金融发展、企业社会责任与银行贷款的关系研究——基于金融发展程度视角

Research on the Relationship between Financial Development,Corporate Social Responsibility and Bank Loan——Based on the Perspective of Financial Development Degree

以国资委下属688家上市公司2011~2015年的数据为依据,探究金融发展、企业社会责任与银行贷款之间的关系,以及不同地区金融发展程度(发展不足、发展过度以及适度发展)在企业社会责任与银行贷款关系中的调节效应。研究结果表明:金融发展不足区域,企业社会责任与银行贷款负相关,金融发展与银行贷款负相关,金融发展不足在企业社会责任与银行贷款的负向关系中发挥正向调节效应;金融发展过度区域,企业社会责任与银行贷款正相关,金融发展与银行贷款负相关,金融发展过度在企业社会责任与银行贷款的正向关系中发挥反向调节效应;金融发展适度区域,企业社会责任与银行贷款正相关,金融发展与银行贷款正相关,金融发展适度在企业社会责任与银行贷款的正向关系中发挥正向调节效应。

Based on the data of 688 listed companies in 2011-2015, this paper explores the relationship between financial development, corporate social responsibility and bank loans, as well as the moderating effects of financial development degree in different regions （underdevelopment, overdevelopment and appropriate development） on social responsibility and bank loan. The results show that in the insufficient financial development area, corporate social responsibility is negatively related to the bank loan, meanwhile the financial underdevelopment play the positive moderate effect, findings also show the negative correlation of the financial development and the bank loan. In the financial excessive development area, corporate social responsibility and bank loans are positively related to financial development, meanwhile the financial overdevelopment play the reverse moderate effect, and bank loans are negatively related to excessive financial development. Financial development is appropriate, corporate social responsibility and bank loans are positively related to financial development and bank loans are positively related to the appropriate financial development, and appropriate development plays the positive moderate effect in the positive relationship between the corporate social responsibility and bank loans.