股票流动性如何影响企业社会责任?--来自中国A股上市企业的证据

How Does Stock Liquidity Affect Corporate Social Responsibility?--Evidence from Chinese A-Share Listed Companies

本文利用2008—2018年润灵环球中国上市企业的社会责任评价、企业财务和股票交易数据,实证检验了股票流动性对上市企业社会责任评分的影响。本文发现,股票流动性的改善,能够显著提升上市企业的社会责任评分。使用“去杠杆”事件作为准自然实验的外生冲击,结合倾向得分匹配的倍差估计法(PSM-DID)、工具变量估计法等一系列稳健性检验后,该结论依然成立。异质性分析则表明,在按照相关规定必须披露社会责任报告的企业、国有企业和地处市场化程度更高的中东部地区的企业中,股票流动性对企业社会责任评分的提升作用更加显著。进一步的机制分析结果表明,股票流动性既提高了非控股股东的退出威胁程度,又提高了企业高管的薪酬激励水平,还在一定程度上减少了短期机构投资者的持股比例,通过改善公司治理促进了企业社会责任表现。本文丰富了股票市场微观结构影响企业社会责任表现的相关文献,对推动企业积极履行社会责任具有一定借鉴意义。

This paper empirically examines the impact of stock liquidity on corporate social responsibility(CSR)using data from 2008 to 2018 on the Rankins CSR scores,corporate finance and stock transactions of Chinese A-Share listed companies.The empirical results show that the increases of stock liquidity can significantly improve the CSR score.This finding holds after a series of robustness tests including a quasi-natural experiment using stock market de-leverage events as exogenous shocks combining propensity score matching and difference-in-difference model,and two stage least squares model using financing transactions as instrumental variables.Heterogeneity analysis then shows that the effect of stock liquidity on CSR scores is more significant among companies that are required to disclose social responsibility reports under the relevant regulations,among state-owned enterprises,and among companies located in the central and eastern regions,which are more market-oriented.Further results of the mechanism analysis suggest that stock liquidity significantly increases the level of exit threat for noncontrolling shareholders and monetary compensation incentives for corporate executives,and to some extent reduces the short-term investors,contributing to CSR performance through improved corporate governance.This paper enriches the literature on the impact of stock market microstructure on corporate social responsibility performance,and has implications for efforts to promote active corporate social responsibility.