企业社会责任承担的理性边界问题研究——基于产品市场竞争的门限效应分析

A Study on the Rational Boundary of CSR——Based on the Analysis of Threshold Effect of Product Market Competition

中国企业承担社会责任的理性边界问题是亟待解决的重要问题。立足于中国本土的现实国情,以产品市场竞争为切入点,利用2010-2016年沪深两市A股主板上市公司数据,构建动态面板模型和面板门限模型进行了实证检验。结果表明:产品市场竞争可以强化企业社会责任对财务绩效的促进作用,并存在单一门限值(0.150 7),对于落入门限值左侧的企业而言,承担社会责任有利于改善财务绩效,而对于落入门限值右侧的企业而言,承担社会责任对财务绩效会产生一定的负效应。产品市场竞争主要是通过强化社会责任战略制定、督促社会责任战略实施以及社会责任信息披露等途径对社会责任的财务效应施加积极影响,但这种影响机制并不依赖于行业特性。

The rational boundary problem of Chinese enterprises undertaking social responsibility is an important problem that needs to be solved urgently.Based on the actual situation of China,this paper starts from product market competition.The dynamic panel model and the panel threshold model are empirically tested by using the data of the companies listed in Shanghai and Shenzhen stock exchanges between 2010 and 2016.The results showed that：（1）product market competition can strengthen the promotional effects of corporate social responsibility on financial performance.Product market competition intensity has a single threshold（0.1507）.The enterprise falling into the left of the threshold bear the social responsibility,which can produce a stronger role in promoting financial performance,but the enterprise falling into the right side of the threshold will produce certain negative effects.（2）The product market competition exerts positive influence on the financial effect of social responsibility mainly through strengthening the formulation of social responsibility strategy,urging the implementation of social responsibility strategy and disclosure of social responsibility information,but this influence mechanism does not depend on the industry characteristics.