党的领导在企业治理中的作用--基于社会责任承担的分析

Party Leadership in Corporate Governance Perspective of Corporate Social Responsibility

本文基于马克思主义政治经济学中人民至上的视角以及资本追求利润的理论描述,诠释了党的领导在企业治理中的重要作用。在本文的模型中,企业的目标是最大化利润,而中央党组织与基层党组织的目标是最大化社会福利,体现党为人民服务的宗旨与初心。模型结果显示,完全企业自治会导致企业社会责任承担不足;党组织的领导能够将社会福利目标纳入企业的决策目标函数中,从而促进企业社会责任承担;党组织治理程度越高,企业社会责任承担越好;党组织治理促进企业社会责任承担的作用,在企业禀赋中对社会福利关心程度较低时更加明显。此外,在拓展模型中,本文引入了中央与基层各自的信息优势,从而进一步分析中央党组织与基层党组织的重要作用。结果表明,中央党组织指明方向、基层党组织贯彻执行、企业管理者具体实施的组织体系可以实现社会福利最优。本文的实证结果与模型预测一致。本文的研究结论为坚持和加强党中央的集中统一领导、全面从严治党以及加强基层党建提供了重要的理论与实证支持。

This paper shows,theoretically and empirically,that the organizations of the Commu-nist Party of China(CPC)play an important role in improving corporate social responsibilities(CSR).In the baseline model,the objective of enterprises is to maximize firm value,while the objective of the CPC is to maximize social welfare.Consequently,the free market system without the CPC's guidance leads to inefficient CSR commitment,and the leadership of the CPC could help to improve CSR by incorporating social welfare into the firm􀆳s objective function.The base-line model also reveals that the positive effect of the leadership of the CPC on CSR is more pro-nounced when the firm itself cares less about social welfare initiatively.Then in the extension model,considering the information asymmetry between the Central Committee of Party(CCP)and the enterprise-level committees of the party(ECP),we show that in an economy with the CCP only or the ECP only,the CSR cannot reach the social optimum either.Only when the CCP provides information on overall CSR demand,the ECP provide enterprise-specific guidance ac-cording to the CCP's information,and enterprises manage production activities under the ECP's guidance,can optimal CSR be achieved.The empirical results among A-share public firms pro-vide support to the theoretical predictions.Overall,our paper highlights the important role played by the CPC in corporate governance.