政治关联、企业社会责任与融资约束

发布时间：2018-05-08 05:53

本文选题：政治关联 + 企业社会责任　；参考：《贵州财经大学》2017年硕士论文

【摘要】：在我国转轨经济的特殊背景下,“融资难”问题制约着企业的发展。本文利用理论分析与实证检验相结合,选用自2012年到2014年润灵环球披露社会责任评级的上市公司为研究对象,采用主成分分析法来衡量融资约束指标,并从企业内部因素(政治关联和社会责任)以及外部因素(地区金融发展),综合分析企业社会责任、政治关联对融资约束程度的影响。本文的研究表明:第一,建立政治关联和履行企业社会责任均具有缓解企业融资约束的效果,而且这种影响在非国有企业中表现更为明显;第二,政治关联对企业融资约束的缓解程度存在地区差异,在金融较发达的地区,企业通过建立政治关联缓解作用要小于金融欠发达的地区;第三,社会责任履行较好的企业,建立政治关联有时会削弱履行社会责任对融资约束的缓解作用,而不存在政治关联的企业,通过提高社会责任履行质量可以明显降低融资约束。针对研究结果,本文对企业和相关部门提出了以下建议:第一,要合理建立政治关联;第二,要重视社会责任的履行;第三,要合理选择融资策略;第四,要规范市场秩序,健全相关法律法规。值得注意的是,鉴于政治关联有可能对企业履行社会责任产生负面影响,对存在政治关联的企业应加强社会责任履行的监督力度。本文研究具有非常重要的理论和实践意义,开辟了政治关联、企业社会责任以及融资约束之间影响研究的新视角,并且为企业有效降低融资约束方面提供了参考,有利于我国金融市场的发展,为缓解企业“融资难”的问题提供一些借鉴。
[Abstract]:In the special background of China's transition economy, the problem of "financing difficulty" restricts the development of enterprises. By combining theoretical analysis and empirical test, this paper selects listed companies with social responsibility rating disclosed by Runling Global from 2012 to 2014 as the research object, and uses principal component analysis to measure the financing constraint index. And from the internal factors (political association and social responsibility) and external factors (regional financial development, comprehensive analysis of corporate social responsibility, the impact of political association on the degree of financing constraints. The research shows that: first, establishing political association and fulfilling corporate social responsibility have the effect of easing corporate financing constraints, and this effect is more obvious in non-state-owned enterprises; second, There are regional differences in the degree of alleviation of corporate financial constraints by political association. In the more developed regions, the mitigation role of enterprises through the establishment of political connections is less than that of less developed regions. Thirdly, the enterprises with better social responsibility perform better. The establishment of political association sometimes weakens the mitigation effect of performing social responsibility on financing constraints, but for enterprises without political connection, the financial constraints can be significantly reduced by improving the quality of social responsibility performance. Based on the results of the study, this paper puts forward the following suggestions to enterprises and relevant departments: first, to establish a reasonable political connection; second, to pay attention to the implementation of social responsibility; third, to choose a reasonable financing strategy; fourth, to regulate market order. Improve relevant laws and regulations. It is worth noting that, in view of the possible negative impact of political association on corporate social responsibility, enterprises with political connections should strengthen the supervision of social responsibility performance. This paper has very important theoretical and practical significance, opens up a new perspective on the influence of political connection, corporate social responsibility and financing constraints, and provides a reference for enterprises to effectively reduce financing constraints. It is beneficial to the development of financial market in our country and provides some reference for alleviating the problem of financing difficulty of enterprises.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;D0

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