社会信用体系建设对企业社会责任脱耦的治理研究  

A Study of the Governance of the Decoupling of Social Credit System Construction from Corporate Social Responsibilities

作　　者：黄斯琪 麦勇[1] 晏景瑞 HUANG Si-qi;MAI Yong;YAN Jing-rui(East China University of Science and Technology,Shanghai 200237;Jinan University,Guangzhou 510632,China)

机构地区：[1]华东理工大学商学院,上海200237 [2]暨南大学经济学院,广东广州510632

出　　处：《当代财经》2023年第10期133-144,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金重大研究计划“大数据情境下的国家级信用平台及金融信用创新应用研究”(92146002);国家社会科学基金后期资助项目“绿色规制与上市公司环境信息披露行为问题研究”(20FJYB057)。

摘　　要：社会信用体系建设对企业社会责任脱耦问题是否具有治理作用?现有研究鲜有关注。利用中国社会信用体系改革试点政策,并采用2010—2020年沪深A股上市公司的数据,运用双重差分法考察了社会信用体系改革试点对企业社会责任脱耦的影响。研究表明,社会信用体系改革试点能显著改善企业社会责任脱耦问题。进一步研究发现,社会信用体系改革试点可以增强地区信任水平、提升企业信息透明度和抑制管理者的短视行为,从而可改善企业社会责任脱耦问题。异质性分析表明,在内部治理质量低的企业和处于社会责任敏感行业中的企业,社会信用体系改革试点对企业社会责任脱耦问题的治理作用更显著。经济后果分析发现,社会信用体系改革试点改善了企业的社会责任脱耦问题,降低了企业的财务风险,有助于提升企业价值。因此,要继续将社会信用体系建设向纵深推进,要引导管理者注重企业可持续发展。Does the construction of a social credit system have a governance effect on the decoupling of corporate social responsibility?The existing researches paid little attention to it.By making use of the pilot policy of China’s social credit system reform and the data from A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020,this paper examines the impact of the reform pilot of social credit system on corporate social responsibility decoupling with the dual difference method.The findings show that the pilot reform of the social credit system can significantly improve the decoupling of corporate social responsibility.Further research reveals that the pilot reform of the social credit system can enhance regional trust,improve enterprise information transparency,and suppress managers’short-sighted behaviors,thereby improving the decoupling of corporate social responsibility.The heterogeneity analysis shows that in the enterprises with lower internal governance quality and those in the socially responsible sensitive industries,the pilot reform of the social credit system has a more significant governance effect on the decoupling of corporate social responsibility.The economic consequence analysis reveals that the pilot reform of the social credit system has improved the decoupling of corporate social responsibility,reduced corporate financial risks,and helped to enhance corporate values.Therefore,it is necessary to continue to deepen the construction of the social credit system and guide managers to focus on sustainable development of enterprises.

关 键 词：社会信用体系 社会责任脱耦 地区信任水平 信息透明度 管理者短视 

分 类 号：F272.5[经济管理—企业管理]