企业履行社会责任能改善投资效率吗?——基于脱贫攻坚和乡村振兴视角

Can Corporate Social Responsibility Improve Investment Efficiency?:From the Perspective of Poverty Alleviation and Rural Revitalization

以2016—2019年我国沪深A股上市公司为研究对象,从脱贫攻坚和乡村振兴视角,深入考察企业履行社会责任对投资效率的影响。研究发现,企业承担脱贫攻坚和乡村振兴的社会责任可以显著改善投资效率,不仅能够缓解过度投资,而且还可以抑制投资不足,融资约束在改善投资效率、抑制过度投资和投资不足的过程中发挥了部分中介效应。进一步研究表明,企业履行脱贫攻坚和乡村振兴的社会责任对投资效率改善的促进作用在非国有企业中更加显著;行业竞争程度越高,社会责任对投资效率的促进作用越大,行业竞争与社会责任之间存在互补关系;在市场化程度低的地区的企业、内部控制质量低的企业中,社会责任对投资效率的促进作用越大,并且市场化程度、内部控制与社会责任之间存在替代关系。

Taking the A-share listed companies in Shanghai and Shenzhen in China from 2016 to 2019 as the research object,from the perspective of poverty alleviation and rural revitalization,the impact of corporate social responsibility on investment efficiency was investigated in depth.The study found that enterprises’social responsibility for poverty alleviation and rural revitalization can significantly improve investment efficiency,not only alleviate over-investment,but also restrain underinvestment.Financing constraints play a part of mediating effect in the process of improving investment efficiency,restraining over-investment and underinvestment.Further research shows that the promotion of enterprises’performance of their social responsibilities for poverty alleviation and rural revitalization on the improvement of investment efficiency is more significant in non-state-owned enterprises.The higher the degree of industry competition,the greater the role of social responsibility in promoting investment efficiency.There is a complementary relationship between industry competition and social responsibility.In enterprises with low degree of marketization and low quality of internal control,social responsibility plays a greater role in promoting investment efficiency.There is a substitution relationship between marketization,internal control and social responsibility.