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论文编号：	7563
作者编号：	1120110775
上传时间：	2015/6/15 15:56:21
中文题目：	民营企业社会责任回馈机制研究——基于融资约束的视角
英文题目：	Research on Feedback Mechanism of Social Responsibility of Private Enterprises-- Based on the Perspective of Financing Constraints
指导老师：	李维安
中文关键字：	民营企业社会责任；融资约束；市场关注度；政治关联；金融市场化
英文关键字：	private corporate social responsibility; financing constraints; market attention; political connection; financial marketization
中文摘要：	“穷则独善其身，达则兼济天下”自古以来被多数国人奉为理性的行为准则，也在一定程度上反映了经济活动中行为人自利与利他的边界和条件。对于企业公民而言，履行企业社会责任是“兼济天下”的一种体现，那么作为企业社会责任的最高层次，自愿的慈善责任应该是企业“达”而后为的义举。然而，民营企业当前还处于“穷”的阶段，面临着严重的融资约束，民营企业的慈善责任行为并没有遵循上述行为逻辑，它们未达而济天下。那么，这种看似“非理性”行为背后的驱动因素和内在逻辑是什么呢？亚当?斯密对于个体行为与社会福利关系的洞见深刻揭示了经济系统运行中的一般规律，并给出了制度设计的基本参照点或理想方案——个体只需根据最大化自身收益而行动便能实现社会最大福利。这也是当前激励机制追求的目标，激励相容作为激励制度的核心意味着个体对自身利益的追逐是激励制度设计的出发点和着力点。对于企业而言，尤其是民营企业，逐利性是其行为最为重要的驱动力。以此为出发点探究民营企业行为的动因是合理的，民营企业的社会责任履行行为亦是如此。民营企业履行社会责任背后的逻辑可以从两个方面来剖析，一是，目前我国正处于由行政型治理向经济型治理转变的转型期，仍然有部分重要资源分配行政化，民营企业面临所有制歧视。在这种情况下市场化途径无法满足民营企业获取资源的需要，与政府建立联系则成为重要的资源获取途径，企业履行社会责任被作为一种与政府建立和维持关系进而进行资源交换的手段；二是，当前已经不存在企业能够“独善其身”的环境，“股东至上”的理念已经逐渐被“利益相关者共同利益”所取代，利益相关者意识的觉醒使得企业失去了“独善其身”的条件，但也为其通过“众”来善其身提供了新的路径。可见，企业“穷济天下”的行为既是其生存环境改变的必然结果，又是当前制度环境下民营企业的无奈之举。履行社会责任是民营企业在面对市场和政府多重需求情况下做出的积极应对，有必要同时从市场和政府两个角度，来分析民营企业社会责任履行可能产生的影响。本文从民营企业社会责任履行的战略视角出发，基于融资约束的角度，考察民营企业社会责任的回馈机制，探究民营企业通过社会责任履行获益的途径和内在机理。首先，通过理论和实证分析检验民营企业社会责任履行的融资回馈机制，验证了民营企业社会责任履行能够发挥缓解融资约束的作用，进一步从市场和政府两个方面探讨了作用发挥的途径和机理。其次，对外源融资途径进行细分，分别考察了民营企业社会责任履行对于股权融资和债权融资的影响，验证了民营企业社会责任内容对于不同融资方式的影响方式和路径存在差异。本文的主要结论：第一，民营企业社会责任履行有助于缓解其融资约束，民营企业通过“济天下”实现了“善其身”的效果。市场和政府均对民营企业的社会责任履行行为予以了回报，其中民营企业通过社会责任履行与政府的资源交换发挥主要作用。将市场关注度和政治关联作为切入点进行分析发现，相对于低市场关注度的企业而言，高市场关注度的企业的慈善捐赠、环境保护以及社会责任信息披露等行为都更能够起到缓解融资约束的作用。而政治关联对民营企业的不同社会责任行为融资回馈机制的影响存在差异，政治关联能够进一步强化民营企业慈善捐赠和环境保护缓解融资约束的作用，但削弱了民营企业社会责任信息披露对融资约束的缓解作用。通过探讨金融发展的影响进一步明晰两条途径之间的差异，金融市场化程度越高社会责任缓解融资约束的能力越强，而信贷市场化程度越高，社会责任缓解融资约束的作用反而越弱，这说明市场的信息机制以及政府的资源交换都发挥重要的作用。由于信贷分配市场化在一定程度上更加直接地体现了政府对金融资源的控制，表明与政府进行资源交换在捐赠缓解融资约束上发挥着更为主要的作用。第二，民营企业社会责任履行有助于降低权益资本成本或减缓权益资本成本的提高，市场关注度对于不同社会责任与权益资本成本关系的影响存在差异，金融市场化程度越高，民营企业社会责任履行的影响越明显。慈善捐赠和环境保护均有助于民营企业降低权益资本成本或减缓权益资本成本的提高；市场关注度具有正向的调节作用，市场关注度越高慈善捐赠和环境保护对权益资本成本的影响越明显；而且随着金融市场化程度的提高，慈善捐赠和环境保护的作用效果越显著，对权益资本成本的影响越强，市场关注度作用也更加明显。对于社会责任信息披露而言，发布企业社会责任报告也能够降低民营企业的权益资本成本或减缓权益资本成本的提高。但是，市场关注度对社会责任信息披露与权益资本成本的关系存在一定的抑制作用。金融市场化越高的地区，社会责任信息披露的效果越明显，而且市场关注度对于社会责任信息披露的影响发生转变，由抑制作用转为促进作用。第三，社会责任履行有助于民营企业债务融资，民营企业与政府的资源交换是社会责任履行发挥作用的内在机制，政治关联发挥了桥梁的作用。其中，慈善捐赠与环境保护等实质性行为的效果明显，而社会责任信息披露对于促进债务融资的作用则不明显。而且，企业社会责任履行对于债务融资的影响主要发生在与政府关系密切的政治关联民营企业中。进一步研究发现，随着信贷分配市场化程度的提高，民营企业社会责任促进债务融资的作用减弱，政治关联的影响也减弱，说明政府对信贷资源分配的干预是民营企业社会责任获得融资回馈的重要途径。此外，民营企业社会责任履行对于债务融资的影响主要体现在帮助政治关联民营企业获得更多的长期借款上；相比于非管制行业，处于管制行业的民营企业进行社会责任履行能够获得更多的债务融资，且管制行业政治关联民营企业的社会责任履行对于债务融资的影响更为明显。
英文摘要：	“Be good on your own when you are poor, and share with others when you are rich” is taken as a rational standards of behavior since the ancient times by most people, and also, to some extent, reflects the boundary and conditions of selfishness and altruism in the economic activities. Performance of the corporate social responsibility for corporate citizenship is a reflection of “noblesse”. So as the highest level of corporate social responsibility, charity responsibility should be done when they are rich enough. However, at such condition, private enterprises are contributing more and more to philanthropy. The phenomenon that poor private enterprises are the most generous is thought-provoking. Even if it looks like the kind of behavior is irrational, there is no reason to think so. So, it is interesting and important to find out the reason of private enterprises donation when they are lack of money. Adam Smith's insights about the relation between individual behavior and social welfare profoundly reveals the general law of economic system operation, and gives the basic reference point or the optimal solution of the institution design - individual action can achieve maximum social welfare when they only need to maximize their own profits. This is also the target of the current incentive mechanism, incentive compatibility as the core of incentive system means that the individual pursuit of self-interest is the starting point and focus of incentive mechanism design. For enterprises, especially private enterprises, profit-driven is the most important driving force for their behavior. Take it as a starting point to explore the motivation of private enterprises behavior is reasonable, so do the social responsibility of private enterprises. This article from the strategic perspective, through researching the relationship of social responsibilities and financing constraints, investigate the feedback mechanism of social responsibility