企业社会责任、投资者异质信念与融资约束

Corporate Social Responsibility,Investors′Heterogeneous Beliefs and Financing Constraints

本文以我国沪深两市2009-2016年A股上市公司为研究样本,实证检验企业社会责任与融资约束以及投资者异质信念之间的关系。研究发现:企业社会责任可以负向作用于投资者异质信念,企业积极承担社会责任,将促进企业降低投资者异质信念程度;投资者异质信念正向作用于融资约束,企业面临的投资者异质信念程度越高,由此带来的融资约束越严重;企业社会责任可以负向作用于融资约束,企业承担社会责任有利于缓解企业面临的融资约束困境;投资者异质信念是企业社会责任作用于融资约束的中介变量。研究结论表明,应当加快完善相应的法律制度,提升企业的社会责任意识,加强投资者信息识别能力。

Based on the sample selection of A-share listed companies in Shanghai and Shenzhen in 2009-2016,this paper empirically tests the relationship among corporate social responsibility,financing constraints and investors′heterogeneous beliefs.Research found that:corporate social responsibility can indeed negatively affect investors′heterogeneous beliefs:that enterprises actively assume their social responsibilities will promote enterprises to reduce the degree of investors′heterogeneous beliefs;investors′heterogeneous beliefs will positively act on financing constraints:the higher the investors′heterogeneous beliefs faced by the company,the more serious the financial constraints are;corporate social responsibility can negatively affect the financing constraints:corporate social responsibility is conducive to alleviating the financing constraints faced by enterprises;investors′heterogeneous beliefs is the intermediary variable of corporate social responsibility in financing constraints.The conclusion shows that we should speed up the improvement of the corresponding legal system,enhance the corporate social responsibility awareness,and strengthen investors′ability to identify information.