiency of working capital management.

Key words: corporate social responsibility, stakeholder cognition, working capital management efficiency, moderating effect