地区经济发展、社会责任行为与科技创新投入

Regional economic development,social responsibility behavior and sci-tech innovation investment

目前许多研究表明社会责任和科技创新都有助于企业价值的增长，然而多数研究仅将这二者孤立的进行探讨，实践中许多企业既进行了科技创新投入又有社会责任行为，本文将这两种行为置于一个框架下探讨二者对于企业价值的交互效应。以中国2007-2014年A股上市公司为样本，检验了企业社会责任行为与科技创新投入对企业价值的交互效应，并考察了地区经济发展水平对该交互效应的影响，研究结果表明：社会责任行为与科技创新投入对企业价值的交互效应为替代效应，即社会责任行为与科技创新投入共存一定程度上削弱了对企业价值增长的促进作用；动态研究的结果同样表明，社会责任行为与科技创新投入对企业价值的影响存在替代效应；地区经济发展水平是该替代效应的外部激发机制，在经济发展水平较高的地区，存在显著的替代效应，而在经济发展水平较低地区不显著。进一步研究发现，成长性高的企业替代效应更显著，同时地区经济发展水平对该替代效应的影响也仅在成长性高的企业中存在。本研究反映了社会责任与科技创新对于企业价值的交互效应以及这种效应的外部激发机制，打开了社会责任与科技创新促进企业价值增长作用的黑箱。

Using a sample of China＇ s A - share listed companies from 2007 to 2014, we study the interactive effect of social responsi- bility behavior and sci - tech innovation investment on the enterprise value, and we further study whether the interactive effect is influ- enced by regional economic development. The results show that, the social responsibility behavior and the sci - tech innovation invest- ment have substitution effect on enterprise value, namely when the sci -tech innovation investment is lower, the influence of social re- sponsibility activities on the enterprise value is more significant, and vice versa. The dynamic research also showed that the social re- sponsibility behavior and the sci - tech innovation investment have substitution effect on enterprise value. Based on the different levels of regional economic development, we find that the substitution effect is significant in the developed regions, while not significant in the developing regions. And our further study showed that enterprise＇ s growth also influenced the substitution effect.