“一带一路”企业社会责任、融资约束与投资效率

“The Belt and Road” Corporate Social Responsibility, Financing Constraints and Investment Efficiency

本文以2014-2019年沪深A股上市公司作为研究对象,按照是否参与"一带一路"建设分为两组样本,研究企业社会责任对投资效率的影响及作用路径。结果表明,企业履行社会责任可以显著提高企业对外投资效率,相对于受到"一带一路"倡议支持的企业,未受到"一带一路"倡议支持的企业和社会责任对投资效率的提升作用更明显。运用中介效应检验模型分组研究融资约束在企业社会责任和投资效率关系中所起到的作用。检验结果表明,非"一带一路"企业社会责任对投资效率的正向促进作用有一部分可以通过降低融资约束实现,而"一带一路"企业融资约束在企业社会责任与投资效率二者关系中所起到的中介作用不显著。

From 2014 to 2019,Shanghai and Shenzhen A-share listed companies were selected as the research objects,and were divided into two groups of samples according to whether they participated in the construction of"The Belt and Road".A model was established to study the impact of corporate social responsibility on investment efficiency and the path of action.The research results show that CSR fulfillment can significantly improve the efficiency of enterprises’outbound investment.Compared with enterprises supported by the Belt and Road initiative,CSR without the support of the One Belt And One Road initiative has a more significant effect on the efficiency of investment.Use mediation grouping test model of the effect of financing constraints on corporate social responsibility and role,the relationship between investment eficiency of test results show that the area along the positive role in promoting corporate social responsibility on investment efficiency has a part can be realized by reducing financing constraints,and"area"enterprise financing constraints on corporate social responsibility and investment eficiency intermediary role in the relationship is not significant.The research conclusion not only enriches the relevant research on corporate social responsibility and investment efficiency,but also has reference value for the government to improve the investment efficiency of"The Belt and Road".