摘要
在我国特殊的经济背景下,国有企业与非国有企业经营目标、政企关系以及融资环境等均有显著差别,因此,二者对社会责任的承担以及存在的融资约束状况也存在差异.本文以沪、深A股上市公司2012～2017年数据为样本,区分国有企业和非国有企业,探讨了社会责任信息披露与融资约束的交互影响.研究发现:(1)企业社会责任信息披露有利于减少信息不对称,从而缓解融资约束,且披露质量越高,缓解程度越大;(2)企业面临的融资约束越高,披露社会责任信息的可能性越大,且具有时间滞后效应;(3)融资约束对社会责任信息披露的影响在非国有企业中更加明显.
Under the special economic background of China, the business objectives, the relationship between government and enterprises and the financing environment of state-owned enterprises and non-state-owned enterprises are all significantly different. Therefore, there are also differences in the commitment of the two to social responsibility and the existence of financing constraints. This paper takes the data of 2012-2017 of Shanghai and Shenzhen A-share listed companies as a sample, and distinguishes between state-owned enterprises and non-state-owned enterprises to explore the interaction between corporate social responsibility information disclosure and financing constraints. The study found that:(1)Corporate social responsibility information disclosure helps to reduce information asymmetry, thereby alleviating financing constraints, and the higher the quality of disclosure, the greater the degree of mitigation;(2)Enterprises with higher financing constraints, the greater the possibility of disclosure of social responsibility information, and the time lag effect is existent;(3)The impact of financing constraints on social responsibility information disclosure is more obvious in non-state-owned enterprises.
作者
张海燕
朱文静
ZHANG Haiyan;ZHU Wenjing(College of Business, Hunan Normal University, Changsha 408001, China)
出处
《湖南理工学院学报（自然科学版）》
CAS
2019年第1期66-74,共9页
Journal of Hunan Institute of Science and Technology(Natural Sciences)
基金
国家自然科学基金项目(71702054)
湖南省科技厅软科学项目(2011ZK3130)(2014ZK3028)
湖南省教育厅青年项目(12B057)
关键词
社会责任
融资约束
交互影响
产权性质
corporate social responsibility
financing constraints
interaction effect
nature of property
