基于中国上市公司的资本结构、社会责任与企业绩效分析

Capital Structure,Social Responsibility and Firm Performance——Based on the Empirical Analysis of Listed Companies in China

以2009~2013年间我国A股上市公司的数据为样本,探讨了资本结构、社会责任和企业绩效之间的关系。通过构建面板数据回归模型,并采用广义最小二乘法对面板模型进行估计。研究表明,企业社会责任水平与资本结构负相关,社会责任水平的高低对资本结构与企业绩效的关系有调节作用：当企业社会责任水平较高时,资本结构与企业绩效负相关;当企业社会责任水平较低时,资本结构与企业绩效正相关,资本结构对企业绩效的影响效果随着社会责任水平的变化而变化。

Based on the samples of the data of A-share listed companies during the period of 2009 and 2013, this study examined the relationship among the capital structure, social responsibility and corporate performance. By employing panel data regression model and using the generalized least squares to estimate panel data, the results show that the level of corporate social responsibility is neg- atively related to the capital structure. The results also show that the level of social responsibility moderates the relationship between the capital structure and corporate performance. The capital struc- ture would be negatively related to corporate performance if the levels of corporate social responsibility were higher, and the capital structure would be positively related to corporate performance if the lev- els of corporate social responsibility were lower. The effect of capital structure on corporate perform- ance will change with the level of the social responsibility.