粮油食品企业社会责任对信贷可得性的影响研究——基于机构投资者持股的调节作用

A STUDY ON THE SOCIAL RESPONSIBILITY OF GRAIN,OIL AND FOOD ENTERPRISES AND THEIR CREDIT ACCESSIBILITY:THE REGULATORY EFFECT BASED ON INSTITUTIONAL INVESTOR SHAREHOLDING

党的二十大报告指出,要确保粮食安全,加快建设农业强国。基于2010—2022年我国A股上市公司数据,以粮油食品行业中的上市企业为研究样本,构建多元回归模型研究粮油食品企业社会责任履行对信贷可得性的影响。研究发现:粮油食品企业履行社会责任能有效促进信贷的可得性,伴随机构投资者持股比例的提高,两者之间的正向关系进一步强化;异质性研究发现,企业上市年限对社会责任履行和信贷可得性之间的正向关系起正向赋能作用,与其他地区相比,东部地区上市粮油食品企业的这种正向赋能作用更强一些;相较于粮油企业,食品企业的信贷可得性对社会责任履行具有更强的敏感性;托宾Q值在企业社会责任履行和信贷可得性之间的关系中起抑制作用,在总资产较高、托宾Q值更低的国有粮油食品企业中,履行社会责任和信贷可得性之间存在的正相关关系更明显。

The 20th National Congress of the Communist Party of China emphasized the importance of ensu-ring food security and accelerating the development of an agricultural powerhouse.This study,based on A-share data from Chinese listed companies spanning 2010 to 2022,focuses on listed companies in the grain,oil,and food industry as research samples.It constructs a multiple regression model to investigate the impact of social responsibility information disclosure on the credit accessibility of these enterprises.The research re-veals that fulfilling social responsibility in grain,oil,and food enterprises effectively promotes credit accessi-bility.With the increasing proportion of institutional investor shareholding,the positive relationship between the two is further strengthened.Heterogeneous research indicates that the length of time a company has been listed positively empowers the relationship between social responsibility and credit accessibility.In comparison to other regions,in the eastern region,the longer the listing period of grain,oil,and food enterprises,the more effectively their social responsibility enhances credit accessibility.Moreover,compared to grain and oil enterprises,credit accessibility for food enterprises is more sensitive to social responsibility.The Tobin Q val-ue plays an inhibitory role in the relationship between corporate social responsibility and credit accessibility.In state-owned grain,oil,and food enterprises with higher total assets and lower Tobin Q values,the positive correlation between fulfilling social responsibility and credit accessibility is more pronounced.