社会信任与企业实体投资  

Can Social Trust Promote Corporate Physical Investment?

作　　者：赵彦锋 丁竞男 Yanfeng Zhao;Jingnan Ding

机构地区：[1]河南财经政法大学会计学院

出　　处：《会计论坛》2022年第2期148-177,共30页Accounting Forum

基　　金：河南省软科学研究计划项目(232400412039);河南省研究生教育改革与质量提升工程项目(YJS2023JC28)。

摘　　要：制度环境是影响转型经济体中企业投资行为的重要因素。本文从非正式制度视角切入,以我国沪深A股2010~2019年非金融类上市公司为研究对象,考察社会信任对企业实体投资的影响。研究表明,社会信任能够促进企业实体投资;作用机制分析发现,缓解代理冲突、降低管理层短期业绩压力以及增加银行信贷是社会信任促进企业实体投资的路径;异质性分析发现,与对应样本相比,社会信任对企业实体投资的促进作用在非国有、内部治理水平较低、外部监督强度较小以及所处地区法制环境较差的样本中更显著,表明社会信任对正式制度具有替代作用;经济后果分析表明,社会信任能够通过促进企业实体投资提高企业投资效率。本文一方面丰富了社会信任经济后果与企业投资影响因素的文献,另一方面为利用诚信文化、营商环境提高投资效率提供了借鉴。System and enterprise investment are hot topics in the financial field.From the perspective of informal system,this paper takes the data of non-financial listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2019 as a sample to investigate whether and how social trust affects physical investment.The study shows that social trust can promote physical investment;the mechanism is that social trust promotes physical investment by alleviating agency conflicts,reducing short-term performance pressure and easing financing constraints;and the promoting effect of social trust on physical investment is affected by internal factors,and more obvious in enterprises with non-state ownership,low internal governance,weak external supervision and in the poor legal environment.On the one hand,it complements and enriches the literature on economic consequences of social trust and physical investment influencing factors;on the other hand,it provides direct evidence for comprehensive understanding that social trust affects micro enterprise behavior and reference for cultivating integrity culture and the business environment to improve the investment efficiency.

关 键 词：社会信任 实体投资 融资约束 代理成本 

分 类 号：C912.3[经济管理] F275[社会学] F832.51