企业社会责任和现金持有量关系的实证研究

发布时间：2018-07-28 16:46

【摘要】：近年来,利益相关者对企业社会责任报告披露的关注度逐年提高。企业社会责任是指整合利益相关者期望以及经济、社会、环境三重底线的一系列特定的企业活动,强调企业应超越利益最大化的目标,注重对社会、经济、环境等的贡献。现金持有作为企业资产的重要构成部分,其持有决策是企业财务决策的重要组成部分,这就引发我们的思考:上市公司的企业社会责任报告披露影响现金持有量么?若影响又是通过何种渠道影响的?因此,本文在借鉴总结前人研究的基础上,研究企业社会责任对现金持有量的直接影响以及可能通过特质风险渠道、系统性风险渠道以及公司治理水平渠道对现金持有量的间接影响。本文采用理论与实证、定性与定量相结合的方法研究企业社会责任得分对现金持有量的影响。在总结国内外的研究现状的基础上详细阐述了企业社会责任和现金持有量的相关理论,并提出本文的研究假设;然后在阐述变量的定义及衡量方法的基础上对本文的模型设计以及假设检验进行了详细阐述。基于研究假设以及模型设计的基础上采用面板数据的固定效应模型进行多元线性回归并采用bootstrap法进行中介效应的检验得出以下结论:公司治理水平良好的企业倾向于持有较高水平的现金来获得现金的灵活性价值并满足未来的投资机会,而现金的交易性动机使得系统性风险对现金持有量有显著的正向影响;企业披露社会责任能够降低企业的特质风险和系统性风险,这是由于利益相关者的高社会资本使得公司有较低的非系统性风险,而投资者或者消费者的较高忠诚度也使公司有较低的系统性风险;企业社会责任披露能够反映公司治理良好,企业社会责任的代理理论认为公司内公司治理能力强的管理层可能会采用企业社会责任的相关活动来加强与其利益相关者的联系。通过中介效应的检验得出企业社会责任通过公司治理水平渠道显著影响现金持有量。研究企业社会责任对现金持有量的直接和间接影响既可以丰富相关的研究,也可以对现金持有的决策以及社会责任的制度制定有一定的借鉴意义。
[Abstract]:In recent years, stakeholders pay more attention to CSR report disclosure year by year. Corporate social responsibility (CSR) refers to the integration of stakeholders' expectations as well as economic, social and environmental triple bottom line of a series of specific enterprise activities, emphasizing that enterprises should exceed the goal of maximizing benefits, and pay attention to the social, economic, environmental and other contributions. As an important component of corporate assets, cash holding decision-making is an important part of corporate financial decisions, which leads us to think: does the disclosure of corporate social responsibility report of listed companies affect the amount of cash holdings? If the impact is through what channels? Therefore, this paper studies the direct influence of corporate social responsibility on cash holdings based on previous studies, and possibly through the channel of trait risk. The indirect influence of systemic risk channels and corporate governance channels on cash holdings. In this paper, the influence of CSR score on cash holdings is studied by theoretical and empirical, qualitative and quantitative methods. On the basis of summarizing the current research situation at home and abroad, this paper elaborates the related theories of corporate social responsibility and cash holdings, and puts forward the research hypotheses of this paper. Then the model design and hypothesis test are described in detail on the basis of the definition and measurement of variables. Based on the research hypothesis and the design of the model, the fixed effect model of panel data is used to carry out multivariate linear regression and the bootstrap method is used to test the intermediary effect. The conclusion is as follows: the firm with good corporate governance level is inclined. To hold a high level of cash to obtain the flexible value of cash and to satisfy future investment opportunities, The transaction motivation of cash makes systemic risk have a significant positive impact on cash holdings, and corporate disclosure of social responsibility can reduce the characteristic risk and systemic risk. This is because the high social capital of stakeholders makes the company have lower non-systemic risk, and the higher loyalty of investors or consumers also makes the company have lower systemic risk; Corporate social responsibility disclosure can reflect the good corporate governance. The agency theory of corporate social responsibility holds that the management with strong corporate governance ability may use CSR related activities to strengthen the relationship with its stakeholders. Through the test of intermediary effect, it is concluded that corporate social responsibility significantly affects cash holdings through corporate governance level channels. The study of the direct and indirect influence of corporate social responsibility on cash holdings can not only enrich the relevant research, but also can be used for reference to the decision-making of cash holding and the establishment of social responsibility system.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275

【参考文献】