企业社会责任、技术创新与股价崩盘风险

Corporate Social Responsibility, Technological Innovation and Stock Price Crash Risk

基于2010—2019年我国A股上市公司的面板数据,以技术创新为切入点,分析并检验了企业社会责任对股价崩盘风险的影响路径。结果发现:企业履行社会责任可抑制股价崩盘风险,且这种抑制性以技术创新为中介发挥作用。进一步的实证表明,以上技术创新的中介效应,在高市场化环境下更显著,在低市场化环境下不显著。

Based on the panel data of China’s A-share listed companies from 2010 to 2019, this paper analyzes and tests the influence path of corporate social responsibility(CSR) on stock price crash risk from the perspective of technological innovation. Results show that CSR can restrain stock price crash risk, and this inhibition plays a role through technological innovation. Further empirical analysis also shows that the mediating effect of the above technological innovation is more significant in the high market-oriented environment, but not significant in the low market-oriented environment.