企业社会责任披露、投资效率和企业创新

摘要/Abstract

摘要： 以2008年中国强制性要求企业进行社会责任披露为背景，选取2009~2018年A股上市公司为对象，围绕投资效率和企业创新两个渠道探究企业社会责任披露的经济后果。研究发现，企业社会责任披露对投资效率和企业创新均具有促进作用。同时，投资效率和企业创新是企业社会责任披露提升企业绩效的传导路径，但投资效率对企业绩效的传导作用仅体现在过度投资样本中，而企业创新对企业绩效的传导作用兼顾创新投入和创新产出。检验企业社会责任披露的经济后果是对企业社会责任披露理论研究的补充，也为厘清企业社会责任披露的作用机制提供了依据和参考。

关键词: 企业社会责任披露, 投资效率, 企业创新, 企业绩效

Abstract: With the background of mandatory corporate social responsibility disclosure in China at the end of 2008, we selected listed companies from 2009 to 2018 as the object to explore the economic consequences of corporate social responsibility disclosure through investment efficiency and corporate innovation. Study found that corporate social responsibility disclosure has promoted investment efficiency and corporate innovation, at the same time, the investment efficiency and the corporate innovation are the paths of corporate social responsibility disclosure improve corporate performance, but the intermediary role of investment efficiency on corporate performance lies only in the samples of excessive investment, and the intermediary role of corporate innovation on the corporate performance lies in not only innovation input but also innovation output. By examining the economic consequences of corporate social responsibility disclosure, this paper is a supplement to the theoretical research on corporate social responsibility disclosure, and provides a basis and reference for clarifying the economic consequences of corporate social responsibility disclosure.

Key words: corporate social responsibility disclosure, investment efficiency, corporate innovation, corporate performance

中图分类号:

F273.1

杜闪, 王站杰. 企业社会责任披露、投资效率和企业创新[J]. 贵州财经大学学报, 2021(01): 52-62.

DU Shan, WANG Zhan-jie. Corporate Social Responsibility Disclosure, Investment Efficiency and Corporate Innovation[J]. Journal of Guizhou University of Finance and Economics, 2021(01): 52-62.

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