社会责任信息强制披露的自主创新效应——基于“卡脖子”技术突破的视角

The Effect of Mandatory CSR Disclosure on Independent Innovation:A Perspective Based on“Bottleneck”Technological Breakthroughs

本文利用企业被强制披露CSR报告这一外生场景,研究强制披露CSR报告对企业自主创新的作用效果和影响机制,结果发现,CSR信息强制披露能够显著提升企业“卡脖子”技术创新水平。机制检验结果表明,CSR信息强制披露通过降低融资成本、吸引研发人才、提高治理水平三种机制提升了企业“卡脖子”技术创新水平。进一步,本文检验了CSR信息强制披露对一般技术创新的影响,发现该影响效应并不显著,说明CSR信息强制披露对技术创新的影响主要体现在关键核心技术方面。本文通过检验CSR信息强制披露对经济高质量发展引擎——企业“卡脖子”技术创新的影响,为新时代下CSR信息强制披露影响实体经济提供了新颖的证据,也为我国解决“关键核心技术突破”难题提供了有益思路。

Based on the quasi-natural experiment generated by multiple exogenous shocks to mandatory CSR disclosure,we examine the effect of mandatory CSR disclosure on firms’independent innovation.Our identification strategy suggests a positive causal effect of mandatory CSR disclosure on the output of“bottleneck”technological innovation.We discuss three underlying mechanisms:reduced cost of capital,increased attraction of R&D personnel,and enhanced governance levels,resulting from mandatory CSR disclosure,all of which contribute to the advancement of“bottleneck”technological innovation.Further,we find that the innovation effect of mandatory CSR disclosure is not evident in general technological innovation,thus providing empirical evidence of its specific impact of mandatory CSR disclosure on firms’breakthroughs in critical core technologies.Our paper provides novel evidence regarding the positive outcomes of mandatory CSR disclosure for the real economy in the new era,and offers valuable insights for China’s endeavors in addressing the challenge of“bottleneck”technological breakthroughs.