社会责任信息披露、会计稳健性与融资约束基于产权异质性的视角.docVIP

社会责任信息披露、会计稳健性与融资 约束基于产权异质性的视角 约束 基于产权异质性的视角 钱明徐光华沈弋 南京理工大学经济管理学院 A前关于社会责任信息披露与融资约束之间关系的研宄还较少，且未有研究将社 会责任信息披露与会计稳健性联系起来，考察二者对融资约束影响的交互效应， 这不利于在实务上为企业的决策提供理论指引。本文以我国A股上市公司为样本, IX分民营企业和国有企业考察了社会责任信息披露、会计稳健性及融资约束之间 的关系，研宄发现：（1）社会责任信息披露有助于缓解融资约束，且这种影响主要 体现在民营企业屮，在国有企业屮并不显著；（2）由于资源约束的限制，企业社会 责任信息披露与会计稳健性在对融资约束的影响上主要呈现出替代关系；（3）社 会责任信息披露对融资约束的影响及其与会计稳健性之间的替代效应主耍存在 于经济发达地区,在经济发展水平较低的地区并不显著。 关键词： 社会责任信息披露;会计稳健性;融资约束;所有权性质;经济发展水T; 基金：国家自然科学基金项目71172104的资助 Corporate Social Responsibility Disclosure, Accounting Conservatism and Financial Constraints Qian Ming Abstract： The phenomenon that an increasing number of companies begin to disclose corporate social responsibility ( CSR) information has attracted more and more scholars to research economic effects of CSR disclosure. But studies of the association between CSR disclosure and financial constraints( FC) are still few，there also haven’t been any studies contacting CSR disclosure and accounting conservatism( AC) to research the interaction effect of their impacts on FC. This article use China’s 八-share listed companies as the analysis sample, research the relationship between CSR disclosure, AC and FC in private enterprises and state-owned enterprises respectively. And we have three important findings, the first is that CSR disclosure can be useful to lower FC, and this influence mainly exist in private enterprises rather than state-owned enterprises; the second finding is that there is a substitute association between CSR disclosure’s and AC’s effects on EC; the last we found is that the relationship between CSR disclosure and FC mainly exist in developed districts. Our research findings are able to complement existing literature and provide guidelines for corporates practice. 、引言 社会责任报告能够向政府、投资者及其他利益相关者提供财务报告以外的信息， 成为外界了解企业情况的重要途径之一，W内外已有不少学者针对数量不断增长 的社会责任报告进行了研宄。但现有的有关社会责任信息披露经济后果的研究主 要关注的是其与资本成本之间的关系(Dhaliwal et al.，2011;李姝等，2013)，而 对社会责任信息披露与融资约束之间关系的研究还较少。融资约束是指妨碍企业 向期望的投资项目投入资金的阻力，通常是源于企业信用的不足而无法通过