企业社会责任、融资约束与商业信用动态调整被引量：3

Corporate Social Responsibility,Financing Constraints and Dynamic Adjustment of Commercial Credit

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摘要随着我国经济的不断发展,社会各界对企业商业信用的关注持续升温。研究企业社会责任、融资约束与商业信用动态调整的影响,对企业优化商业信用,积极履行社会责任,从而提升其绩效水平和社会影响力具有重要意义。本文选取2010—2019年我国创业板企业为样本数据,运用系统GMM估计法,研究企业社会责任、融资约束与商业信用动态调整的关系。实证研究表明,我国创业板企业上市公司商业信用向上调整的速度与社会责任、融资约束均为正相关,且非国有企业和融资约束型企业商业信用向上调整的速度受社会责任的影响更大,更需要加快向上调整商业信用融资,以缓解周期性资金短缺压力,不断促进企业发展。本文的研究拓展和深化了商业信用领域的相关研究,阐明了商业信用动态调整的动因以及侧重点,同时也丰富了信贷配给理论以及替代性融资假说。 With the continuous development of China’s economy,all sectors of society pay more attention to the commercial credit of enterprises.To study the impact of corporate social responsibility,financing constraints and dynamic adjustment of commercial credit is of great significance for enterprises to optimize commercial credit,actively fulfill social responsibilities,and thus improve their performance level and social influence.This paper selects China’s ChiNext companies from 2010 to 2019 as sample data,and uses the systematic GMM estimation method to study the relationship between corporate social responsibility,financing constraints and the dynamic adjustment of commercial credit.Empirical research shows that the speed of upward adjustment of commercial credit of listed companies on ChiNext in China is positively correlated with social responsibility and financing constraints,and the speed of upward adjustment of commercial credit of non-state-owned enterprises and financing-constrained enterprises is more affected by social responsibility.It is even more necessary to speed up the upward adjustment of commercial credit financing in order to alleviate the pressure of cyclical capital shortages and continuously promote the development of enterprises.The research of this paper expands and deepens the related research in the field of commercial credit,clarifies the motivation and focus of the dynamic adjustment of commercial credit,and also enriches the theory of credit rationing and the hypothesis of alternative financing.

作者冯玲玲 FENG Lingling(School of Accounting,Harbin University of Commerce,Harbin 150000,China)

机构地区哈尔滨商业大学会计学院

出处《技术与创新管理》 2022年第6期698-707,共10页 Technology and Innovation Management

基金哈尔滨商业大学研究生创新科研项目“企业社会责任、融资约束与商业信用动态调整”(YJSCX2021-706HSD)。

关键词企业社会责任融资约束商业信用产权异质性 corporate social responsibility financing constraints commercial credit dynamic adjustment of commercial credit

分类号 F270.3 [经济管理—企业管理]

作者简介冯玲玲(1998-),女,湖北宜昌人,硕士研究生,主要从事财务管理、公司治理和资本市场等的学习与研究。