经济政策不确定性与企业社会责任  

Economic Policy Uncertainty and Corporate Social Responsibility

作　　者：王永海[1] 郝晓敏 Wang Yonghai;Hao Xiaomin(Economics and Management School,Wuhan University,Wuhan 430072)

机构地区：[1]武汉大学经济与管理学院,武汉430072

出　　处：《管理评论》2022年第2期18-32,共15页Management Review

基　　金：教育部哲学社会科学重大攻关课题项目(10JZD0019);财政部“会计名家培养工程”。

摘　　要：本文以2010—2017年我国A股上市公司为样本,探讨了经济政策不确定性如何影响企业社会责任。实证结果显示,经济政策不确定性越高,企业履行社会责任的程度越高。经过内生性处理和稳健性检验后结论依然成立。这一关系在内部控制水平较低和盈余波动性较大的企业更加显著,在国有企业、有政治关联和政府干预程度较高地区的非国有企业更加显著。经济政策不确定性通过影响企业面临的系统性风险进而影响企业社会责任的履行程度。研究结论表明,面对外部经济政策不确定性时,一方面,企业可能会根据自身经营管理的风险,将社会责任履行作为应对风险的一种工具;另一方面,政府有动机引导企业积极履行社会责任,以在经济政策不确定性上升时更好实现政府目标。Based on the sample of Chinese A-share listed companies from 2010 to 2017,this paper examines how economic policy uncertainty affects corporate social responsibility.Empirical results show that the more uncertain economic policies are,the greater extent to which companies are to assume corporate social responsibility.The conclusion is still valid after endogenous treatment and robustness test.This relationship is more pronounced for companies with lower internal control levels and greater earnings volatility.This relationship is more pronounced in state-owned enterprises,and it is more pronounced in non-state-owned enterprises with political connections and in areas with high level of government intervention.Economic policy uncertainty affects the degree of fulfillment of corporate social responsibility by affecting systematic risk faced by companies.The conclusion shows that,in the face of external economic policy uncertainty,on the one hand,companies may use social responsibility fulfillment as a tool to respond to the risk based on their own management risk.On the other hand,the government has incentive to guide companies to actively fulfill social responsibility in order to better achieve government goals when economic policy uncertainty rises.

关 键 词：经济政策不确定性 企业社会责任 系统性风险 经营管理风险 政治联系 

分 类 号：F832.51[经济管理—金融学] F270F120