监督抑或合谋——多个大股东并存对企业社会责任的影响研究  

Supervision or Collusion:The Impact of Multiple Large Shareholders Existence on Corporate Social Responsibility

作　　者：孙晶慧 孙泽宇 齐保垒[2] SUN Jing-hui;SUN Ze-yu;QI Bao-lei

机构地区：[1]西安邮电大学经济与管理学院 [2]西安交通大学管理学院

出　　处：《中央财经大学学报》2024年第7期87-100,共14页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金青年项目“签字注册会计师的社会资本、审计行为与职业发展”(项目编号:72102180);国家自然科学基金面上项目“股票发行注册制改革、信息披露质量与资源分配效率”(项目编号:72172116);陕西省教育厅智库重点项目“数字经济背景下政务数据资产化实现路径与策略研究”(项目编号:21JT036)。

摘　　要：新时代背景下探寻我国企业社会责任的履行动因具有重要的现实与理论意义。多个大股东并存这一特殊股权结构安排所引致的监督抑或合谋势必会对企业社会责任履行产生迥异影响。本文以我国沪深A股非金融类上市公司为研究样本,并采用和讯网发布的社会责任评分来刻画企业社会责任绩效,系统考察了多个大股东并存对企业社会责任的影响及机理。研究发现,多个大股东并存这一股权结构安排有效提升了企业社会责任绩效。强化监督意愿与增强监督能力是其中两条影响机制。进一步研究表明,多个大股东并存对具体领域的企业社会责任履行产生差异化影响,且通过提升企业社会责任绩效而改善了公司未来财务绩效。本研究不仅拓展并丰富了多个大股东并存与企业社会责任各自领域的研究视角及相关文献,也为切实提升我国企业社会责任履行程度提供了基于优化股权机构的全新治理思路。In the context of the new era,exploring the motivations behind the fulfillment of corporate social responsibility(CSR)in China has significant practical and theoretical implications.The existence of multiple large shareholders,a unique equity structure arrangement,inevitably leads to diverse impacts on CSR performance due to either enhanced supervision or collusion.This paper takes non-financial listed companies in China's Shanghai and Shenzhen A-shares as research samples and uses the CSR scores published by Hexun.com to depict CSR performance,systematically investigating the influence and mechanism of multiple large shareholders on CSR.The study finds that the equity structure arrangement of multiple large shareholders effectively enhances CSR performance.The strengthening of supervisory intent and the enhancement of supervisory capability are two of the impact mechanisms.Further research indicates that the existence of multiple large shareholders has a differentiated impact on CSR performance in specific areas,and it improves future financial performance by enhancing CSR performance.This study not only expands and enriches the research perspectives and related literature in the fields of multiple large shareholders and CSR,but also provides a new governance approach based on optimizing equity institutions to practically enhance the level of CSR fulfillment in Chinese enterprises.

关 键 词：多个大股东并存 企业社会责任 监督意愿 监督能力 财务绩效 

分 类 号：F270[经济管理—企业管理]