财政纵向失衡、流动性约束与企业社会责任  

Vertical Fiscal Imbalance, Liquidity Constraint and Corporate Social Responsibility

作　　者：李志聪 陈志勇[1] 陆帆 LI Zhicong;CHEN Zhiyong;LU Fan(School of Finance and Taxation,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Finance and Taxation,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]中南财经政法大学财政税务学院,湖北武汉430073 [2]中央财经大学财政税务学院,北京102206

出　　处：《中南财经政法大学学报》2025年第2期41-53,共13页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金一般项目“数字经济背景下RCEP跨境税收争端解决机制创新研究”(21BGJ026)。

摘　　要：在分权治理框架下,地方财政纵向失衡可能会加剧企业流动性约束,进而对辖区内企业的社会责任表现产生影响。本文以2010—2021年中国A股上市企业为样本,实证分析财政纵向失衡对企业社会责任的影响和作用机制。研究发现,财政纵向失衡显著降低企业社会责任履行水平,在一系列内生性处理和稳健性检验后该结论仍然成立,这一效应在非国有、高杠杆率、位于金融发展水平低的地区以及位于二线城市的企业中更为明显。机制分析发现,财政纵向失衡引致的信贷挤出效应和财政收支决策调整加剧了企业流动性约束,从而抑制企业社会责任履行。进一步分析表明,财政纵向失衡对供应商、客户和消费者责任、环境责任和员工责任产生显著负向影响,而对股东责任和社会公共责任的影响并不显著。因此,加快构建“财力与事权相匹配”的地方财政收支体系、完善政府融资管理方式、稳定企业税费负担预期和畅通企业融资渠道,对于缓解财政纵向失衡和企业流动性约束、激励企业履行社会责任具有重要意义。Under the framework of decentralized governance,the vertical imbalance of local finance may exacerbate the liquidity constraints of enterprises,and thus affect the corporate social responsibility performance of enterprises in the jurisdiction.This paper takes China′s A-share listed enterprises from 2010 to 2021 as samples to empirically analyze the impact and mechanism of the vertical fiscal imbalance on corporate social responsibility.It is found that vertical fiscal imbalance significantly reduces the level of corporate social responsibility fulfillment,and this conclusion is still valid after a series of endogenous processing and robustness tests.This effect is more obvious in non-state-owned enterprises,high leverage ratio,low level of financial development and second-tier cities.The mechanism analysis shows that the credit crowding out effect caused by the vertical fiscal imbalance and the adjustment of fiscal revenue and expenditure decision have intensified the liquidity constraint of enterprises,thus inhibiting the fulfillment of corporate social responsibility.The further analysis shows that vertical fiscal imbalance has a significant negative impact on supplier,customer and consumer responsibility,environmental responsibility and employee responsibility,but has no significant impact on shareholder responsibility and social public responsibility.Therefore,accelerating the construction of a local fiscal revenue and expenditure system"matching financial resources and powers",improving the government financing management method,stabilizing the expectation of corporate tax burden and unblocking corporate financing channels are of great significance for easing the vertical fiscal imbalance and corporate liquidity constraints,and encouraging enterprises to fulfill their social responsibilities.

关 键 词：财政纵向失衡 企业社会责任 流动性约束 信贷挤出 财政收支决策 

分 类 号：F812.2[经济管理—财政学]