企业社会责任对上市公司融资约束的影响研究

发布时间：2018-03-27 09:13

本文选题：企业社会责任　切入点：利益相关者　出处：《重庆理工大学》2014年硕士论文

【摘要】：当前，我国企业的社会责任意识仍有很大提升空间；在发达国家，人们普遍认为在经历了资本的原始积累和资源的优化整合阶段之后,企业已经步入了“企业公民”这一全新竞争阶段。推动企业社会责任的发展，可以采取多种措施，除了行政手段，市场力量——“无形的手”也尤为重要。作为理性的经济人，企业管理者特别关心成本与效益，两者的权衡往往影响管理者的决策。本文试图从企业社会责任与其经济后果的角度，探究企业社会责任对融资约束的影响，为企业管理者和有关部门在财务管理和可持续发展方面提供经验参考。根据前人的研究，本文将企业社会责任界定为在正常生产经营的情况下，企业不仅考虑股东的诉求，还考虑债权人、员工、供应商、政府及公益等利益相关者的诉求，自觉承担对这些利益相关者的责任，这种责任等于或高于法律的要求并且往往对企业的利益相关者和社会现象有正面的影响。融资约束本质上是由于内部融资成本和外部融资成本的差异造成的，而融资成本又受到各种宏观和微观因素的影响。以利益相关者理论、社会契约理论分析了企业社会责任履行的动因，分别以社会资本和资源理论、企业竞争力理论、信息不对称理论、信号传递理论、交易成本理论分析了企业社会责任对内部和外部资本市场的影响；在实证方面，借鉴Almeida等（2004）以现金-现金流敏感度刻画融资约束的模型，样本来自2010-2012年沪深A股公司数据，通过多元回归分析研究基于不同利益相关者的企业社会责任对融资约束的影响。通过研究，本文得到以下结论：企业对债权人和股东的社会责任、企业对公益的社会责任对现金流和现金持有的关系产生了负向影响，这两类企业社会责任能够缓解上市公司的融资约束；企业对员工的社会责任、企业对供应商的社会责任、企业对政府的社会责任，不能对现金流和现金持有关系产生负向影响，，这类企业社会责任未对上市公司的融资约束产生缓解作用。
[Abstract]:At present, there is still much room for improvement in the sense of corporate social responsibility in China. In developed countries, it is generally believed that after experiencing the primitive accumulation of capital and the optimization and integration of resources, Enterprises have entered a new competitive stage of "corporate citizenship". In order to promote the development of corporate social responsibility, many measures can be taken. In addition to administrative measures, market forces-"invisible hands"-are also particularly important. Enterprise managers are especially concerned about cost and benefit, the trade-off of which often affects managers' decision-making. This paper attempts to explore the impact of corporate social responsibility on financing constraints from the perspective of corporate social responsibility and its economic consequences. To provide experience for enterprise managers and related departments in financial management and sustainable development. According to the previous research, this paper defines corporate social responsibility as not only the demands of shareholders, but also those of creditors, employees, suppliers, government and public welfare stakeholders. Consciously assume responsibility for these stakeholders, This liability is equal to or higher than the requirements of the law and often has a positive impact on the stakeholders and social phenomena of the enterprise. Financing constraints are essentially caused by differences in internal and external financing costs. And the financing cost is influenced by various macro and micro factors. Based on stakeholder theory and social contract theory, this paper analyzes the motivation of corporate social responsibility performance, including the theory of social capital and resources, and the theory of enterprise competitiveness. Information asymmetry theory, signal transmission theory and transaction cost theory analyze the influence of corporate social responsibility on internal and external capital market. The sample comes from the data of Shanghai and Shenzhen A-share companies from 2010-2012, and studies the influence of corporate social responsibility based on different stakeholders on financing constraints through multiple regression analysis. Through the research, this paper draws the following conclusions: corporate social responsibility to creditors and shareholders, corporate social responsibility to public interest has a negative impact on the relationship between cash flow and cash holdings. These two types of corporate social responsibility can alleviate the financing constraints of listed companies, corporate social responsibility to employees, corporate social responsibility to suppliers, corporate social responsibility to the government, can not have a negative impact on the relationship between cash flow and cash holding. This kind of corporate social responsibility does not alleviate the financing constraints of listed companies.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F270;F832.51;F275

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