政府补贴具有社会溢出效应吗?——基于企业社会责任的证据

Does Government Subsidy Have Social Spillover Effect:Based on the Evidence of Corporate Social Responsibility

政府补贴企业的初衷在于促进企业技术创新与产业转型等经济目的,较少有学者关注政府补贴社会效应的发挥。根据政治成本理论,企业接受政府补贴后,可能面临政治成本上升的压力,从而可能做出更多回报社会的善意举措。本文以社会责任为切入点,利用2011—2018年沪深A股上市公司样本研究了政府补贴对社会责任的影响。研究发现,政府补贴显著促进了企业社会责任履行,相较于税收优惠类政府补贴,直接补贴对社会责任的影响更显著。这一结果在改变社会责任度量方式,控制内生性问题后同样成立。进一步研究发现,政治成本等社会压力在政府补贴和企业社会责任之间起到了显著的调节作用,政治关联越强、媒体关注度越高、国有产权性质的企业,政府补贴对社会责任的影响更显著。本研究不仅丰富了已有研究对政府补贴社会效益方面的理论,也更加深化了企业社会责任决策的内在机理认知。

The original intention of government subsidy for enterprises is to promote economic purposes such as technological innovation and industrial transformation.However,few scholars have paid attention to its social effect.According to the political cost theory,after receiving government subsidy,enterprises may face the pressure of rising political costs,so they may make more well-intentioned measures to repay the society.Taking social responsibility as the starting point,this paper,using the sample of Shanghai and Shenzhen A-share listed companies from 2011 to 2018,studies the impact of government subsidy on social responsibility.It is found that government subsidy significantly promotes the implementation of corporate social responsibility.Compared with tax incentives,direct subsidy has a more significant impact on social responsibility.This result is also true after changing the measurement of social responsibility and controlling endogenous problems.Further study shows that social pressures such as political cost play a significant role in regulating the relationship between government subsidy and corporate social responsibility.The stronger the political connection,the higher the media attention;and for the enterprises with state-owned property rights,the impact of government subsidy on social responsibility is more significant.This study not only enriches the existing theories on the social benefits of government subsidy,but also deepens theunderstanding of the internal mechanism of decision-making of corporate social responsibility.