经济增长目标压力对企业社会责任支出的影响效应

The Impact of Economic Growth Target Pressure on Corporate Social Responsibility Expenditures

在“晋升锦标赛”背景下,地方政府为了应对经济增长压力、实现短期经济增长目标而采取的一系列措施在推动经济快速增长的同时,也会对企业的社会责任履行产生影响。基于全国320个地级行政区的经济增长目标数据和沪深A股上市公司数据,研究地级市经济增长目标压力对企业社会责任整体支出规模和内部社会责任支出比重的影响效应及作用机制,结果发现:地级市经济增长目标压力对企业社会责任的整体支出规模具有抑制效应,而对企业内部社会责任支出占整体社会责任支出的比重具有提升效应。地级市经济增长目标压力越大,即经济增长目标偏离潜在增长率的程度越深,辖区内企业社会责任的整体支出规模越小,内部社会责任支出比重越高,而外部社会责任支出越被轻视。地级市经济增长目标压力对企业社会责任支出的影响效应主要是通过减少企业环境信息披露来实现的。在媒体关注度更高的企业和财政分权程度更高的地区,经济增长目标压力对企业社会责任支出的影响效应更加显著。

In the context of thee"promotion tournament",a series of measures taken by local governments to cope with economic growth pressure and achieve short-term economic growth goals will not only promote rapid economic growth,but will also have an impact on the fulfillment of corporate social responsibilities.Based on the economic growth target data of 320 prefecture-level administrative regions across the country and the data of all listed companies in Shanghai and Shenzhen A-shares,this paper studies the impact and mechanism of the economic growth target pressure of prefecture-level cities on the overall scale of corporate social responsibility expenditures and the proportion of internal social responsibility expenditures.The results show that the pressure on economic growth targets in prefecture-level cities has an inhibitory effect on the overall scale of corporate social responsibility expenditures,while it has an increasing effect on the proportion of internal corporate social responsibility expenditures in overall social responsibility expenditures.The greater the pressure on the economic growth target of a prefecture-level city,that is,the deeper the economic growth target deviates from the potential growth rate,the smaller the overall scale of corporate social responsibility expenditures within the jurisdiction,the higher the proportion of internal social responsibility expenditures,and the more external social responsibility expenditures are contempt.The effect of target pressure of economic growth in prefecture-level cities on corporate social responsibility expenditures is mainly achieved by reducing corporate environmental information disclosure.Among companies with higher media attention and in regions with a higher degree of fiscal decentralization,the impact of pressure on economic growth targets is more pronounced.