国有股权有助于提高民营企业社会责任绩效吗?  

Does State-Owned Equity Contribute to the CSR Performance of Private Firms?

作　　者：夏鑫[1] 刘永飞 王亚平 孙维章[1] XIA Xin;LIU Yong-fei;WANG Ya-ping;SUN Wei-zhang(Shandong Technology and Business University,Yantai 264005,China)

机构地区：[1]山东工商学院会计学院,山东烟台264005

出　　处：《山东工商学院学报》2022年第5期56-67,共12页Journal of Shandong Technology and Business University

基　　金：国家社科基金项目一般项目“企业混合所有制改革困境破解与实现路径研究”(20BJY110);“外资引入对中国企业履行社会责任的影响机制研究”(20CGLJ16)。

摘　　要：以2010-2018年A股民营上市公司为样本,探究了国有股权对民营企业社会责任绩效的影响。研究发现,国有股权入股且持股比例越大有助于提高民营企业社会责任绩效,分析其影响机制发现,国有股权通过参股的方式发挥资源效应,缓解融资约束,为履行社会责任提供资源支持,并通过扩大持股比例的方式发挥治理效应,完善内部控制机制,为履行社会责任提供制度保障。进一步区分国有股权层级和是否派驻董事后发现,国有股权为中央股权,向民营企业派驻董事时,对民营企业社会责任绩效的积极影响更为显著。This paper selects A-share private listed firms from 2010 to 2018 as research samples to explore the impact of state-owned equity on the corporate social responsibility(CSR) performance of private firms. This study finds that state-owned equity participation and the greater the proportion of state-owned equity shareholding, it can improve the CSR performance of private firms. Through the analysis of its mechanism, it is found that state-owned equity exerts the resource effect through equity participation, alleviates financing constraints and provides resource support for fulfilling CSR, and exerts governance effects by expanding the proportion of shareholding, improves internal control mechanisms and provides institutional guarantees for fulfilling CSR. Further distinguishing the level of state-owned equity and whether to appoint directors, it is found that when state-owned equity is central equity and directors are assigned to private firms, the positive impact of state-owned equity on the CSR performance of private firms is more significant.

关 键 词：企业社会责任绩效 国有股权 融资约束 公司治理 

分 类 号：F279.241[经济管理—企业管理] F279.245[经济管理—国民经济]