强制社会责任披露与企业投资不足:投资挤出抑或拉动

Mandatory Social Responsibility Disclosure and Corporate Under-investment:Investment Crowding-Out or Pulling

本文利用2008年强制要求部分企业披露社会责任(CSR)信息这一准自然实验,采用PSM-DID法考察强制CSR披露对企业投资不足的两种相反作用效应:投资挤出与投资拉动。实证发现:强制CSR披露显著缓解了融资约束企业投资不足,但对融资约束低企业的缓解作用不明显,表明'投资拉动效应'更占主导。进一步研究发现,强制CSR披露的缓解作用主要集中在有较高信息不对称与较高政治社会风险的企业;且在强制披露后,企业获得了更多商业信用融资和银行贷款。

This paper applied the PSM-DID method and the quasi-natural experiment of mandatory requirement for some firms to disclose CSR reports in 2008,then investigated the opposite effect of mandatory CSR disclosure on enterprise under-investment,that is,investment crowing-out and investmen pulling.We find that mandatory CSR disclosure significantly alleviates the under-investment of firms with higher financial constraints,but the effect is insignificant for firms with lower financial constraints,which suggests that the‘investment-driven effect’is taking over the dominance.Furthermore,we find that the relieving effect of mandatory CSR disclosure mainly concentrates on firms suffering information asymmetry and higher sociopolitical risks.After the mandatory disclosure,enterprises have gained more commercial credit financing and bank loans.