管理者自信会影响企业社会责任行为吗?——兼论融资融券制度的公司外部治理效应  

Does the Managers' Confidence Affect Corporate Social Responsibility? On the Corporate Governance Effect of Margin Trading

作　　者：祁怀锦[1] 刘艳霞 QI Huai-jin;LIU Yan-xia(School of Accountancy,Central University of Finance and Economics,Beijing,100081,China)

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《经济管理》2018年第5期141-156,共16页Business and Management Journal ( BMJ )

基　　金：财政部会计名家培养工程"融资融券;管理者自信与企业社会责任行为"(财政部文件财会[2017]26)

摘　　要：本文以我国A股上市公司2008—2015年数据为样本,研究发现,全样本下管理者自信程度与企业社会责任水平之间呈负相关关系;在自信不足和适度自信样本中,管理者自信程度与企业社会责任水平之间呈负相关关系,且相比适度自信样本,自信不足样本中管理者自信对企业社会责任行为的影响更大;在过度自信样本中,管理者自信程度与企业社会责任水平之间呈正相关关系。进一步检验发现,全样本下管理者自信对企业社会责任行为的影响存在区间效应。然后,采用双重差分模型研究融资融券对企业社会责任行为的影响,发现在引入融资融券制度后,与控制组样本相比,处理组中的融资融券标的样本降低了企业社会责任水平;同时,将管理者自信程度与企业社会责任水平之间的关系置于融资融券背景下研究,发现管理者自信程度与企业社会责任水平之间的负相关关系仅存在于非融资融券样本中。这些结果说明,融资融券呈现出了一定的公司外部治理效应,为我国加强企业监管和深化金融体制改革提供了理论参考。We explore the relationship between managers confidence and corporate social responsibility.The decisions of corporates are largely affected by external environment.Margin trading was introduced in China on March 31,2010,it can make some negative news of enterprises reflect in stock price timely,which plays a role of supervision and restraint on managers behavior,improving corporate governance environment,and affecting the corporate social responsibility.The previous literatures about margin trading mainly focus on pricing efficiency,stock crash risk,market stability and other aspects of the securities market.Few literatures focus on the effect of margin trading from the perspective of enterprise management behavior.Based on this,we further study the impact of margin trading on corporate social responsibility,and on the relationship between managers confidence and corporate social responsibility.We use sample of listed companies in China main board market from 2008 to 2015,management forecast errors to measure managers confidence,the social contribution value per share to measure corporate social responsibility.We find that the relationship between managers confidence and corporate social responsibility behavior is negative.Then we divide the sample into low confidence,moderate confidence and overconfidence three samples,and find in low confidence sample and moderate confidence sample,the relationship between managers confidence and corporate social responsibility is negative,and the influence in low confidence sample is stronger.However,in overconfidence sample,the relationship between managers confidence and corporate social responsibility is positive.On this basis,we further find that the influence of managers confidence on corporate social responsibility exists interval effect.At the same time,our country began to implement the margin trading in 2010,it was an natural experiment,using difference-in-difference method to study the effect of margin trading on corporate social responsibility,we find that after th

关 键 词：融资融券 管理者自信 公司治理 企业社会责任 

分 类 号：F23[经济管理—会计学]