社会责任信息、融资约束对企业投资效率的影响研究

发布时间：2018-03-22 12:22

本文选题：社会责任信息　切入点：融资约束　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：基于利益相关者理论企业在创造经营利润,实现企业价值的同时还要承担对员工、消费者、股东、社会和环境等方面的责任。传统只关注企业经营绩效的观点不断受到了挑战,现在越来越多的人开始关注企业社会责任的履行,从而也就越来越关注社会责任信息的披露情况。2008年12月,我国两大证券交易所,上交所和深交所要求:“深圳100指数”成分股、金融类、“公司治理指数”板块、境内外同时上市的企业必须披露社会责任信息报告。而对于其他企业而言,国家暂时采取自愿披露原则鼓励企业进行社会责任信息披露。现阶段我国资本市场还不够成熟,存在较为严重的信息不对称以及代理问题,使得存在于其中的上市公司都面临着融资约束问题,这将直接影响到企业的投资决策以及投资效率。那么企业能否通过积极履行社会责任进行社会责任信息披露,树立企业良好形象的同时减少企业内外部的信息不对称和代理成本,进而改善融资环境,提高投资效率,将会是本文的一个研究重点。本文以沪深两市A股市场291家披露社会责任信息的上市公司为研究对象,采用润灵环球社会责任评价体系衡量企业社会责任的履行情况,多变量指标度量企业面临的融资约束程度,运用Richarson模型量化计算企业的投资效率,采用多元回归分析法探究上述三者之间的关系。而后针对国家相关政策背景,对重污染行业企业进行重点研究。研究结果表明我国企业普遍存在融资约束和非效率投资现象,企业履行社会责任进行社会责任信息披露能显著的提高投资效率,特别是对投资不足的缓解作用。对于投资过度行为有抑制作用但是没有通过显著性检验,这可能是因为现阶段外部监督制度不够完善所造成的。社会责任信息披露能缓解企业面临的融资约束问题。融资约束是社会责任信息影响投资效率的重要路径,特别对于投资不足情况而言。具体细分到行业,现阶段社会责任信息披露的作用在重污染行业表现的尤为明显,在重污染行业社会责任信息的披露能有效的缓解企业面临的融资约束,进而缓解企业的投资不足同时抑制企业的投资过度,从而提高企业的投资效率。融资约束在其中的路径效果更加明显,起着一个完全中介的效果。本文的研究结论将为提高我国企业投资效率问题提供了新的启示,与此同时,也从融资约束的视角丰富了有关履行社会责任的价值研究。对于促进我国上市公司自觉履行社会责任,进行社会责任信息披露,降低信息不对称,优化资源配置起到了良好的促进作用。除强制披露社会责任信息的几个行业,现在我国还处于自愿披露社会责任信息阶段,从对重污染行业的重点研究发现,我国应将披露范围进行扩大,促使更多的企业进行社会责任信息的披露,同时增加监管力度,促进资本市场的信息更加公开、透明,使得企业履行社会责任的同时也能促进企业自身的发展。
[Abstract]:The theory of stakeholders in the enterprise to create profits based on the realization of enterprise value but also the commitment to employees, shareholders, consumers, social and environmental responsibility. The traditional focus only on business performance views have been challenged, now more and more people began to show concern for the performance of corporate social responsibility, which is more and more pay attention to the social responsibility information disclosure of.2008 in December, the two major stock exchanges in China, the Shanghai and Shenzhen asked: "Shenzhen 100 Index constituent stocks, financial, corporate governance index plate, domestic and overseas listed companies must disclose information of social responsibility report. But for other companies, the state temporarily take the principle of encouraging voluntary disclosure of corporate social responsibility information disclosure. At the present stage of China's capital market is not mature enough, there is serious information asymmetry and generation The problem, which exists in the listed companies are facing financing constraints, which will directly affect the enterprise's investment decision and investment efficiency. So enterprises can actively through the social responsibility information disclosure of social responsibility, establish a good corporate image and reduce the information asymmetry inside and outside the enterprise and agent cost, and improve the the financing environment, improve investment efficiency, will be a focus of research in this paper. Based on the Shanghai and Shenzhen two stock market A 291 social responsibility information disclosure of the listed company as the research object, the fulfillment of spirit ring ball uses run social responsibility evaluation system to measure corporate social responsibility, multivariate index to measure the degree of financing constraints faced by enterprises calculation of the efficiency of investment, using the Richarson model to quantify the relationship between the multiple regression analysis method to explore the three. Then for the country Relevant policy background, the emphasis of heavy polluting industries. The results of the study show that Chinese enterprises generally exist financing constraints and investment inefficiency, enterprise social responsibility information disclosure of social responsibility can significantly improve the efficiency of investment, especially to alleviate the effect of inadequate investment. For excessive investment behavior but no inhibition through the test of significance, this may be because at this stage of the external supervision system is not perfect. The social responsibility information disclosure can alleviate the financing constraints faced by the enterprise. Financing constraints is an important path of social responsibility information affects the efficiency of investment, especially for investment. Specific to the industry, at this stage of social responsibility information the disclosure of performance in the role of the heavy pollution industry is obvious, can effectively alleviate the social responsibility information disclosure of heavy polluting industries The financing constraints faced by enterprises, and alleviate the lack of investment in the enterprise also inhibit the company's over investment, so as to improve the efficiency of investment. The financing constraint is more obvious in the path effect, plays a mediating effect. The conclusion of this study will provide a new revelation, in order to improve the efficiency of investment of Chinese enterprises at the same time, also from the perspective of financing constraints to enrich the research of the value of the social responsibility. For the promotion of China's listed companies to fulfill the social responsibility, social responsibility information disclosure, reduce information asymmetry, optimize the allocation of resources to play a good role in several industries. Compulsory information disclosure of social responsibility, China is now in the stage of the voluntary disclosure of social responsibility information, from the emphasis on the research of heavy pollution industry, China should expand the scope of disclosure will encourage more enterprises. We should disclose information about social responsibility, increase supervision and promote information openness and transparency in capital market, so that enterprises can fulfill their social responsibilities and promote their own development.

【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275

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