民营企业自愿性社会责任信息披露与融资约束之动态关系研究

发布时间：2018-10-21 12:32

【摘要】：自愿披露社会责任信息的企业数量持续增长,但社会责任信息披露对企业的影响尚没有得到充分的研究,以往的研究多关注于社会责任信息披露与资本成本之间的关系。文章主要研究了民营企业自愿性社会责任信息披露与融资约束之间的关系,采用我国A股民营上市公司的数据检验,发现:(1)融资约束会影响到企业的自愿性社会责任信息披露,前期融资约束高的企业更有可能在本期披露社会责任信息。(2)民营企业自愿性披露社会责任信息会降低信息不对称,并有助于企业获取政府、银行及股权投资者的融资支持,从而对企业的融资约束产生影响。相对于未披露社会责任信息的企业,披露的企业在下期会面临更低程度的融资约束,但披露的信息质量对融资约束的影响并不显著。(3)企业的社会责任信息披露对融资约束的影响存在"首次"效应,相对于非首次披露社会责任信息,首次披露对融资约束的影响更为显著。
[Abstract]:The number of enterprises voluntarily disclosing social responsibility information has been increasing, but the impact of social responsibility information disclosure on enterprises has not been fully studied. Previous studies have focused on the relationship between social responsibility information disclosure and capital costs. This paper mainly studies the relationship between voluntary social responsibility information disclosure and financing constraints of private enterprises. By using the data test of China's A-share private listed companies, we find that: (1) financing constraints will affect the voluntary social responsibility information disclosure of enterprises. Enterprises with high pre-financing constraints are more likely to disclose social responsibility information in the current period. (2) Voluntary disclosure of social responsibility information by private enterprises will reduce information asymmetry and help enterprises obtain financing support from government, banks and equity investors. Thus, the financing constraints of enterprises have an impact. Companies that do not disclose social responsibility information will face lower financing constraints in the next period. However, the quality of disclosed information has no significant effect on financial constraints. (3) the influence of corporate social responsibility information disclosure on financing constraints has a "first-time" effect, compared with non-first-time disclosure of social responsibility information. The impact of first disclosure on financing constraints is more significant.
【作者单位】：南京理工大学经济管理学院;中国会计学会;
【基金】：国家自然科学基金面上项目(71172104;71472088);国家自然科学基金青年基金项目(71302036) 南京理工大学自主科研项目(30920140121011)
【分类号】：F275;F276.5

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