基于WSR的企业社会责任对营运资金管理效率影响研究——利益相关者认知的调节作用  

Research on the Impact of Corporate Social Responsibility on Working Capital Management Efficiency Based on WSR——The Moderating Role of Stakeholder Cognition

作　　者：焦然 温素彬 张金泉 Jiao Ran;Wen Subin;Zhang Jinquan(School of Economics&Management,Nanjing University of Science and Technology,Nanjing 210094;School of Accounting,Nanjing Audit University,Nanjing 211815)

机构地区：[1]南京理工大学经济管理学院,南京210094 [2]南京审计大学会计学院,南京211815

出　　处：《管理评论》2021年第5期217-235,共19页Management Review

基　　金：国家自然科学基金项目(71372008)。

摘　　要：营运资金作为企业生产经营必不可少的关键资源,是企业高质量发展的重要保障。当前关于营运资金管理的研究主要侧重于其本身而忽视了营运资金这一重要资源背后的利益相关者,因而,尚未从根本上解决如何提升营运资金管理效率的问题。本文基于WSR方法论,提出了企业社会责任影响营运资金管理的事理-人理-物理管理路径,并且明确了利益相关者认知在两者之间的作用。研究发现:(1)企业履行社会责任有助于提升营运资金管理效率。但是,随着履行社会责任强度的提升,社会责任活动的激励效用下降,对营运资金管理效率的提升作用变得不显著。(2)利益相关者认知在企业社会责任对营运资金管理的影响中有调节作用。在高水平认知的作用下,利益相关者对企业履行社会责任产生的激励作用感知更强,进而以更加积极的行动强化营运资金管理效率。Working capital is an indispensable key resource for enterprise production and operation,and it is an important guarantee for the high-quality development of enterprises. Existing researches on working capital management focuses merely on itself and ignores the stakeholders related to the working capital,so they fail to answer the question of how to improve the efficiency of working capital management. Based on WSR methodology,this paper puts forward a Wuli-Shili-Renli framework of corporate social responsibility affecting working capital management,and clarifies the role of stakeholder cognition between the two. The findings are as follows:(1) Corporate social responsibility improves the efficiency of working capital management. However,as the intensity of fulfilling social responsibility increases,the incentive effect of social responsibility activities decreases,and the improvement of working capital management efficiency becomes insignificant.(2) Stakeholder cognition has a significant moderating effect on the relationship between corporate social responsibility and working capital management. Under the influence of high level of cognition,stakeholders have stronger perception of the incentive effect of corporate social responsibility,and then take more active actions to strengthen the efficiency of working capital management.

关 键 词：企业社会责任 利益相关者认知 营运资金管理效率 调节作用 

分 类 号：F270[经济管理—企业管理] F425[经济管理—国民经济] F406.71