摘要
本文以润灵环球披露的2012—2017年1478家上市公司的社会责任评分作为研究对象,通过直接构造融资约束指数,对社会责任信息披露与融资约束的关系进行分析,同时引入企业产权和产业性质作为对融资约束产生影响的关键变量进行分组研究,进一步地,引入股权激励,以探究股权激励与企业社会责任披露对融资约束的交互作用。结果表明,企业社会责任信息披露质量越高,企业所面临的融资约束越低;国有企业与非国有企业社会责任信息披露质量对融资约束缓解作用差异不明显;相对于高新技术企业,企业社会责任信息披露对非高新技术企业融资约束作用更明显,股权激励与企业社会责任披露对融资约束的影响主要表现为互补效应。
This paper takes 1478 listed companies from 2012 to 2017 as the research object of Runling Global Disclosure Social Responsibility Score.By directly constructing the financing constraint index,it analyzes the relationship between social responsibility information disclosure and financing constraints,and introduces the property rights and industrial nature.As a key variable affecting financing constraints,a group study is conducted.Further,equity incentives are introduced to explore the interaction between equity incentives and corporate social responsibility disclosures on financing constraints.The results show that the higher the quality of corporate social responsibility information disclosure,the lower the financing constraints faced by enterprises;the difference between the quality of social responsibility information disclosure of state-owned enterprises and non-state-owned enterprises on financing constraints is not obvious;compared with high-tech enterprises,corporate social responsibility The effect of information disclosure on the financing constraints of nonhigh-tech enterprises is more obvious.The impact of equity incentives and corporate social responsibility disclosure on financing constraints on financing constraints is mainly reflected in the complementary effect.
作者
姜博
王爽
Bo Jiang;Shuang Wang
出处
《会计与控制评论》
2020年第1期-,共14页
Review of Accounting and Control
基金
辽宁省教育厅项目(LN2019J09)
辽宁省社科规划基金项目(L18CGL009)
关键词
企业社会责任披露
融资约束
股权激励
corporate social responsibility disclosure
financing constraints
equity incentive
