风险投资参股与企业社会责任表现  

Venture Capital Participation and Corporate Social Responsibility Performance

作　　者：洪灿城 刘林栋 任颋[1] HONG Can-cheng;LIU Lin-dong;REN Ting(HSBC Business School,Peking University,Shenzhen Guangdong 518055,China)

机构地区：[1]北京大学汇丰商学院,广东深圳518055

出　　处：《技术经济与管理研究》2023年第6期71-76,共6页Journal of Technical Economics & Management

摘　　要：企业社会责任的关注度日益提升,风险投资机构作为企业股东的重要组成,可能对其产生较大的影响。基于风险投资的声誉机制、逐名假说、监督假说等理论,选取2010—2019年中国A股上市公司的数据分析了风险投资机构对企业社会责任表现的影响。研究发现:风险投资支持的公司企业社会责任绩效表现比没有风险投资支持的公司低;高声誉风险投资、国有风险投资和企业风险投资支持的公司企业社会责任绩效均表现更好,其逐名动机更弱,更具有长期导向,因而更重视企业社会责任的履行。The focus on corporate social responsibility(CSR) is increasing,and venture capital institutions,as an important component of corporate shareholders,will likely have great impact on CSR.Based on the theories of venture capital's reputation mechanism,grandstanding hypothesis,and monitoring hypothesis,this paper analyzes the impact of venture capital on CSR performance by the data of Chinese A-share listed companies from 2010 to 2019.The study found that in general the CSR performance of companies supported by venture capital is lower than that of companies without venture capital support.Companies supported by high reputation venture capital,state-owned venture capital,and corporate venture capital perform better in CSR,have weaker grandstanding motives,and are more longterm oriented,and therefore pay more attention to CSR.

关 键 词：风险投资 企业社会责任 逐名假说 

分 类 号：F270[经济管理—企业管理]