企业社会责任履行、成长周期与财务风险研究--基于沪深上市公司的经验证据

Research on Corporate Social Responsibility Fulfllment,Growth Cycle and Financial Risk:Based on the Empirical Evidence of Listed Companies in Shanghai and Shenzhen

立足于我国近十年的经济环境,基于利益相关者理论、资源基础理论和风险管理理论,选取2013—2021年沪深A股12159个公司—年度样本数据,研究企业社会责任表现对财务风险的影响效应,考察成长周期与先前绩效对企业社会责任表现与财务风险关系的调节作用。研究结果表明:良好的企业社会责任绩效能够有效降低企业财务风险;企业发展越成熟和先前绩效越好,会显著强化企业社会责任与财务风险的负相关关系;在检验企业社会责任与财务风险的关系时,还考察了企业自身发展动态性与组织资源异质性对二者关系的影响作用,为企业结合切身实际承担社会责任与良性发展提供新的认识。

In view of this,based on China's economic environment in recent ten years,based on stakeholder theory,resource-based theory and risk management theory,this paper studies the impact of corporate social responsibility performance on financial risks by using the sample data of 12159 companies in Shanghai and Shenzhen from 2013 to 2021,and examines the moderating effect of growth cycle and previous performance on the relationship between corporate social responsibility performance and financial risks.The results show that good corporate social responsibility performance can effectively reduce corporate financial risks;The more mature an enterprise is and the better its previous performance will significantly strengthen the negative correlation between corporate social responsibility and financial risk.This paper examines the relationship between corporate social responsibility and financial risk,and at the same time examines the influence of the dynamic development of enterprises themselves and the heterogeneity of organizational resources on the relationship between them,which provides a new understanding for enterprises to undertake social responsibility and sound development under the guidance of policies.