经济政策不确定性、股权质押与企业社会责任履行

Uncertainty of Economic Policy, Share Pledges and the Performance of Corporate Social Responsibility

本文以2010—2019年A股上市公司作为研究样本,研究经济政策不确定性对企业社会责任履行水平的影响,以及企业控股股东股权质押行为在这两者之中发挥的中介作用。实证结果发现:经济政策不确定性越高,企业社会责任履行水平越低。控股股东股权质押这一融资行为作为中介变量,解释了经济政策不确定性对企业社会责任履行影响的传导机制。

Taking A-share listed companies from 2010 to 2019 as research samples, this article studies the impact of the uncertainty of economic policies on the performance of corporate social responsibility(CSR), as well as the mediating role of shareholders’ share pledge behaviors in these two. The empirical results show that the higher the economic policy’s uncertainty is, the lower the level of the performance of CSR is. As an intermediary variable, the fi nancing behavior of shareholder’s share pledge explains the transmission mechanism of the impact of the uncertainty of economic policy on the performance of CSR.