重污染企业亲社会性表现对企业高质量发展的影响——基于融资约束的中介效应研究

The Impact of Pro-social Performance of Heavily Polluting Enterprises on the High-quality Development of Enterprises—A Study of the Mediating Effect Based on Financing Constraints

本文以2011~2021年中国A股上市的重污染企业为研究样本,分析了重污染企业亲社会行为与企业高质量发展之间的关系,并在此基础上进一步考察了企业融资约束在企业亲社会行为和企业高质量发展之间的中介作用。研究结果发现,重污染企业的亲社会行为能够显著地促进企业高质量发展,并且验证了企业融资约束在其中所起到的中介作用。企业的亲社会行为帮助企业改善了企业形象,进而影响到利益相关者并降低了企业的融资约束,促进企业更好地融资,提升了企业的市场竞争力,有助于企业实现高质量发展。此外,研究又进一步基于产权性质、地理位置等一系列因素进行了分析。本文丰富了企业高质量发展的理论内涵,并为重污染行业企业如何进行高质量转型、提升发展质量提供了实证依据和更多的思路及建议。

This paper selects heavily polluting enterprises listed on China s A-share market from 2011 to 2021 as the research sample,analyzes the relationship between pro-social behaviors of heavily polluting enterprises and high-quality development of enterprises,and further examines the mediating role of corporate financing constraints between pro-social behaviors of enterprises and high-qualitily development of enterprises on this basis.The results of the study found that the pro-social behavior of heavily polluting enterprises can significantly promote the high-quality development of enterprises,and the paper verifies the mediating role of corporate financing constraints in it.The pro-social behavior of the enterprises helps them improve their image,which in turn influences the stakeholders and reduces the financing constraints of the enterprises,thus helping them to obtain better financing,further enhancing their market competitiveness,and contributing to the realization of high-quality development of the enterprises.In addition,the study further analyzes the heterogeneity based on a series of factors such as the nature of property rights,geographic location,and so on.This paper enriches the theoretical connotation of high-quality development of enterprises and provides empirical evidence and more ideas and suggestions on how heavily polluting enterprises can carry out high-quality transformation and improve the quality of development.