社会信任与企业扭亏绩效  

Social Trust and Performance of Corporate Losses Reversal

作　　者：张卫国[1] 眭鑫 于连超[1] ZHANG Wei-guo;SUI Xin;YU Lian-chao(College of Economics and Management,Southwest University, Chongqing 400715,China)

机构地区：[1]西南大学经济管理学院

出　　处：《商业研究》2019年第6期34-46,共13页Commercial Research

基　　金：国家社会科学基金重大项目,项目编号:12&ZD100;国家社会科学基金项目,项目编号:17BJY060;中央高校基本科研业务费专项资金项目,项目编号:SWU1909205,SWU1909519;重庆市研究生科研创新项目,项目编号:CYB18079

摘　　要：信任作为一种典型的非正式制度,在宏观上是影响经济和社会进步的重要社会资本,在微观上也对企业行为产生正向效应,而信任机制在亏损企业扭亏过程中有着至关重要的作用。本文以社会信任作为切入点,基于2008-2016年中国沪深A股亏损上市公司的经验数据,考察社会信任对企业扭亏绩效的影响及其机制。研究发现:社会信任显著地提高企业扭亏绩效,即当地区社会信任水平越高,企业扭亏绩效也会随之提高。进一步研究发现,社会信任对企业扭亏绩效的促进作用具有异质性,即社会信任对企业扭亏绩效的促进作用主要体现在非国有企业、高市场化程度地区企业、大股东增持企业、机构投资者增持企业中。考察传导路径后发现,社会信任通过降低信息不对称程度,进而提高企业扭亏绩效。本文研究以提高企业扭亏绩效为目标考察了社会信任的经济后果,其研究结论对于生活在社会信任所形成的网络中的企业和地方政府,都具有管理和政策上的启示意义。As a typical informal system, trust is an important social capital that affects economic and social progress at the macro level. It also has a positive effect on corporate behavior at the micro level, and the trust mechanism has a crucial impact on the process of corporate losses reversal. Based on the empirical data of China′s Shanghai and Shenzhen A-share loss listed companies in 2008-2016, this paper examines the impact of social trust on the performance of corporate losses reversal and its mechanism. The study finds that social trust can significantly improve the performance of corporate losses reversal, that is, the higher the level of regional social trust, the higher the performance of corporate losses reversal. Further research finds that social trust has a heterogeneous effect on the performance of corporate losses reversal, that is, the promotion of social trust to the performance of corporate losses reversal is mainly reflected in non-state-owned corporates, corporates in regions with a high degree of marketization, corporates with large shareholders increasing holdings, and corporates with institutional investors increasing holdings. After investigating the transmission path, it is found that social trust can improve the performance of corporate losses reversal by reducing the degree of information asymmetry. This paper examines the economic consequences of social trust, and its research conclusions have implications for management and policy for corporates and local governments living in the network formed by social trust.

关 键 词：社会信任 亏损企业 扭亏绩效 产权性质 市场化程度 公司治理 

分 类 号：F272.3[经济管理—企业管理]