企业社会责任、融资约束与企业创新
Corporate Social Responsibility,Financing Constraints and Corporate Innovation
翟炎卿1
作者信息
- 1. 西安财经大学商学院,西安 710100
- 折叠
摘要
"十四五"规划明确提出加强高质量发展,争创创新型国家前列.以2010-2021年沪深两市A股上市公司的数据为样本,研究CSR(企业社会责任)的履行对企业创新的影响.实证结果表明,CSR履行能够促进企业创新,并经过一系列稳健性检验后,结论依然成立.机制分析表明,CSR履行能够通过缓解其融资约束,进而促进企业创新.进一步,探讨分析师关注和股权集中度在CSR与企业创新之间的调节作用,发现分析师越关注、股权集中适度,越能促进企业创新水平的提升.
Abstract
The"14th Five-Year Plan"clearly proposes to strengthen high-quality development and strive to be at the forefront of innovative countries.Based on the data samples of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,the impact of corporate CSR(corporation social responsibility)implementation on corporate innovation is studied.The empirical results show that corporate CSR implementation can promote corporate innovation,and the conclusion is still valid after a series of robustness tests.Mechanism analysis shows that corporate CSR fulfillment can promote corporate innovation by alleviating their financing constraints.Furthermore.the moderating effect of analyst attention and equity concentration on the relationship between corporate CSR and corporate innovation is explored,and it is found that the more analysts pay attention to it,the more moderate equity concentration can promote the improvement of corporate innovation level.
关键词
CSR(企业社会责任)履行/融资约束/分析师关注/股权集中度Key words
CSR(corporation social responsibility)fulfillment/financing constraints/analyst concerns/equity concentration引用本文复制引用
基金项目
西安财经大学研究生创新基金(22YC021)
出版年
2024
NETL
NSTL
万方数据