一定会非此即彼吗? 社会责任对实体企业金融化的非线性影响  

An Inverted U-shape Relationship between Corporate Social Responsibility and Financialization of Non-financial Enterprises

作　　者：刘春济[1] 高静[2] LIU Chunji;GAO Jing(Business School,Shanghai Normal University,Shanghai 200234,China;Event and Communication School,Shanghai University of International Business and Economics,Shanghai 201620,China)

机构地区：[1]上海师范大学商学院,上海200234 [2]上海对外经贸大学会展与传播学院,上海201620

出　　处：《南京财经大学学报》2024年第4期34-44,共11页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金重点项目“中国式现代化的历史脉络与推进路径研究”(23AZD008)。

摘　　要：在中国实体企业金融化的过程中,企业社会责任究竟扮演着何种角色?对于该问题,现有研究给出了“金融工具”和“治理工具”两种截然相反的回答。在中国社会经济处于快速转型期且企业履责水平存在明显差异的情况下,理论推演显示社会责任的影响更可能是倒“U”型而不是非此即彼式的,基于2010—2021年沪深A股上市公司数据进行的检验证实了该推论。研究发现:大多数企业的社会责任表现仍处于“金融工具”区间而非“治理工具”区间;非国有企业、中小企业和机构持股比例偏低的企业,其社会责任未能发挥“治理工具”的作用。动机检验和证伪检验显示,将不同水平社会责任判断为“金融工具”和“治理工具”具有合理性。What role does corporate social responsibility play in the financialization of non-financial enterprises in China?Existing research presents two opposing answers to the question:financial tools and governance tools.This paper holds that the relationship between corporate social responsibility and the financialization of non-financial enterprises is more likely to be an inverted U-shape rather than black and white.This means that low-level social responsibility performance is a financial tool to promote the financialization of non-financial enterprises,and high-level social responsibility is a governance tool that inhibits this financialization.Empirical tests using the data of A-share listed companies from 2010 to 2021 support the above argument.The study finds that the level of social responsibility performance of most listed companies is still in the range of financial rather than governance tools.Heterogeneity tests show that the inverted U-shaped relationship does not exist for non-state-owned enterprises,small and medium-sized enterprises,and enterprises with low institutional holdings.The test of the motivation and effect of social responsibility on the investment of physical capital shows that it is reasonable to judge different levels of social responsibility performance as governance or financial tools.

关 键 词：企业社会责任 实体企业金融化 金融工具 治理工具 倒“U”型 

分 类 号：F270[经济管理—企业管理]