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论文编号：	14141
作者编号：	1120180931
上传时间：	2023/6/14 15:58:56
中文题目：	企业风险承担对社会责任的影响及其经济后果研究
英文题目：	The Impact of Corporate Risk-taking on Corporate Social Responsibility and Its Economic Consequences
指导老师：	刘志远
中文关键字：	企业风险承担；社会责任；资源约束；业绩压力；经济绩效
英文关键字：	Corporate Risk-taking; Corporate Social Responsibility; Resource Constraint; Performance Pressure; Economic Performance
中文摘要：	近年来，中央频频提及共同富裕，并指出要在高质量发展中促进共同富裕。发展是解决一切问题的基础和关键，没有富裕就不可能有共同富裕，推动共同富裕的前提是创造经济价值。经济学理论和财务理论均表明不确定性是利润产生的源泉，企业通过承担风险才能获取经济利润。作为企业一项重要的战略决策，风险承担是股东意志的体现，决策目标在于增加股东财富。但是，股东富裕不会自然而然地带来共同富裕。推进共同富裕需要企业以利益相关者为导向，积极履行社会责任，创造社会价值。那么，企业应如何平衡股东和利益相关者的利益，在追求经济价值的同时创造社会价值。战略性社会责任观指出，社会责任应嵌入到企业战略管理框架中，服务于战略实施。少量研究认识到战略决定着企业经营模式、资源配置和组织架构等，是企业开展社会责任活动的内在根源，并从具体的战略类型、战略差异度、战略激进度等方面考察企业战略对社会责任的影响。事实上，不同的战略不仅意味着企业的经营模式、竞争方式等存在差异，也隐含着企业所承担的风险不同。由于利润源自于不确定性，在风险日益重要和普遍的今天，将战略决策中隐性的风险属性显性化显得尤为必要。而且，风险承担不仅体现了企业不同的战略选择，也反映出战略实施过程中的行为差异，是不同战略的重要区别。基于此，本文将战略决策的风险属性显性化，研究了企业风险承担对社会责任的影响及其产生的经济绩效。 全文共分为六章。第一章为绪论，提出研究问题，指出研究意义，然后介绍了研究思路、主要内容、研究方法和技术路线，最后提炼了本文的创新点。第二章为文献综述与理论基础，全面系统地梳理了企业风险承担和社会责任的驱动因素和影响效应等文献，指出了现有研究存在的不足以及本文的研究视角，并对研究中涉及的理论进行了归纳总结。第三章为企业风险承担对社会责任的影响，提出风险承担对社会责任履行可能存在“促进效应”和“抑制效应”，实证检验了二者的关系，并进一步分析了风险承担对不同类型社会责任的影响以及二者关系在不同企业间的差异。第四章为企业风险承担影响社会责任的机制分析，对资源约束机制和业绩压力机制进行了实证检验。第五章为企业风险承担影响社会责任的经济后果，从企业价值和可持续发展能力两个方面考察了风险承担影响社会责任进而给企业经济绩效带来的影响。第六章为研究结论、政策建议与未来展望，归纳总结了本文得出的主要结论，提出政策建议，并指出了存在的局限性以及未来的研究方向。 通过理论分析与实证检验，得到的主要研究结论如下： 一是，企业风险承担对社会责任履行存在显著的抑制效应，风险承担降低了整体社会责任表现。进一步研究发现，风险承担对不同类型的社会责任具有差异化影响，企业承担高风险后倾向于减少公共型社会责任，履行技术型社会责任，但对前者的负向影响大于对后者的正向影响，说明风险承担对整体社会责任的抑制效应是由公共型社会责任的减少所驱动的。截面差异分析表明，在创新水平较高和声誉较好的企业中，风险承担对社会责任的负向影响更弱。 二是，资源约束和业绩压力是企业风险承担抑制社会责任履行的影响机制。利用冗余资源、融资约束进行中介效应检验，本文发现风险承担降低了资源冗余程度、加剧了融资约束程度，致使社会责任履行存在资源不足的现实局限性。利用管理层报告语调和违规行为进行中介效应检验，研究发现企业风险承担会给管理层带来业绩压力，促使其削减社会责任投资，导致社会责任履行存在动机不足问题。 三是，从经济后果来看，企业风险承担抑制社会责任履行，进而对企业价值和可持续发展能力产生了负向影响，并且这一负向影响具有持续性。对高风险承担企业而言，减少社会责任履行放弃的潜在收益大于节约的成本，降低社会责任履行是不经济的。虽然风险承担对技术型社会责任的促进作用增加了经济绩效，但减少公共型社会责任参与对经济绩效产生了更大的负向影响。总体而言，高风险承担企业做出的社会责任决策有损经济绩效，不利于实现风险承担战略目标和企业可持续发展。 本文的创新之处主要体现在以下方面： 第一，从利益相关者视角考察了企业风险承担对社会责任的影响，拓展了风险承担的经济后果研究。现有文献关于风险承担的研究大多基于传统财务理论的风险承担内涵，站在股东的立场，探讨其对资本配置效率、经营业绩、成长性以及市场价值等的影响(John et al., 2008; Faccio et al., 2016; 苏坤,2015; 何瑛等, 2019)，属于经济价值范畴。社会责任的本质是对利益相关者负责，创造社会价值。本文考察了企业风险承担对社会责任的影响，将关注视角由股东转向利益相关者，将研究范畴由经济价值拓展到社会价值，补充了风险承担的相关文献。 第二，基于战略性社会责任观,将战略决策的风险属性显性纳入社会责任影响因素的研究框架中，为理解企业社会责任提供了新视角。战略性社会责任观认为社会责任应嵌入到战略管理中，服务于战略实施(Porter and Kramer, 2006)。少量文献探讨了具体的战略类型、战略差异度、战略激进度等对社会责任的影响(Banker et al., 2022; 王爱群和刘耀娜, 2021; 张多蕾等, 2022)。但不同战略不仅意味着企业的经营模式、竞争方式等存在差异，也隐含着企业所承担的风险不同，现有研究忽视了这一点。因此，本文将战略决策的风险属性显性化，考察了风险承担战略对社会责任的影响，有助于全面认识战略如何塑造企业社会责任行为。 第三，本文突破了利益相关者同质的研究假设，在利益相关者异质性的逻辑基础上，考察了企业风险承担对不同类型社会责任的差异化影响。研究发现，风险承担导致企业在履行不同类型的社会责任时采取不同的行为方式，呈现出选择性参与的特点。这一创新性的研究结论打开了社会责任的“黑箱”，有助于深刻理解企业如何区别对待不同的利益相关者。 第四，从社会责任角度为风险承担与经济绩效的动态复杂关系提供一种解释。关于风险承担对经济绩效的影响，现有研究得到不一致的结论。高风险承担企业面临更加复杂的不确定事项，承担风险到经济绩效实现的过程具有动态复杂性。本文检验了风险承担影响社会责任进而对经济绩效的影响，从社会责任角度为风险承担产生的经济绩效提供了解释，有助于更好地理解二者的关系，也为企业通过承担风险实现经济绩效增长提供参考。
英文摘要：	In recent years, the government has repeatedly mentioned common prosperity and points out that promoting common prosperity in high-quality development. Development is the foundation and key to solving problems and there can be no common prosperity without prosperity. The premise of promoting common prosperity is wealth value creation. Both economic theory and financial theory show that uncertainty is the source of profit, and enterprises can only obtain economic profits by taking risk. As an important strategic decision, risk-taking is the embodiment of shareholders' will, and its goal is increasing shareholders' wealth. However, shareholder prosperity does not automatically lead to common prosperity. Promoting common prosperity requires enterprises take stakeholders' interests as target, actively fulfill social responsibility, and create social value. How should enterprises balance the interests of shareholders and stakeholders, and create social value while pursuing economic value. The view of strategic social responsibility points out that corporate social responsibility (referred to as CSR) should embed in the framework of enterprises strategic management, serving the implementation of enterprises strategy. A small amount of research has recognized