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企业社会责任与违约风险之间的反向U形关系:融资约束的作用
Wenli Wang1,2, Jiasi Yang1,2
1School of Management, Harbin University of Commerce, Harbin, China.
Heliyon
|August 7, 2024
概括
企业社会责任 (CSR) 最初会增加违约风险,但在一定门之后会减少. 融资限制调解了这种反转的U形关系,公司所有权和规模各不相同.
科学领域:
- 商业与经济学 商业与经济学
- 公司治理 公司治理
- 金融风险管理 金融风险管理
背景情况:
- 公司流动性和债务偿还压力不断增长,凸显了企业的流动性和债务偿还压力.
- 保险保险的保险是什么意思
- 企业社会责任 (CSR) 的作用.
- 现有的文献还没有充分阐明企业社会责任与企业违约风险之间的复杂关系.
- 由于中国的市场动态,中国的环境为研究企业社会责任的影响提供了一个独特的环境.
研究的目的:
- 实证分析中国企业社会责任与企业违约风险之间的关系.
- 调查融资约束在CSR-违约风险关联中的调解作用.
- 基于公司特征,探索这种关系的异质性.
主要方法:
- 从2011年到2020年,对中国4988家上市公司进行了全面的实证分析.
- 强度检查包括变量替换和延迟时间效应.
- 调解分析以确定融资约束的作用.
主要成果:
- 企业社会责任与违约风险之间存在一个反转的U形关系:企业社会责任的初始增加会增加风险,但超过一个值,更高的企业社会责任会降低风险.
- 融资限制调解了这种关系,在U形的左侧加剧,在右侧放松.
- 企业社会责任对违约风险的影响因企业的所有权和规模而异.
结论:
- 企业社会责任对企业违约风险表现出非线性影响,受融资约束的影响.
- 了解这种反转的U形状对于金融风险管理至关重要.
- 决策者应该考虑强制性CSR披露,以提高企业的透明度和稳定性.
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