民营企业自愿性社会责任信息披露与融资约束之动态关系研究

Research of Dynamic Relationship between Voluntary Corporate Social Responsibility Disclosure of Private Companies and Financial Constraints

自愿披露社会责任信息的企业数量持续增长,但社会责任信息披露对企业的影响尚没有得到充分的研究,以往的研究多关注于社会责任信息披露与资本成本之间的关系。文章主要研究了民营企业自愿性社会责任信息披露与融资约束之间的关系,采用我国A股民营上市公司的数据检验,发现:(1)融资约束会影响到企业的自愿性社会责任信息披露,前期融资约束高的企业更有可能在本期披露社会责任信息。(2)民营企业自愿性披露社会责任信息会降低信息不对称,并有助于企业获取政府、银行及股权投资者的融资支持,从而对企业的融资约束产生影响。相对于未披露社会责任信息的企业,披露的企业在下期会面临更低程度的融资约束,但披露的信息质量对融资约束的影响并不显著。(3)企业的社会责任信息披露对融资约束的影响存在"首次"效应,相对于非首次披露社会责任信息,首次披露对融资约束的影响更为显著。

A growing number of companies begin to disclose Corporate Social Responsibility （CSR） information, while the economic effect of CSR disclosure hasn＇ t been explored enough, and most of extant literature on CSR disclosure focuses on the cost of capital. This paper mainly studies the relationship between voluntary CSR disclosure and financial constraints. Applying the data of private A-share lis- ted companies in China for analysis, we reach three important conclusions. First, financial constraints can influence voluntary CSR dis- closure. Companies with a higher level of financial constraints in previous terms prefer to disclose CSR information in the current term. Second, voluntary CSR disclosure can reduce information asymmetry and help companies obtain financial supports from the government, banks and equity investors, which makes voluntary CSR disclosure affect financial constraints. Companies that disclose CSR information in the last term face a lower level of financial constraints in the present term than the companies that do not. However, the negative asso- ciation between voluntary CSR disclosure and financial constraints is mainly bound up with whether to disclose rather than the quality of disclosure. Third, there is an ＂initial＂ effect of voluntary CSR disclosure on financial constraints. The effect of initial disclosure on finan- cial constraints is more significant than non-initial disclosure.