that strategy determines enterprises' business model, resource allocation, and organizational structure, and is the internal root of CSR. It also examines the impact of corporate strategy on CSR from specific strategic types, strategic differences, and strategic aggressiveness. In fact, different strategies not only mean that there are differences in the business models and competitive methods of enterprises, but also imply that the corporate risk-taking is different. Because profits stem from uncertainty, it is particularly necessary to make the implicit risk attributes in strategic decisions explicit in today's increasingly important and widespread risk. Moreover, risk-taking not only reflects the different strategic choices of enterprises, but also reflects the behavioral differences in the process of strategic implementation, which is an important difference between different strategies. In view of this, this dissertation makes the risk attribute of strategic decision-making explicitly and studies the impact of corporate risk-taking on CSR and its economic performance. This dissertation consists of six chapters. Chapter one is introduction, which puts forward the research questions and research implications. Then it introduces the research ideas, main contents, research methods and technical routes, and finally refines the innovations of this dissertation. Chapter two is literature review and theoretical basis, which comprehensively and systematically sorts out the related literatures on the research of influencing factors and influential effect of corporate risk-taking and CSR. Then it points out the shortcomings of the existing research and the research perspective of this study. Finaly it summarizes the theories involved in this dissertation. Chapter three is the impact of corporate risk-taking on CSR. This chapter theoretically develops the possible “promoting effect” and “inhibiting effect” of corporate risk-taking on CSR, and empirically tests the relationship between them. It further examines the impact of risk-taking on different types of CSR and the differences in their relationship between different enterprises. Chapter four is about the impact mechanism of corporate risk-taking affecting CSR, empirically testing the resource constraint mechanism and performance pressure mechanism. Chapter five is the economic consequences of corporate risk-taking influence on CSR. From two aspects of corporate value and sustainable development ability, it analyzes and tests the enterprises economic performance caused by the impact of corporate risk-taking on CSR. Chapter six is the research conclusions, policy suggestions and future prospects, which summarizes the research findings, puts forward policy suggestions, and then points out the limitations and the possible research direction. Through theoretical analysis and empirical tests, the following conclusions are reached: Firstly, corporate risk-taking has a significant inhibitory effect on CSR, and it reduces CSR performance. Further research shows that risk-taking has a differentiated impact on different types of CSR. Corporate risk-taking has negative impact on public CSR and positive impact on technical CSR. However, the negative impact is greater than the positive impact. It indicates that the inhibitory effect of risk-taking on CSR is driven by reduction in public CSR. The cross-sectional analysis shows that the negative impact of risk-taking on CSR is weaker among enterprises with higher innovation level and better reputation. Secondly, resource constraint and performance pressure are the impact mechanisms of corporate risk-taking inhibiting CSR. By using redundant resources and financing constraints to test the mediating effect, this research shows that corporate risk-taking reduces the degree of resource redundancy and intensifies the degree of financing constraints, resulting in the practical limitations of insufficient resources in the fulfillment of CSR. Based on the mediation effect test of management reporting tone and violation behavior, this study finds that, corporate risk-taking brings performance pressure to management, which would prompt them to reduce CSR investment, leading to insufficient motivation to fulfill CSR. Thirdly, from