非政府组织关联、责任战略延续性与融资约束  

Degree of Cooperation with NGOs,Continuity of Corporate Social Responsibility and Financial Constraints

作　　者：冉戎[1,2] 王丁[1] 谢懿[3] 

机构地区：[1]重庆大学公共管理学院 [2]重庆大学公共经济与公共政策研究中心 [3]重庆大学经济与工商管理学院

出　　处：《南开管理评论》2016年第3期178-192,共15页Nankai Business Review

基　　金：国家社科基金(12XGL020);中央高校基本科研业务费重点项目(CQDXWL-2013-Z004)资助

摘　　要：本文以社会责任延续性和NGOs关联度作为企业实施积极型CSR战略的表征,以信息不对称和委托代理理论为基础,阐释了积极型企业社会责任战略缓解企业融资约束的机理,并进行实证检验。研究表明,企业采纳积极型CSR战略有助于缓解企业的融资约束。具体而言:(1)CSR具有延续性或与NGOs关联紧密的企业,减轻了企业与利益相关者间的信息不对称,面临的融资约束更低;(2)CSR具有延续性和与NGOs关联紧密的企业,融资约束缓解效应的持久性更好,且在股权和债务融资渠道的效果均更加明显;(3)融资约束的缓解作用表现出行业差异,积极型CSR战略对缓解"环境约束型"行业的融资约束更加明显;(4)企业的CSR延续性特征更多是减轻委托代理成本,而NGOs关联特征更多是缓解信息不对称。We show that firms＇ proactive corporate social responsibility strategy is helpful to alleviate corporate financial constraints by introducing the continuity of corporate social responsibility and the degree of cooperation with NGOs as the observable characteristics of firms＇ proactive social responsibility strategy. We investigate the mechanism of why could proactive corporate social responsibility strategy alleviate corporate financial constraints based on information asymmetry theory and principal- agent theory, and investigate the relationship empirically by develop some empirical model, using the evaluation data from Rankins CSR Ratings （RKS） and financial data of China＇s listed companies from WIND and CSMAR database. Firstly, we find that the information asymmetry between firms and stakeholders are lower when firms involved in continuity corporate social responsibility or friendly NGOs cooperation strategy and this characteristic means lower financial constraints in capital market, and stronger and longer alleviating effect on financial constraints are found in those companies which adopted continuity corporate social responsibility and well-cooperation with NGOs. Furthermore, companies with the characteristic of continuity corporate social responsibility and NGOs cooperation also have a better performance on equity and debt financing. We also found that alleviating effect on financial constraints show difference with different sectors, that is to say proactive corporate social.responsibility shows a better alleviating effect on financial constraints in ＂environmental-constrained＂ industry. In addition to this, the characteristic of continuity of corporate social responsibility shows more apparent alleviating effect on the principal-agent cost. Also, close-cooperation with NGOs shows more alleviating effect on information asymmetry. Furthermore, we find evidence that there exists one-year time-lag effect and two-year timeliness effect for adopting corporate social responsibility strategy. Final

关 键 词：积极型社会责任 信号传递 高质量战略 

分 类 号：F270[经济管理—企业管理]