of private enterprises. First of all, this article confirms the private enterprises to fulfill social responsibility can ease the financing constraints. Secondly, this paper respectively investigates the influence of social responsibility to equity and debt, and proves that social responsibility impact the two financing methods through different ways. Finally, the role of market and government is investigated, and it is proved that market and government both exert effect to the relationship of social responsibilities and financing constraints, but mostly depend on the government. The main conclusions of this paper is as follows: Firstly, the social responsibility of private enterprise can help ease the financing constraints. Market and government both repay private enterprises for their philanthropy, which improve the situation of private enterprises. By comparing the different effect between two ways, we find that return from government is more important for relieving financial constraints, and political connection is used as the channel for resource exchange between government and private enterprises. What’s more, the higher market attention is, the stronger donation, environmental protection and social responsibility information disclosure of private enterprises can affect financial constraints. But the influence of political connection for donation, environmental protection and social responsibility information disclosure are different. Political connection can promote the impact of donation and environmental protection to financial constraints, but weaken the influence of social responsibility information disclosure. The higher the degree of financial marketization, the stronger the ability of the social responsibility to ease the financing constraints, and the higher the degree of marketization of credit, the less impact of social responsibility to the financing constraints. Due to the marketization of credit allocation to a certain extent, directly reflects the government's control of financial resources, so it can tell that the exchange of resources and the government play a more major role on the relationship of the social responsibility and the financing constraints. Secondly, social responsibility of private enterprise can help reduce the cost of equity capital or slow down the rising cost of equity capital. Market attention exert different impact in the relationship of different social responsibilities and cost of equity capital. What’s more, the higher the degree of financial liberalization, the bigger influence private enterprise social responsibility can exert on reducing the cost of equity capital. Donation and environment protection both can reduce the cost of equity capital, and market attention enhances this effect. The influence of donation and environment protection get bigger with the improvement of financial marketization degree. For social responsibility information disclosure, it also can reduce the cost of equity capital. But this effect is weakened by high market attention. However, this condition is changed with the improvement of financial marketization degree. Thirdly, the social responsibility of private enterprises can help debt financing. The exchange of resources between private enterprises and the government is the internal mechanism of social responsibility to fulfill its function, and political connection played a bridge role. The effect of substantial behavior of social responsibility such as Donations and environmental protection is obvious, but the social responsibility information disclosure is not. What’s more, only the social responsibilities of private enterprises which have political connection can help debt financing. Further study finds that the higher the degree of marketization of credit allocation, the weaker the impact of social responsibility on debt financing is, and the less the influence of political association for the relationship is. Moreover, the impact of social responsibility of private enterprises on debt financing is mainly embodied in political association to help private enterprises get more long-term debt. On this basis, this paper may have three contributions to related research. Firstly, to extend the research filed from relationship between donation and financial performance to the relationship between donation and financial constraints. Secondly, to pay attention to the effect of market mechanism and government mechanism at the same time, which increases the understanding of the determinants of donation of private enterprises. Thirdly, to enrich the research on firm’s financial constraints.
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