企业社会责任与技术创新--来自中国的证据  

Corporate Social Responsibility and Technological Innovation:Evidence from China

作　　者：吴迪[1] 赵奇锋 韩嘉怡 Wu Di;Zhao Qifeng;Han Jiayi(School of Economics,Renmin University of China,Beijing 100872,China;School of Social Sciences,Tsinghua University,Beijing 100084,China)

机构地区：[1]中国人民大学经济学院,100872 [2]清华大学社会科学学院,100085

出　　处：《南开经济研究》2020年第3期140-160,共21页Nankai Economic Studies

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目成果(19XNH048)。

摘　　要：中国企业的社会责任意识正逐渐增强,为企业经营管理和战略决策带来了新的内涵。本文通过构建中国上市企业社会责任综合指数,分析考察企业社会责任对技术创新的具体效应及影响机制。实证研究发现,企业社会责任对技术创新具有显著的正向促进效应。本文采用面板工具变量及倾向得分匹配等识别策略缓解内生性问题,结果均显示企业社会责任能够显著提高企业创新绩效。进一步的机制研究表明,企业社会责任能提高员工职业安全感,改善管理层短视现象,缓解融资约束,从而促进技术创新。本文弥补了相关领域研究的不足,为企业社会责任与技术创新领域的研究提供了重要补充。This paper constructs a comprehensive index of social responsibility of listed companies in China through principal component analysis,and empirically studies the specific effects of corporate social responsibility on technological innovation and its impact mechanism.The study finds that social responsibility has a significant positive effect on corporate innovation,and social responsibility in different dimensions has a significant positive impact on corporate innovation.Taking into account the endogenous problems that may exist in the model,the identification strategies such as enterprise fixed effect model,panel tool variables and propensity score matching are used.The results show that social responsibility enhancement can significantly improve the level of enterprise innovation.Mechanism analysis shows that corporate social responsibility enhances corporate innovation by improving employees'sense of occupational safety,reducing management short-sightedness,and alleviating financing constraints.At the same time,this paper excludes the interference of potential competitive explanations such as corporate employee equity incentives,corporate free cash flow,and corporate political connections.This paper uses the Chinese enterprise data for the first time to build a corporate social responsibility comprehensive index,empirically analyze the impact of social responsibility on technological innovation and its mechanism of action,make up for research gaps in related fields,and provide an important supplement for corporate social responsibility and technological innovation research.

关 键 词：社会责任 技术创新 职业安全感 管理层短视 融资约束 

分 类 号：F270[经济管理—企业管理] F273.1[经济管理—国民经济]