政府补助与民营企业社会责任

Government Subsidy and Corporate Social Responsibility of Private Firms

首先构建关于民营企业相互竞争的寡头市场模型进行理论分析,然后以2010—2016年中国民营上市公司为样本,实证检验政府补助对民营企业社会责任的影响效应及其作用机制。结果表明,政府补助会显著促进民营企业积极履行社会责任,并且产品市场竞争在政府补助产生作用的过程中发挥中介效应。进一步分析发现,政府补助对民营企业社会责任的促进作用在低频数的政府补助、中等额度的政府补助、竞争性行业、没有政治关联、硬约束补助等样本中更加明显。上述结论为企业社会责任影响因素的研究开辟了来自政府补助异质性层面的视角,为产品市场竞争作为政府补助影响民营企业社会责任的主要实现渠道提供了理论和经验证据,同时对于地方政府更好地优化财政资源的分配也具有一定的启示意义。

This paper first constructs an oligopolistic market model of private enterprises competing with each other to make theoretical analysis,and then uses data of Chinese private listed companies from 2010 to 2016 to test effect and mechanism of government subsidy on corporate social responsibility.The results show that government subsidy significantly promotes private firms to fulfill their social responsibilities actively,and product market competition plays a mediating role during the process.Further analysis finds that the active effect of government subsidy on corporate social responsibility is more obvious in samples of low-frequency,medium-sized,competitive industries,no political links,and hard-constrained.The above conclusions open up the perspective from the heterogeneity of government subsidy for the research on the influencing factors of corporate social responsibility,and provide theoretical support and empirical evidence for the mechanism that government subsidy affects private firms’social responsibilities through product market competition,at the same time,it provides enlightening significance for the government to better optimize the allocation of fiscal resources.