国有股权、企业社会责任与信贷约束
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摘要
本文以中国2009-2016年沪深两市1 686家上市公司为样本,研究企业内部国有股权比例和社会责任承担对企业信贷约束的影响,并对企业提高国有股权和积极承担社会责任之间的替代性进行检验。结果表明:提高国有股权占比和积极承担社会责任均有利于企业缓解其信贷约束,且国有股权作为一种企业与政府建立直接利益关系的方式,与企业通过积极承担社会责任来换取社会资源的机制有一定的替代效应,且这一替代效应只存在于民营企业。
In this paper the Chinese 1686 listed companies in Shanghai and Shenzhen Stock Exchanges during 2009-2016 are used as samples to study the impacts of the ratio of state-owned shares and the social responsibility on the credit constraints of enterprises, and to examine the substitution between increasing state-owned shares and actively-assuming social responsibility. The results pf the paper show that both increasing the ratio of state-owned shares and actively-assuming social responsibility are conducive to the decrease in the credit constraints of enterprises, and the stateowned shares, a way of establishing a direct interest relationship between enterprises and government, have a substitution effect for the mechanism that the enterprises actively assume social responsibility to obtain social resources, and the substitution effect exists only in private enterprises.
In this paper the Chinese 1686 listed companies in Shanghai and Shenzhen Stock Exchanges during 2009-2016 are used as samples to study the impacts of the ratio of state-owned shares and the social responsibility on the credit constraints of enterprises, and to examine the substitution between increasing state-owned shares and actively-assuming social responsibility. The results pf the paper show that both increasing the ratio of state-owned shares and actively-assuming social responsibility are conducive to the decrease in the credit constraints of enterprises, and the stateowned shares, a way of establishing a direct interest relationship between enterprises and government, have a substitution effect for the mechanism that the enterprises actively assume social responsibility to obtain social resources, and the substitution effect exists only in private enterprises.
引文
杜颖洁、杜兴强,2013.银企关系、政治关联与银行贷款[J].当代财经,(2):108-118.
黄群慧、彭华岗、钟宏武、张蒽,2009.中国100强企业社会责任发展状况评价[J].中国工业经济,(10):23-35.
郝阳、龚六堂,2017.国有、民营混合参股与公司绩效改进[J].经济研究,(3):122-135.
胡旭阳,2016.民营企业家的政治身份与民营企业的融资便利——以浙江省民营百强企业为例[J].管理世界,(5):107-141.
胡志民,2006.经济法[M].上海:上海财经大学出版社.
李姝、谢晓嫣,2014.民营企业的社会责任、政治关联与债务融资——来自中国资本市场的经验证据[J].南开管理评论,(6):30-40.
李维安、王鹏程、徐业坤,2015.慈善捐赠、政治关联与债务融资——民营企业与政府的资源交换行为[J].南开管理评论,(6):30-40.
宋增基、冯莉茗、谭兴民,2014.国有股权、民营企业家参政与企业融资便利性——来自中国民营控股上市公司的经验证据[J].金融研究,(12):133-147.
汪建新、黄鹏,2015.信贷约束、资本配置和企业出口产品质量[J].世界经济,(5):84-108.
叶康涛、张然、徐浩萍,2010.声誉、制度环境与债务融资——基于中国民营上市公司的证据[J].金融研究,(8):171-183.
余明桂、潘红波,2008.政治关系、制度环境与民营企业银行贷款[J].管理世界,(8):9-21.
张杰,2000.民营经济的金融困境与融资次序[J].经济研究,(4):3-10.
张敏、张胜、申慧慧、王成方,2010.政治关联与信贷资源配置效率——来自我国民营上市公司的经验证据[J].管理世界,(11):143-153.
翟华云,2010.预算软约束下外部融资需求对企业社会责任披露的影响[J].中国人口·资源与环境,(9):107-113.
Allen,F.,J.Qian,and M.Qian.,2005.Law,Finance and Economic Growth in China[J].Journal of Financial Economics,77(1):57-116.
Demirguc-Kunt,A.,and Maksimovic,V.,1999.Institutions,Financial Markets,and Firm Debt Maturity[J].Journal of Financial Economics,54(3):295-336.
Dhaliwal,D.,Li,O.Z.,Tsang,A.,Yang,Y.G.,2011Voluntary Non-Financial Disclosure and the Cost of Equity Capital:The Case of Corporate Social Responsibility Reporting[J].The Accounting Review,86(l):59-100.