the perspective of economic consequences, corporate risk-taking inhibits CSR, which leads to the decline of firm value and sustainable development ability. In addition, the negative impact is persistent. For high risk-taking enterprises, the potential income of reducing CSR is greater than the cost of saving, so it is uneconomic to reduce the CSR performance. Although the promotion effect of risk-taking on technical CSR increases economic performance, the reduction of public CSR has a greater negative impact on economic performance. Overall, the CSR decision made by high risk-taking enterprises are detrimental to economic performance and not conducive to achieving risk-taking strategic goals and enterprises sustainable development. The main innovations of this study are as follows: Firstly, from the perspective of stakeholders, this study examines the impact of risk-taking on CSR, and expands the research on the economic consequences of risk-taking. Most of the existing literatures on risk-taking are based on the connotation of risk-taking in traditional financial theories. From the perspective of shareholders, they discuss its impact on capital allocation efficiency, business performance, enterprise growth and market value (John et al., 2008; Faccio et al., 2016; Su Kun, 2015; He Ying et al., 2019), belongs to the category of economic value. The essence of CSR is to be responsible for stakeholders and create social value. This study examines the impact of corporate risk-taking on CSR, shifts the focus from shareholders to stakeholders, expands the research scope from economic value to social value, and supplements relevant literature on corporate risk-taking. Secondly, based on the view of strategic CSR, explicitly incorporating risk attribute of strategic decision-making into the research framework of CSR influencing factors, which provides a new perspective for understanding CSR. The view of strategic social responsibility points out that CSR should embed in the framework of enterprises strategic management, serving the implementation of enterprises strategy (Porter and Kramer, 2006). A small number of literatures have discussed the impact of specific strategy types, strategy differences and strategic aggressiveness on CSR (Banker et al., 2022; Wang Aiqun and Liu Yaona, 2021; Zhang Duolei et al., 2022). Different strategies not only mean different business models and competition modes of enterprises, but also imply that the corporate risk-taking is different, which has been ignored by existing studies. Therefore, this study makes the risk attribute of strategic decision explicit and examines the impact of risk-taking strategy on CSR, which is conducive to a comprehensive understanding of how strategy shapes corporate social responsibility behavior. Thirdly, breaking through the research hypothesis of stakeholder homogeneity, based on the logical foundation of stakeholder heterogeneity, this study examines the differentiated effects of risk-taking on different types of CSR. It finds that risk-taking leads to different behaviors of enterprises in fulfilling different types of CSR, showing the characteristics of selective participation. This innovative research conclusion opens the "black box" of CSR, which is conducive to profound understanding of how enterprises treat different stakeholders differently. Finally, this study provides an explanation for the dynamic and complex relationship between risk-taking and economic performance from the perspective of CSR. On the impact of risk-taking on economic performance, existing studies have reached inconsistent conclusions. High risk-taking corporate need deal with more complex uncertainties, and the process from risk-taking to firm economic performance realization is dynamic and complex. This research examines the impact of risk-taking on economic performance by influencing CSR. It provides an explanation for the economic performance differences generated by risk-taking from the perspective of CSR, which is helpful to understand the dynamic and complex relationship between them better. In addition, it provides a reference for enterprises to achieve economic performance growth through risk-taking.
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