实际控制人境外居留权与企业价值——基于社会责任的遮掩效应检验

Actual Controllers’ Foreign Residency Rights and Corporate Value——A Test of Masking Effect Based on CSR

根据高阶理论,实际控制人特质将影响企业决策行为,但是,鲜有学者关注控制人境外居留权对企业社会责任及经济后果的影响,文章基于政治成本假说,利用2010-2016中国民营上市公司样本探索境外居留权如何影响企业社会责任决策行为及其产生的经济后果。研究发现,实际控制人境外居留权与企业社会责任正相关,但境外居留权降低企业价值,社会责任在控制人境外居留权和企业价值之间起到遮掩效应,抑制了境外居留权对企业价值的损害。实际控制人感知的经营压力对社会责任承担及其经济后果具有调节效应,企业相对业绩和内部控制反向调节实际控制人境外居留权对社会责任和企业价值的影响。

According to the higher-order theory,the characteristics of actual controllers will affect the decision-making behavior of enterprises.however,few scholars have paid attention to the influence of controllers'foreign residency rights on corporate social responsibility and economic consequences.Based on the political cost hypothesis,this paper uses the sample of Chinese private listed companies from 2010 to 2016 to explore how controllers'foreign residency rights affect corporate social responsibility decision-making behavior and its economic consequences.The study finds that the actual controller's foreign residency rights are positively related to corporate social responsibility.However,foreign residency rights reduce the value of enterprises.Social responsibility plays a masking effect between foreign residency rights and the value of the enterprise,and restrains the damage of foreign residency rights to the value of the enterprise.The operational pressure that actual controllers perceive has a moderating effect on social responsibility and its economic consequences.Relative performance and internal control of enterprises can reverse the influence of actual controllers'foreign residency rights on social responsibility and corporate value.