摘要
基于利益相关者理论,将企业社会责任分为企业内部社会责任和外部社会责任。以沪深A股上市公司2015-2019年的相关数据作为样本,实证研究了企业内外部社会责任对投资效率的影响。结果表明:(1)企业履行社会责任对投资效率有显著的正向影响;(2)企业履行内外部社会责任可以有效缓解投资不足,但对过度投资没有显著作用;(3)与企业外部社会责任相比,企业内部社会责任对投资效率的影响更显著。
This paper divided corporate social responsibility into corporate internal social responsibility and external social responsibility based on the stakeholder theory.It studied the impact of corporate internal and external social responsibilities on investment efficiency by taking the relevant data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2015 to 2019 as samples.The results showed that:①Corporate social responsibility performance had a significant positive impact on investment efficiency;②Corporate internal and external social responsibility performance could effectively alleviate under-investment,but the effect on over-investment was not significant;③Compared with corporate external social responsibility,the corporate internal social responsibility had a more significant impact on investment efficiency.
作者
钱晶
曾华锋
QIAN Jing;ZENG Hua-feng(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China)
出处
《中国林业经济》
2021年第4期124-127,共4页
China Forestry Economics
关键词
企业社会责任
投资效率
过度投资
投资不足
corporate social responsibility
investment efficiency
over-investment
under-investment.
