基于资源投入视角的社会责任决策与公司价值效应研究

CSR Investment Decision-making and Its Effects on Firm Value: A Research from the Perspective of Resource Investment

本文从资源投入角度为企业的社会责任政策进行定位,通过设计社会责任政策的决策框架,将资源投入水平、投入集中度和投入偏重方向指标引入社会责任与公司价值的关系模型中,并借鉴资源基础理论、社会责任交易观等多个层面理论的思想,分析不同社会责任政策的经济后果,然后使用我国上市公司数据对模型进行检验。研究发现:(1)在投入集中度相同时,选择较高或较低投入水平政策的企业均能取得较高的价值回报;(2)在投入水平相同时,集中化投入企业的价值较均衡化投入企业高;(3)企业需要将资源在不同维度中权衡配置,选择合适的投入水平和集中度政策组合的企业价值较高;(4)投入偏重方向政策与价值的关系不确定,它受到企业内外部多种因素的影响。

From the perspective of resource investment, this article designs an internal decision-making framework of Corporate Social Responsibility（CSR）, through which a company adopts its specific CSR policies to distribute resources. Meanwhile, this paper constructs three-dimensional measurement indicators, including resource investment level, investment concentration and investment focus policy, and analyses the effects of different CSR policies on firm value on the basis of multiple theories of different levels, such as the theory of Stakeholder Salience, Resource Based View, Exchange View of CSR, and so on. By using a panel data set of 1183 samples of 481 listed companies in China, this paper examines the relationship hypothesis between the CSR policies and firm value. It finds that：（1） the relationship between investment level policy and firm value is non-linear, i.e., a higher or lower level of CSR investment policy is able to achieve a relatively high value in return;（2） the investment concentration policy is significantly positive in relation to firm value, i.e., the value of a company with a more centralized investment policy is higher than those with a more balanced investment policy;（3） managers should conduct a tradeoff when they distribute resources among different CSR fields, and select an appropriate investment level and concentration policy mix in order to create a higher firm value;（4） the relationship between the investment focus policy and firm value is uncertain, since it may be inf luenced by various internal and external institutional factors. The result of this paper has the following important implications： first, in theory, the traditional way of CSR measurement from a single quantity dimension may be one of the major contributions to the equivocal, contradictory and inconclusive results of current empirical studies. A three-dimensional measurement indicator system can more accurately capture the effect of CSR investment on firm value. Second, in practice, since a threshold effect exists in the revenue function of the CSR investment, the same unit of CSR resource input doesn＇t lead to the same percentage of value creation, which indicates the necessity of CSR investment decision-making for the managers.