我国医药上市公司的企业社会责任、融资约束与企业绩效关系分析

Analysis on the Relationship between Corporate Social Responsibility,Financing Constraints and Corporate Performance of Listed Pharmaceutical Companies in China

目的:研究我国医药上市公司的企业社会责任、融资约束与企业绩效之间的关系,为促进我国医药企业履行社会责任和监管部门制定政策提供参考。方法:以2015-2018年我国A股医药制造业的211家上市公司为样本,设置被解释变量为企业绩效,解释变量为企业社会责任和融资约束,控制变量为企业的资产规模、股权性质、成长性、研发投入、营销投入以及年度,以此构建多元回归方程,分析企业社会责任、融资约束和企业绩效之间的作用关系,并提出相关建议。结果:企业社会责任对企业绩效有显著正向影响;在企业社会责任对企业绩效的促进作用中,融资约束没有抑制上述促进作用。结论:在我国医药行业中,企业社会责任意识亟待提高;医药企业积极履行社会责任能够促进企业绩效。我国医药企业整体面临的融资约束程度不高,面临融资约束的企业通过履行企业社会责任能更好地提高企业绩效。建议政府要推进企业社会责任立法进程,医药企业应提高社会责任意识并重视融资约束的影响,而投资者应实时关注医药企业披露的责任信息和实际履行情况。

OBJECTIVE:To study the relationship between corporate social responsibility,financing constraints and corporate performance of listed pharmaceutical companies,so as to provide reference for pharmaceutical enterprises to fulfill their social responsibility in China.METHODS:Taking 211 A-share listed pharmaceutical companies in China from 2015 to 2018 as samples,using corporate performance as explained variables,corporate social responsibility and financing constraints as explanatory variables,asset size,equity nature,growth,R&D investment,marketing investment and annual as control variables,a multiple regression equation was constructed to study the relationship among corporate social responsibility performance,financial constraints and corporate performance and put forward the suggestions.RESULTS:Corporate social responsibility had a significant positive impact on corporate financial performance;in the promotion of corporate social responsibility on corporate performance,finacing constratins couldn’t inhibit the promote function.CONCLUSIONS:In China’s pharmaceutical industry,the awareness of corporate social responsibility needs to be improved;pharmaceutical enterprises actively perform social responsibility will interactively promote corporate performance.The overall financial constraints faced by Chinese pharmaceutical enterprises are not high,and enterprises which facing financial constraints will better improve their performance by fulfilling corporate social responsibility.It is suggested that the government should promote the legislative process of corporate social responsibility;pharmaceutical enterprises should enhance the awareness of social responsibility and pay attention to the impact of financing constraints;investors should pay real-time attention to the responsibility information and actual performance of pharmaceutical enterprises.