企业社会责任、地区社会信任与融资约束
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摘要
以中国2010～2016年上市公司为研究对象,探讨社会信任对社会责任与融资约束之间的调节作用,并通过社会责任的延续性划分验证社会信任在不同公司策略情况下的影响机制。研究发现:公司承担的社会责任越多,受到的融资约束越小;地区的社会信任会加强企业承担社会责任和融资约束之间的关系;社会信任对社会责任和融资约束的调节效应只存在于非延续性社会责任策略的企业。
This paper empirically analyzes Chinese listed companies from 2010 to 2016 to explore the role of social trust in regulating social responsibility and financing constraints, and to verify the impact of social trust in the case of different strategies grouping by the continuity of social responsibility. Results show that, the more social responsibility the company assumes, the smaller the financing constraints; the social trust in the region will strengthen the relationship between corporate social responsibility and financing constraints; the regulatory effect only exists in companies with non-continuous social responsibility strategies.
This paper empirically analyzes Chinese listed companies from 2010 to 2016 to explore the role of social trust in regulating social responsibility and financing constraints, and to verify the impact of social trust in the case of different strategies grouping by the continuity of social responsibility. Results show that, the more social responsibility the company assumes, the smaller the financing constraints; the social trust in the region will strengthen the relationship between corporate social responsibility and financing constraints; the regulatory effect only exists in companies with non-continuous social responsibility strategies.
引文
[1] Cheng B T, Joannou I, Serafeim G. Corporate Social Responsibility and Access to Finance[J]. Strategic Management Journal, 2014,35(1):1-23.
[2] Luigi G, Paola S, Luigi Z. Does Culture Affect Economic Outcomes?[J]. Journal of Economic Perspectives, 2006, 20(2):23-48.
[3]马德芳,邱保印.社会信任、企业违规与市场反应[J].中南财经政法大学学报,2016(6):77-84.
[4] Sankar S, Bhattacharya C B. Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility[J]. Journal of Marketing Research, 2001, 38(2):225-243.
[5]李增福,汤旭东,连玉君.中国民营企业社会责任背离之谜[J].管理世界,2016(9):136-148.
[6] Nick L H, Igor B. The Link Between(Not)Practicing CSR and Corporate Reputation:Psychological Foundations and Managerial Implications[J]. Journal of Business Ethics, 2018, 150(1):185-198.
[7]黄荷暑,周泽将.女性高管、信任环境与企业社会责任信息披露———基于自愿披露社会责任报告A股上市公司的经验证据[J].审计与经济研究,2015(4):30-39.
[8]刘猛,叶陈刚,武剑锋. CEO变更、社会信任与审计师认知[J].山西财经大学学报,2017,39(7):98-109.
[9]冉戎,王丁,谢懿.非政府组织关联、责任战略延续性与融资约束[J].南开管理评论,2016,19(3):178-192.
[10] Kwang H J, Seok W J, Woo J L, Seong H B. Permanency of CSR Activities and Firm Value[J]. Journal of Business Ethics, 2018,152(1):207-223.
[11]黄敏学,李小玲,朱华伟.企业被“逼捐”现象的剖析:是大众“无理”还是企业“无良”?[J].管理世界,2008(10):115-126.
[12] Chang,C H. Proactive and Reactive Corporate Social Responsibility:Antecedent and Consequence[J]. Management Decision,2015, 53(2):451-468.
[13]张茵,刘明辉,彭红星.社会信任与公司避税[J].会计研究,2017(9):48-54.
[14]郑培培,任春艳,郭兰.社会责任信息披露、媒体报道与个体投资者的投资决策[J].经济管理,2017(4):37-50.
[15]张金鑫,王逸.会计稳健性与公司融资约束———基于两类稳健性视角的研究[J].会计研究,2013(9):44-50.
[16]陈煦江.企业社会责任影响财务绩效的中介调节效应:基于中国100强企业社会责任发展指数的经验证据[J].山西财经大学学报,2014,36(3):101-109.
①限于文章篇幅没有报告具体回归结果, 如有需要可向作者索取。
[2] Luigi G, Paola S, Luigi Z. Does Culture Affect Economic Outcomes?[J]. Journal of Economic Perspectives, 2006, 20(2):23-48.
[3]马德芳,邱保印.社会信任、企业违规与市场反应[J].中南财经政法大学学报,2016(6):77-84.
[4] Sankar S, Bhattacharya C B. Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility[J]. Journal of Marketing Research, 2001, 38(2):225-243.
[5]李增福,汤旭东,连玉君.中国民营企业社会责任背离之谜[J].管理世界,2016(9):136-148.
[6] Nick L H, Igor B. The Link Between(Not)Practicing CSR and Corporate Reputation:Psychological Foundations and Managerial Implications[J]. Journal of Business Ethics, 2018, 150(1):185-198.
[7]黄荷暑,周泽将.女性高管、信任环境与企业社会责任信息披露———基于自愿披露社会责任报告A股上市公司的经验证据[J].审计与经济研究,2015(4):30-39.
[8]刘猛,叶陈刚,武剑锋. CEO变更、社会信任与审计师认知[J].山西财经大学学报,2017,39(7):98-109.
[9]冉戎,王丁,谢懿.非政府组织关联、责任战略延续性与融资约束[J].南开管理评论,2016,19(3):178-192.
[10] Kwang H J, Seok W J, Woo J L, Seong H B. Permanency of CSR Activities and Firm Value[J]. Journal of Business Ethics, 2018,152(1):207-223.
[11]黄敏学,李小玲,朱华伟.企业被“逼捐”现象的剖析:是大众“无理”还是企业“无良”?[J].管理世界,2008(10):115-126.
[12] Chang,C H. Proactive and Reactive Corporate Social Responsibility:Antecedent and Consequence[J]. Management Decision,2015, 53(2):451-468.
[13]张茵,刘明辉,彭红星.社会信任与公司避税[J].会计研究,2017(9):48-54.
[14]郑培培,任春艳,郭兰.社会责任信息披露、媒体报道与个体投资者的投资决策[J].经济管理,2017(4):37-50.
[15]张金鑫,王逸.会计稳健性与公司融资约束———基于两类稳健性视角的研究[J].会计研究,2013(9):44-50.
[16]陈煦江.企业社会责任影响财务绩效的中介调节效应:基于中国100强企业社会责任发展指数的经验证据[J].山西财经大学学报,2014,36(3):101-109.
①限于文章篇幅没有报告具体回归结果, 如有需要可向作者索取。