企业社会责任对财务困境的影响

The Impact of Corporate Social Responsibility on Financial Distress

财务困境往往酝酿着严重的企业危机,当企业无法摆脱财务困境时可能面临债务重组甚至破产清算。根据利益相关者理论,企业社会责任能够满足利益相关者需求进而降低企业风险。从利益相关者的视角,选取2010—2020年中国沪深A股上市公司数据,研究企业社会责任对财务困境的影响。实证分析显示,具有较高社会责任水平公司的财务困境风险较低。此外,这种关系在治理机制强的公司中更加明显。较高的社会责任绩效可以获得债权人以及客户的支持,降低企业的融资成本、提高企业的议价能力进而降低企业陷入财务困境的可能性。研究结果表明,企业社会责任是一种良好的风险管理机制,承担社会责任还能够使企业与部分利益相关者实现良性互动。

Financial distress often breeds a serious enterprise crisis.When an enterprise can not get rid of financial distress,it may face debt restructuring or even liquidation bankruptcy.According to stakeholder theory,corporate social responsibility can meet the needs of stakeholders and thus reduce corporate risk.From the perspective of stakeholders,this paper uses the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 to study how corporate social responsibility affects financial distress.The empirical analysis shows that the financial distress risk of companies with a higher level of social responsibility is lower.In addition,this relationship is more obvious in companies with strong governance mechanisms.Better social responsibility performance can obtain the support of creditors and customers,reduce the financing cost of enterprises,improve the bargaining power of enterprises,and thus reduce the possibility of financial distress of enterprises.The research results show that corporate social responsibility is a good risk management mechanism,and undertaking social responsibility can enable enterprises to achieve benign interaction with some stakeholders.