企业社会责任、银行信贷与投资行为——基于中介效应的检验.docVIP

企业社会责任、银行信贷与投资行为——基于中介效应的检验 黄荷暑 许启发 安徽大学商学院 合肥工业大学管理学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 已有研究表明社会责任行为能给企业带来更多的信贷资源, 那么这些社会责任企业在获得更多的资源后能否高效地予以使用从而提高信贷资源配置效率?文章以2008-2013年沪深两市披露社会责任报告的A股上市公司为研究对象, 通过银行信贷中介效应的检验, 深入考察了企业社会责任对投资行为的影响。实证结果发现, 企业社会责任通过银行信贷促进了投资支出并提升了投资效率, 而且这种效应在国有企业和低成长性企业更为显著。上述结果表明, 从企业投资的角度来看, 企业社会责任的信贷资源配置功能是有效的, 企业通过社会责任取得的银行贷款具有显著的投资治理效应。 关键词： 企业社会责任; 投资支出; 投资效率; 银行信贷; 中介效应; 作者简介：黄荷暑, 女, 讲师, 博士研究生, 主要从事企业社会责任与公司治理研究; 作者简介：许启发, 男, 教授, 博士生导师, 博士, 主要从事金融计量研究。 收稿日期：2017-04-18 基金：安徽省哲学社会科学规划项目“企业社会责任的信贷资源配置效应研究——以安徽省上市公司为例” (AHSKQ2016D15) Corporate Social Responsibility, Bank Credit and Corporate Investment—Based on Mediation Effect Test HUANG He-shu XU Qi-fa Business School, Anhui University; School of Management, Hefei University of Technology; Abstract： Previous research indicates that corporate social responsibility can bring more credit resources for enterprises. Then the question is, can the resources be used efficiently to improve credit resources allocation efficiency by companies with social responsibility? Based on the sample of A-share listed companies with disclosed social responsibility report in Shanghai and Shenzhen stock markets from 2008 to 2013, this article studies the impact of corporate social responsibility on corporate investment behavior through the mediation effect test of bank credit. The empirical results show that, corporate social responsibility can significantly promote investment expenditure and enhance investment efficiency through bank credit, and the effect is more significantly in stateowned enterprises and the low-growth enterprises. These results indicate that, from the perspective of corporate investment, the credit resources allocation function of corporate social responsibility is effective, and the debt governance effect on corporate investment of bank credit from corporate social responsibility is significant. Keyword： corporate social responsibility;