企业社会责任、信息透明度与信贷资金配置

Corporate Social Responsibility,Information Transparency and Credit Capital Allocation

本文以2008~2013年沪深两市披露社会责任报告的A股上市公司为样本,考察了企业社会责任对银行信贷资金配置效率的影响以及信息透明度在其中的调节效应。实证结果发现:社会责任企业能够获取更多的信贷资金支持以及更长的贷款期限,但也带来了较高的债务违约风险,导致信贷资金配置效率低下;信息透明度在企业社会责任的信贷资金配置效应中发挥了积极的调节效应,优化了信贷资金配置效率;进一步区分产权性质,国有企业社会责任的信贷资金配置效率更低。

Based on the sample of A-share listed companies with disclosed social responsibility report in Shanghai and Shenzhen stock markets from 2008 to 2013,this article studies the impact of corporate social responsibility on bank credit capital allocation and the moderating effect of information transparency.The empirical results show that,companies with social responsibility are easier to get more credit capital support,longer period of credit,but higher risk of debt default,which leads to lower efficiency of credit capital allocation.Information transparency has positive moderating effects that optimize the efficiency of credit capital allocation.Efficiency of credit capital allocation is often low in state-owned companies.