管理评论

›› 2017, Vol. 29 ›› Issue (12): 163-174.

• 会计与财务管理 • 上一篇    下一篇

民营企业自愿性社会责任信息披露与融资约束之动态关系研究

钱明1, 徐光华1, 沈弋1, 窦笑晨2   

  1. 1. 南京理工大学经济管理学院, 南京 210094;
    2. 中国会计学会, 北京 100045
  • 收稿日期:2016-06-08 出版日期:2017-12-28 发布日期:2017-12-20
  • 通讯作者: 徐光华(通讯作者),南京理工大学经济管理学院教授,博士生导师,博士。
  • 作者简介:钱明,南京理工大学经济管理学院博士研究生;沈弋,南京理工大学经济管理学院讲师,博士;窦笑晨,中国会计学会主任科员,硕士。
  • 基金资助:

    国家自然科学基金面上项目（71172104；71472088）；国家自然科学基金青年基金项目（71302036）；南京理工大学自主科研项目（30920140121011）。

Research of Dynamic Relationship between Voluntary Corporate Social Responsibility Disclosure of Private Companies and Financial Constraints

Qian Ming1, Xu Guanghua1, Shen Yi1, Dou Xiaochen2   

  1. 1. School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094;
    2. Accounting Society of China, Beijing 100045
  • Received:2016-06-08 Online:2017-12-28 Published:2017-12-20

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摘要：

自愿披露社会责任信息的企业数量持续增长，但社会责任信息披露对企业的影响尚没有得到充分的研究，以往的研究多关注于社会责任信息披露与资本成本之间的关系。文章主要研究了民营企业自愿性社会责任信息披露与融资约束之间的关系，采用我国A股民营上市公司的数据检验，发现：（1）融资约束会影响到企业的自愿性社会责任信息披露，前期融资约束高的企业更有可能在本期披露社会责任信息。（2）民营企业自愿性披露社会责任信息会降低信息不对称，并有助于企业获取政府、银行及股权投资者的融资支持，从而对企业的融资约束产生影响。相对于未披露社会责任信息的企业，披露的企业在下期会面临更低程度的融资约束，但披露的信息质量对融资约束的影响并不显著。（3）企业的社会责任信息披露对融资约束的影响存在“首次”效应，相对于非首次披露社会责任信息，首次披露对融资约束的影响更为显著。

关键词: 社会责任, 融资约束, 自愿性信息披露, 民营企业, 动态关系

Abstract:

A growing number of companies begin to disclose Corporate Social Responsibility (CSR) information, while the economic effect of CSR disclosure hasn't been explored enough, and most of extant literature on CSR disclosure focuses on the cost of capital. This paper mainly studies the relationship between voluntary CSR disclosure and financial constraints. Applying the data of private A-share listed companies in China for analysis, we reach three important conclusions. First, financial constraints can influence voluntary CSR disclosure. Companies with a higher level of financial constraints in previous terms prefer to disclose CSR information in the current term. Second, voluntary CSR disclosure can reduce information asymmetry and help companies obtain financial supports from the government, banks and equity investors, which makes voluntary CSR disclosure affect financial constraints. Companies that disclose CSR information in the last term face a lower level of financial constraints in the present term than the companies that do not. However, the negative association between voluntary CSR disclosure and financial constraints is mainly bound up with whether to disclose rather than the quality of disclosure. Third, there is an "initial" effect of voluntary CSR disclosure on financial constraints. The effect of initial disclosure on financial constraints is more significant than non-initial disclosure.

Key words: corporate social responsibility, financial constraints, information disclosure, private companies, dynamic relationship