数字经济背景下企业社会责任信息披露、风险承担与创新投入

Corporate Social Responsibility Information Disclosure,Risk Taking and Innovation Investment in Digital Economy

本文基于社会资本理论,以2007~2022年我国A股上市公司为样本,运用Heckman两阶段模型,探讨数字经济背景下,企业社会责任信息披露影响创新投入的内在机理,解释了企业风险承担能力和管理者风险承担意愿的中介作用,以及公司治理的调节效应,以拓展战略性慈善行为推动企业创新的相关研究。结果表明:社会责任信息披露促进创新投入;管理者风险承担意愿和企业风险承担水平均发挥中介作用;CEO二元性、董事会规模、管理层持股比和股权制衡度均对社会责任信息披露与创新投入的关系起促进作用。本文将社会责任信息披露的影响从伦理层面拓展到战略层面,为企业数字化战略、社会责任战略和创新战略的协同作用提供了重要启示。

Based on the theory of social capital,this paper takes the Chinese A-share listed companies from 2007 to 2022 as samples,and uses the Heckman two-stage model to explore the internal mechanism of CSR information disclosure affecting inno⁃vation input in the context of digital economy.The results show that:social responsibility disclosure promotes innovation input.Both managerswillingness to take risks and firmslevel of taking risks play intermediary roles in the relationship between social re⁃sponsibility disclosure and innovation input.CEO duality,board size,management shareholding ratio,and equity balance degree all have positive effect on the relationship between CSR disclosure and innovation input.This paper expands the impact of social re⁃sponsibility information disclosure from the ethical level to the strategic level,providing important enlightenment for enterprises to play the synergistic role of digital strategy,social responsibility strategy,and innovation strategy.