强制性CSR信息披露能否提高企业全要素生产率

Can Mandatory CSR Information Disclosure Improve Total Factor Productivity of Firms

本文基于2008年强制性企业社会责任(CSR)信息披露政策的颁布这一外生冲击事件构造了一个准自然实验,并结合双重差分法(DID)考察了强制性CSR信息披露政策对我国上市企业全要素生产率(TFP)的影响。研究表明,强制性CSR信息的披露能够有效提升企业的TFP。此外,在所处地区金融发展较落后、股权激励较弱和非国有的企业中,该政策对于企业TFP的推动作用更佳。机制分析发现,强制性CSR信息披露能够通过缓解企业的委托代理矛盾和外部融资条件来改善企业的TFP。进一步分析发现,投资效率和创新能力的提升是强制性CSR信息披露政策推动企业TFP的两个重要渠道。研究探索了强制性CSR信息披露对企业TFP的影响机理,具有较强的政策价值,能够为我国企业经济的高质量发展变革提供有益借鉴。

This paper constructs a quasi-natural experiment based on the exogenous shock event of the enactment of a mandatory corporate social responsibility(CSR)disclosure policy in 2008,and examines the impact of a mandatory CSR disclosure policy on firms’total factor productivity(TFP)by combining the difference-in-difference(DID)method.The study finds that mandatory CSR disclosure can effectively increase the TFP of firms.In addition,mandatory CSR disclosure is a better driver of TFP in firms with less financial development in the region where the non-state is located,in firms with weaker equity incentives and in firms that are not state-owned.The mechanism analysis shows that mandatory CSR disclosure can improve firms'TFP by mitigating.firms’principal-agent conflicts and external financing conditions,and further analysis shows that improving investment efficiency and innovation capability are two important channels through which mandatory CSR disclosure policy promotes firms’TFP.The study explores the mechanism of the impact of mandatory CSR disclosure on corporate TFP,which has strong policy value and can provide a useful reference for the high-quality development change of China’S corporate economy.