企业社会责任履行降低了商业信用供给吗?——基于质量保证与客户关系维系的视角  

Does the Performance of Corporate Social Responsibility Reduce Trade Credit Supply?From the Perspective of Quality Assurance and Customer Relationship Maintenance

作　　者：王博 荣师竹 Wang Bo;Rong Shizhu

机构地区：[1]南开大学金融学院,天津300350

出　　处：《证券市场导报》2024年第12期13-22,44,共11页Securities Market Herald

摘　　要：本文以2010—2021年A股上市公司为研究对象,考察了企业社会责任履行对商业信用供给水平的影响及作用机制。研究结果表明,在控制供应链稳定的情况下,企业社会责任履行显著降低了履责企业对下游客户的商业信用供给水平。机制检验发现,企业履行社会责任通过增强关系专用性投资信息的可验证性和提升议价能力,减少客户对商业信用产品属性和融资属性功能的需求,从而降低履责企业商业信用供给水平。进一步研究发现,社会责任履行对商业信用的影响在非国有企业和客户社会责任履行水平较低时更为显著。本文为理解企业社会责任履行带来的议价能力变化和产业链交易行为变化提供了借鉴,对推动企业社会责任履行具有重要意义。Using A-share listed companies from 2010 to 2021 as the research sample,this paper investigates the impact of corporate social responsibility(CSR)performance on the level of trade credit supply and its functioning mechanism.We find that CSR performance significantly reduces the amount of trade credit supply of responsible firms to downstream customers while controlling for the stability of the supply chain.The mechanism test reveals that CSR enhances the verifiability of relationship-specific investment information and improves bargaining power,thereby reducing customers’requirements on the product and financing functions of trade credit,ultimately decreasing the level of trade credit supply of responsible firms.Further research finds that the impact of CSR performance on trade credit is more significant in non-state-owned enterprises and when customers have lower levels of CSR performance.This paper provides insights into understanding the impact of CSR performance on bargaining power and transaction behaviors within the industrial chain,offering important implications for promoting CSR performance.

关 键 词：企业社会责任 商业信用供给 信息可验证性 议价能力 供应链稳定性 

分 类 号：F275.5[经济管理—企业管理]