摘要
本文以2010-2020年沪深两市A股上市公司为研究对象,实证考察了企业履行社会责任对劳动投资效率的影响。研究发现,企业履行社会责任有助于提高企业劳动投资效率,且缓解内源融资约束及债务融资约束是社会责任履行作用于劳动投资效率的主要路径。进一步研究发现,企业履行社会责任对劳动投资效率的影响存在一定的异质性,在对员工责任履行程度较低、信息不对称程度较大以及劳动密集度较高的企业,企业履行社会责任对劳动投资效率的正向影响更为明显;企业履行社会责任对劳动投资过度及投资不足均存在显著的抑制作用,且主要体现为缓解雇佣冗余和雇佣不足。据此,提出积极推动企业履行社会责任,持续深化金融市场改革,加强社会责任行为的监管和评级等建议。
This paper takes A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020 as the research object,and empirically investigates the impact of corporate social responsibility on labor investment efficiency.It documents that the performance of corporate social responsibility can significantly improve labor investment efficiency,alleviating internal financing constraints and debt financing constraints are important channels of the positive effect.Further research finds that the impact of corporate social responsibility on labor investment efficiency is somewhat heterogeneous:in enterprises with a low degree of employee responsibility,a high degree of information asymmetry and a high degree of labor intensity,the positive impact of corporate social responsibility on labor investment efficiency is more obvious;the performance of corporate social responsibility has a significant inhibitory effect on both over-investment and under-investment in labor,which is mainly manifested in alleviating both over-hiring and under-hiring of labor.Based on this,it puts forward some suggestions on actively promoting enterprises to fulfill their social responsibility,continuously deepening the reform of financial market,and strengthening the supervision and rating of social responsibility behavior.
出处
《会计研究》
CSSCI
北大核心
2022年第6期120-133,共14页
Accounting Research
基金
国家自然科学基金项目(71972193,71872175)的资助
关键词
企业社会责任
劳动投资效率
融资约束
Corporate Social Responsibility
Labor Investment Efficiency
Financing Constraints
