企业社会责任对现金持有价值的影响——基于分位数回归模型的研究

A quantile analysis to the impact of corporate social responsibility on the value of cash holdings

随着环境和社会问题日益严峻,企业社会责任的重要性凸显.本文研究了企业社会责任水平对现金持有价值在资本市场与产品市场中的影响.基于企业异质性和分布的厚尾特征,本文采用分位数回归模型克服一般均值模型的模型设定限制,发现:1)在资本市场中,企业社会责任提升了现金持有的价值,并且随着企业市值的增加,这种正相关效果更加显著. 2)在产品市场中,企业社会责任能显著提升高销售增长率企业的现金持有价值;在低销售增长率企业中,低水平社会责任则会损害现金持有价值.本文的实证结果支持利益相关者理论提出的企业社会责任活动能够缓解管理者与利益相关群体之间的矛盾,从而改善利益相关者对公司的认知并赋予更高价值.本文的结论也为管理者自觉从事社会责任活动提供了部分证据.

Corporate social responsibility(CSR)activities are getting more attention as environmental and social problems deteriorate.This paper studies the impact of CSR on the value of cash holdings in both capital market and product market.Using quantile regression method,we are able to capture the firm-level heterogeneity,asymmetry and heavy-tail features,which are commonly untreated under mean regression models.Different from the OLS regression,our quantile empirical analysis finds:Firstly,in the capital market,CSR does enhance the value of cash holdings and this positive effect increases with firm’s market value.Secondly,in the product market,CSR enhances cash holdings value for enterprises with high sales growth rate,but poor CSR performance is detrimental to cash holdings value among enterprises with low sales growth rate.Therefore,our results support the stakeholder theory that CSR activities enhance firms’value through mitigating conflicts between managers and stakeholders.Our empirical results also provide evidence for managers to engage in CSR activities.