企业社会责任对银行商业价值的影响研究——基于中国银行业的准自然实验

A Research on the Influence of Corporate Social Responsibility on Commercial Value of Banks:Based on a Quasi-natural Experiment of China’s Banking Industry

基于中国股份制银行、城市商业银行和农村商业银行2005—2017年面板数据,使用双重差分模型实证考察企业社会责任对银行商业价值的影响。研究结果表明:在短期内,商业银行承担社会责任对商业价值影响程度较小,但从长期来看,企业社会责任对银行商业价值具有较大的正影响。企业社会责任对银行商业价值的影响具有明显的异质性,政治级别越高的商业银行承担社会责任对其商业价值的影响越大;相对于上市银行,非上市银行承担社会责任对其商业价值的影响更大;相对于城市商业银行,农村商业银行承担社会责任对其商业价值的影响更大。研究结论对激励商业银行承担社会责任,提升银行商业价值具有一定的借鉴意义。

Based on the panel data of China’s joint-stock banks, urban commercial banks and rural commercial banks from 2005 to 2017, this paper uses the difference-in-difference model to empirically examines the impact of corporate social responsibility on the commercial value of banks. The research results show that, in the short term, commercial banks have less influence on commercial value by taking social responsibility, but in the long term, social responsibility has a positive impact on the commercial value of banks. The impact of social responsibility on commercial value of banks is obviously heterogeneous. The commercial banks with higher political rank assume social responsibility and have greater impact on their commercial value.Compared with listed banks, the social responsibility of non-listed banks has a greater impact on their commercial value.In addition, compared with urban commercial banks, rural commercial banks take social responsibility and have a greater impact on their commercial value.The conclusion of this research can be used for reference to encourage commercial banks to undertake social responsibility and enhance their commercial value.