环境不确定性、企业社会责任与债务违约风险——基于中国A股上市公司的经验研究

Environmental Uncertainty,Corporate Social Responsibility and Debt Default Risk——Empirical Study Based on Chinese A-Share Listed Companies

以2012—2016年我国A股上市公司为研究样本,实证验证了不同股权背景下,环境不确定性对公司债务违约风险的影响以及企业社会责任履行对违约风险的影响,检验了企业社会责任履行在环境不确定性与公司债务违约风险关系中的调节作用。研究发现:环境不确定性增加了企业债务违约的风险,而企业社会责任履行对两者关系具有缓解作用,且这种缓解作用更多存在于非国有企业中。

Using the data of China＇s A-share listed companies during the 2012-2016 period,this paper analyzes the impact of environmental uncertainty on corporate debt default risk under different equity backgrounds. The moderating effect of corporate social responsibility on the relationship between environmental uncertainty and corporate debt default risk is also tested. The results show that： Environmental uncertainty increases the risk of corporate debt default. Corporate social responsibility has a mitigation effect on the relationship between them and this effect is more prevalent in non-state owned enterprises.