企业社会责任、经济政策不确定性与融资约束——基于社会责任“累积-保险”效应的研究视角  

Corporate Social Responsibility,Economic Policy Uncertainty and Financing Constraints:Based on the“Cumulative-insurance”Effect of Corporate Social Responsibility

作　　者：花拥军[1] 王冰 李庆 Hua Yongjun;Wang Bing;Li Qing

机构地区：[1]重庆大学经济与工商管理学院,400044 [2]中国人民大学劳动人事学院

出　　处：《南方经济》2020年第11期116-131,共16页South China Journal of Economics

基　　金：国家自然科学基金面上项目“多重不确定环境下创业网络混合治理机制与新战略研究”(71772019);重庆市研究生科研创新项目“企业社会责任对企业融资约束的‘累积-保险’效应研究”(CYS20050);重庆市社会科学规划研究项目“重庆市构建全域现代创业生态系统的路径研究”(2019YBGL074)资助。

摘　　要：综合运用2009-2017年A股上市公司数据,通过长、短期社会责任的影响对比,考察了在面对经济政策不确定性的冲击时,企业社会责任对融资约束的影响效应,并论证了不同政策不确定程度下的效应表现机理。结果表明:企业社会责任具备"累积效应",长期社会责任的融资约束缓解作用强于短期社会责任;企业社会责任也具备"保险效应",会显著削弱经济政策不确定性加剧融资约束的程度。进一步研究发现,高经济政策不确定性下:"累积效应"仍然存在,且会因长期社会责任"保险效应"加强而得到强化。不同产权性质下:国有企业的融资约束受政策不确定性影响较小,且"双效应"更稳定;而非国有企业的社会责任对融资约束的缓解作用更强,但受经济政策冲击更大。研究揭示了企业社会责任对融资约束的积极效应,呼吁企业应积极履行社会责任并值得长期坚持。Comprehensive use of the 2009-2017 A-share listed company data,through the comparison of the impact of long-term and short-term social responsibilities,to investigate the impact of corporate social responsibility on financing constraints in the face of the impact of economic policy uncertainty,and demonstrate different policies The mechanism of effect performance under uncertainty.The results show that:corporate social responsibility has a"cumulative effect",and the financing constraint mitigation effect of long-term social responsibility is stronger than that of short-term social responsibility;corporate social responsibility also has an"insurance effect",which will significantly weaken the degree of economic policy uncertainty and increase financing constraints.Further research found that under high economic policy uncertainty:the"cumulative effect"still exists and will be strengthened by the strengthening of the"insurance effect"of long-term social responsibility.Under different property rights:the financing constraints of state-owned enterprises are less affected by policy uncertainty,and the"dual effects"are more stable;the social responsibility of non-state-owned enterprises has a stronger effect on alleviating financing constraints,but is more impacted by economic policies.The main contributions of this research are as follows:First of all,the current domestic related research is based on short-term CSR.Research on long-term CSR is relatively weak,and short-term CSR is difficult to provide sustained positive effects for enterprises.Although foreign countries have long-term CSR research perspectives,they are all based on enterprise data in developed economies,which is far from China’s data.This study uses the data of Chinese listed companies to date long-term CSR indicators,compares the mitigation effects of long-term and short-term CSR on financing constraints,and explores the"accumulation effect"of Chinese corporate CSR.Secondly,existing studies have studied the impact of corporate social responsibility

关 键 词：企业社会责任 经济政策不确定性 融资约束 长期累积 保险效应 

分 类 号：F275[经济管理—企业管理]