摘要
利用2010-2018年A股上市公司数据,实证检验了创业投资对被投企业社会责任行为的影响,研究发现:创业投资对被投企业社会责任行为具有消极影响,相比于上市前没有创业投资支持的企业,有创业投资支持的企业当前社会责任表现较差;企业社会责任得分随着上市年份增加而增多,但有创业投资支持的企业社会责任得分增长较慢;创业投资对企业社会责任行为的消极影响主要体现在国有企业和东部地区企业,而对非国有企业和中西部地区企业没有显著影响。基于此,研究提出:投资者应调整投资理念,兼顾相关者利益;被投企业应结合与VC合作优势,创新社会责任实践模式;政府应引导资本扩大投资回报周期,鼓励资本实践社会责任。
Based on the data of some A-share listed companies from 2010 to 2018,this paper empirically tests the impact of venture capital on the social responsibility behavior of invested enterprises.The results show that:venture capital has a negative impact on the social responsibility behavior of invested enterprises,and compared with the enterprises without venture capital support before listing,the current social responsibility performance of enterprises with venture capital support is poor.The scores of social responsibility performed by enterprises increase with the increase of listing years,and the score growth of corporate social responsibility supported by venture capital is relatively slow.The negative impact of venture capital on corporate social responsibility behavior is mainly reflected in state-owned enterprises and enterprises in eastern China,but it has no significant impact on non-state-owned enterprises and enterprises in central and western regions.Based on this,the study proposes that investors should adjust the investment concept to balance the interests of relevant parties;the invested enterprises should combine the advantages of cooperation with VC to innovate the social responsibility practice model;the government should guide capital to expand the investment return cycle and encourage capital to practice social responsibility.
作者
陆羽中
田增瑞
王飞飞
朱炳昇
Lu Yuzhong;Tian Zengrui;Wang Feifei;Zhu Bingsheng
出处
《企业经济》
北大核心
2021年第8期74-82,共9页
Enterprise Economy
基金
四川省社会科学重点研究基地“文化产业发展研究中心”资助项目“四川省新兴文化产业集聚、空间布局及孵化路径研究”(项目编号:WHCY2020A01)
东华大学人文社科繁荣计划项目“政府产业投资基金的绩效评价研究”(项目编号:2018Z001)。
关键词
创业投资
产权性质
区域异质性
企业社会责任
venture capital
property rights
regional heterogeneity
corporate social responsibility
