控股股东股权质押与企业社会责任研究

Research on Controlling Shareholder's Pledge of Equity and Corporate Social Responsibility

本研究以2015年至2019年我国沪深两市A股上市的非金融类企业为研究样本,研究结果显示,上市公司控股股东股权质押会降低其履行企业社会责任水平。但相对于国有企业,控股股东股权质押的民营企业有动机履行更多的社会责任,以稳定股票价格。同时,企业良好的内部控制可以缓解控股股东股权质押对社会责任履行的负面影响。

This study takes the non-financial enterprises listed in Shanghai and Shenzhen A-share markets from 2015 to 2019 as the research samples.The research results show that the equity pledge of the controlling shareholders of listed companies will reduce their performance of corporate social responsibility.However,compared with state-owned enterprises,private enterprises with controlling shareholders'equity pledge have more motivation to perform social responsibilities,so as to stabilize the stock price.At the same time,good internal control of enterprises can alleviate the negative impact of controlling shareholders'equity pledge on the performance of social responsibility.