企业社会责任、财务重述与融资约束

Corporate Social Responsibility,Financial Restatement and Financing Constraints

本文以我国2009-2018年沪深A股上市公司作为样本,考察企业社会责任、财务重述与融资约束之间的关系。研究结果发现:企业能够通过承担社会责任的方式来缓解在发展过程中所面临的融资约束困境;企业承担社会责任也有利于降低发生财务重述行为的概率;减少企业财务重述行为能进一步缓解企业面临的融资约束;财务重述是企业社会责任作用于融资约束的部分中介变量,而且相较于高融资约束企业和国有企业,这种作用在低融资约束企业和非国有企业中体现得更明显。

This paper takes China's 2009-2018 Shanghai and Shenzhen A-share listed companies as a sample to examine the relationship between corporate social responsibility,financial restatement and financing constraints.The results show that enterprises can alleviate the dilemma of financing constraints in the development process by assuming social responsibility.Corporate social responsibility also helps to reduce the probability of financial restatement;Reducing corporate financial restatement behavior can further alleviate the financing constraints faced by enterprises;Financial restatement is some of the mediating variables of CSR on financing constraints,and this effect is more obvious in low-financing constrained enterprises and non-state-owned enterprises than in high-financing constrained enterprises and state-owned enterprises.