外资进入对中国企业社会责任的影响研究——基于行业内和行业间溢出效应的分析

Impact of Foreign Direct Investment Entry on Corporate Social Responsibility——Based on Intra-industry and Inter-industry Spillover Effects

本文从行业的视角,考察外资进入对中国企业社会责任的影响,并拓展研究外资进入速度的调节作用。研究表明:(1)行业内外资进入会抑制中国企业履行社会责任,上下游行业引入外资将促使企业履行更多的社会责任。(2)行业内外资进入速度将正向调节行业内外资进入水平与企业社会责任的关系,上下游行业外资进入速度的调节作用则呈"U型"。(3)外资进入对内资企业和外资企业社会责任的影响存在差异性。内资企业与全样本回归结果基本一致,而外资企业的社会责任主要受上游行业外资进入的影响,并不受其外资进入速度的调节。(4)外资进入对企业社会责任的影响因企业所处产业技术水平的不同而有所差异。行业内外资进入将抑制低技术企业的社会责任,上下游行业外资进入将提高低技术企业的社会责任。且行业内、上下游行业外资进入速度的调节作用分别为正向、U型和正向。而处于高技术产业的企业社会责任主要受下游行业外资进入的影响,其外资进入速度发挥"U型"的调节作用。

This paper examines the influence of Foreign Direct Investment（FDI） on Corporate Social Responsibility（CSR） and further explores the moderating effect of FDI entry pace on the relationship between FDI and CSR, from the perspective of industry. The results indicate that：（1） Enterprises＇ CSR is significantly negatively related to the inter-industry FDI, and significantly positively related to the FDI of upstream and downstream industries.（2） The inter-industry FDI entry pace positively moderates the relationship between FDI and CSR, but the upstream-industry and downstream-industry FDI entry pace have a U-shaped moderating effect.（3） The influence of FDI on domestic and foreign-owned enterprises＇ CSR are different. The results in domestic enterprises sample are basically consistent with that obtained in the overall sample, but the foreign-owned enterprises＇ CSR is mainly impacted by the upstream-industry FDI, which is not moderated by its FDI entry pace.（4） The influence of FDI on enterprises＇ CSR varies depending on the technology level. The low technology enterprises＇ CSR is significantly negatively related to the inter-industry FDI and significantly positively related to the FDI of upstream and downstream industries. Moreover, the FDI entry pace of inter-industry, upstream-industry and downstream-industry have a＂positively＂, ＂U-shaped＂ and ＂positively＂ moderating effect respectively. While the high technology enterprises＇ CSR is mainly impacted by the downstream-industry FDI, and its entry pace plays a＂U-shaped＂moderating role.