管理者自信会影响企业社会责任行为吗?——兼论融资融券制度的公司外部治理效应

Does the Managers' Confidence Affect Corporate Social Responsibility? On the Corporate Governance Effect of Margin Trading

本文以我国A股上市公司2008—2015年数据为样本,研究发现,全样本下管理者自信程度与企业社会责任水平之间呈负相关关系;在自信不足和适度自信样本中,管理者自信程度与企业社会责任水平之间呈负相关关系,且相比适度自信样本,自信不足样本中管理者自信对企业社会责任行为的影响更大;在过度自信样本中,管理者自信程度与企业社会责任水平之间呈正相关关系。进一步检验发现,全样本下管理者自信对企业社会责任行为的影响存在区间效应。然后,采用双重差分模型研究融资融券对企业社会责任行为的影响,发现在引入融资融券制度后,与控制组样本相比,处理组中的融资融券标的样本降低了企业社会责任水平;同时,将管理者自信程度与企业社会责任水平之间的关系置于融资融券背景下研究,发现管理者自信程度与企业社会责任水平之间的负相关关系仅存在于非融资融券样本中。这些结果说明,融资融券呈现出了一定的公司外部治理效应,为我国加强企业监管和深化金融体制改革提供了理论参考。

We explore the relationship between managers confidence and corporate social responsibility.The decisions of corporates are largely affected by external environment.Margin trading was introduced in China on March 31,2010,it can make some negative news of enterprises reflect in stock price timely,which plays a role of supervision and restraint on managers behavior,improving corporate governance environment,and affecting the corporate social responsibility.The previous literatures about margin trading mainly focus on pricing efficiency,stock crash risk,market stability and other aspects of the securities market.Few literatures focus on the effect of margin trading from the perspective of enterprise management behavior.Based on this,we further study the impact of margin trading on corporate social responsibility,and on the relationship between managers confidence and corporate social responsibility.We use sample of listed companies in China main board market from 2008 to 2015,management forecast errors to measure managers confidence,the social contribution value per share to measure corporate social responsibility.We find that the relationship between managers confidence and corporate social responsibility behavior is negative.Then we divide the sample into low confidence,moderate confidence and overconfidence three samples,and find in low confidence sample and moderate confidence sample,the relationship between managers confidence and corporate social responsibility is negative,and the influence in low confidence sample is stronger.However,in overconfidence sample,the relationship between managers confidence and corporate social responsibility is positive.On this basis,we further find that the influence of managers confidence on corporate social responsibility exists interval effect.At the same time,our country began to implement the margin trading in 2010,it was an natural experiment,using difference-in-difference method to study the effect of margin trading on corporate social responsibility,we find that after the introduction of margin trading,compared with the control sample,enterprises in the treatment group reduce the level of corporate social responsibility.Based on this,we find that the relationship between managers confidence and corporate social responsibility only exists in control group.These results suggest that margin trading plays a certain external governance effect.The main contributions of this study are that,First,the previous studies mainly focus on the research of managers overconfidence,but overconfidence is the only one type of confidence,in this paper,in order to reflect the influence of managers confidence on corporate social responsibility more comprehensively and deeply,we investigate the impact of managers confidence on corporate social responsibility from the perspective of continuous variable.At the same time,we are according to the kernel density function of managers confidence,dividing the sample into low confidence,moderate confidence and overconfidence three samples to study the relationships between managers confidence and corporate social responsibility respectively.We find that the relationships in three samples are different.More importantly,we find that the influence of managers confidence on corporate social responsibility exists interval effect.In the second place,the previous studies of margin trading most focus on the capital market such as stock price and market stability.Part of the studies focus on earnings management and accounting conservatism,investment efficiency.Few literatures focus on influence of margin trading on corporate social responsibility.In this paper,we find that after the introduction of the margin trading,compared with the control sample,margin trading corporates in the treatment group reduce the level of corporate social responsibility,and find that margin trading weakens the relationship between managers confidence and corporate social responsibility.The results confirm that margin trading has external governance effect.Third,this study not only identifies the managers confidence psychological characteristics,but also finds that managers confidence plays a role of inhibition on corporate social responsibility.The results have a certain practical significance for the securities to strengthen supervision and constraint system for managers irrational behavior.