社会责任承担与企业投资效率：基于利益相关者理论的解释

企业社会责任承担的经济后果是理论界与实务界关注的重要话题.基于利益相关者理论解析社会责任承担对企业投资效率的作用机制,采用主成分分析法构建社会责任综合指数实证检验发现:社会责任指数与投资效率显著负相关,表明企业社会责任承担抑制了过度投资和投资不足问题,并在投资不足企业中作用更显著;企业短期社会责任变化对投资效率作用不显著;在内部利益相关者、非国有企业、非发达地区样本中社会责任承担对投资效率的影响更显著;企业可持续发展能力与独立董事声誉在其中起到部分中介作用,盈余管理程度对企业投资效率产生直接影响.研究丰富了企业社会责任承担经济后果研究,拓展了企业投资决策前置因素,为当前企业积极履行社会责任、提升投资效率提供了有意义的借鉴.

Corporate Social Responsibility and Investment Efficiency: An Explanation Based on Stakeholder Theory

The economic consequences of CSR is an important topic in theory and practice. Based on the stakeholder theory, this paper analyzes the mechanism of CSR on investment efficiency.This paper uses principal component analysis to build a comprehensive index of CSR. The CSR index is significantly negatively correlated with investment efficiency, which indicates that CSR can restrain over-investment and under-investment, and plays a more significant role in under-investment enterprises. The change of short-term CSR has no significant effect on investment efficiency. In the samples of internal stakeholders, non-state-owned enterprises and undeveloped areas, the impact of CSR on investment efficiency is more significant. The ability of sustainable development and the reputation of independent directors play an intermediary role, and the degree of earnings management has a direct impact on the investment efficiency. The research enriches the research on the economic consequences of CSR, expands the pre factors of corporate investment, and provides a meaningful reference for current enterprises to actively fulfill their CSR and improve investment efficiency.