矿业企业社会责任对融资方式及能力的影响研究

Research on the Impact of Mining Enterprises′Social Responsibility on Financing Ways and Ability

收集2014—2016年我国矿业上市公司企业社会责任和财务数据,探究企业社会责任履行情况对企业融资方式和融资能力的影响。运用熵值法计算矿业企业融资能力,用Logit回归模型和最小二乘法回归模型对假设进行验证。企业社会责任评分高的矿业上市公司在融资方式选择上具有更高的自主性,更倾向于内源融资;融资能力与社会责任评分正相关,企业社会责任表现较好的矿业上市公司融资能力相对较高。研究对于我国矿业上市公司的投融资决策具有一定的启示,引导矿业企业积极履行社会责任。

This paper is a study of whether the performance of corporate social responsibility of China′s listed mining companies has an impact on their financing ways choice and financing ability.The empirical analysis is based on the corporate social responsibility and financial panel data from 2014 to 2016.The method of entropy is used to calculate the financing ability of mining enterprises and the Logit regression model and least square regression model are used to verify the hypothesis of this paper.Regression results show that mining enterprises with high CSR score have higher autonomy in financing method choices and they are more inclined to choose endogenous financing.The financing ability of mining enterprises is positively correlated to their social responsibility score.The research will highlight the significance of corporate social responsibilities which absolutely can help mining enterprises when they make investment and financing decisions.