Elkington,J.,1998.Cannibals with Forks:The Triple Bottom Line of 21st Century Business[J].Environmental Quality Management,(1):37-51.
Fan,J.P.H.,Rui,O.M.,and Zhao,M.,2006.Rent Seeking and Corporate Finance:Evidence from Corruption Cases[C].中国国际金融年会.
Garrisons,R.,Noreen,E.,and Brewer,P.C.,2012.Managerial Accounting[M].McGraw-Hill/Irwin New York.
Goss,A.,and Roberts,G.S.,2011.The Impact of Corporate Social Responsibility on the Cost of Bank Loans[J].Journal of Banking and Finance,(7):1794-1810.
Khanna,T.,and Palepu,K.,2000.Is Group Affiliation Profitable in Emerging Markets?An Analysis of Diversified Indian Business Groups[J].Journal of Finance,55(2):867-891.
Khwaja,A.,and Mian,A.,2005.Do Lenders Favor Politically Connected Firms?Rent Provision in an Emerging Financial Market[J].Quarterly Journal of Economics,120(4):1371-1411.
Kroszner,R.,Laeven,L.,and Klingebiel,D.,2006.Banking Crises,Financial Dependence,and Growth[J].Journal of Financial Economics,84(1):187-228.
Manova,K.,Wei,S-J.,and Zhang,Z.,2010.Firm Exports and Multinational Activity under Credit Constraints[R].National Bureau of Economic Research Working Paper No.97(3).
Petersen,M.A.,2009.Estimating Standard Errors in Finance Panel Data Sets:Comparing,Approaches[J].Review of Financial Studies,22(1):435-480.
Rajan,R.,and Zingales,L.,1998.Financial Dependence and Growth[J].The American Economic Review,(88):559-586.
Song,Z.,Storesletten,K.,and Zilibotti,F.,1998.Growing Like China[J].The American Economic Review,101(1):196-233.
(1)考虑到很多国有企业中的国家股和法人股均为非流通上市股份,CSMAR数据库中对于国有股权的披露也仅限于流通股数量,直接用国有股权比例的数据极为不准确,因此本文采用替代方法。
(2)每股社会贡献值是指在公司为股东创造的基本每股收益的基础上,增加公司年内为国家创造的税收、向员工支付的工资、向银行等债权人给付的借款利息、公司对外捐赠额等为其他利益相关者创造的价值额,并扣除公司因环境污染等造成的其他社会成本,最后计算形成的公司为社会创造的每股增值额,从而帮助社会公众更全面地了解公司为其股东、员工、客户、债权人、社区以及整个社会所创造的真正价值。
黄群慧、彭华岗、钟宏武、张蒽,2009.中国100强企业社会责任发展状况评价[J].中国工业经济,(10):23-35.
郝阳、龚六堂,2017.国有、民营混合参股与公司绩效改进[J].经济研究,(3):122-135.
胡旭阳,2016.民营企业家的政治身份与民营企业的融资便利——以浙江省民营百强企业为例[J].管理世界,(5):107-141.
胡志民,2006.经济法[M].上海:上海财经大学出版社.
李姝、谢晓嫣,2014.民营企业的社会责任、政治关联与债务融资——来自中国资本市场的经验证据[J].南开管理评论,(6):30-40.
李维安、王鹏程、徐业坤,2015.慈善捐赠、政治关联与债务融资——民营企业与政府的资源交换行为[J].南开管理评论,(6):30-40.
宋增基、冯莉茗、谭兴民,2014.国有股权、民营企业家参政与企业融资便利性——来自中国民营控股上市公司的经验证据[J].金融研究,(12):133-147.
汪建新、黄鹏,2015.信贷约束、资本配置和企业出口产品质量[J].世界经济,(5):84-108.
叶康涛、张然、徐浩萍,2010.声誉、制度环境与债务融资——基于中国民营上市公司的证据[J].金融研究,(8):171-183.
余明桂、潘红波,2008.政治关系、制度环境与民营企业银行贷款[J].管理世界,(8):9-21.
张杰,2000.民营经济的金融困境与融资次序[J].经济研究,(4):3-10.
张敏、张胜、申慧慧、王成方,2010.政治关联与信贷资源配置效率——来自我国民营上市公司的经验证据[J].管理世界,(11):143-153.
翟华云,2010.预算软约束下外部融资需求对企业社会责任披露的影响[J].中国人口·资源与环境,(9):107-113.
Allen,F.,J.Qian,and M.Qian.,2005.Law,Finance and Economic Growth in China[J].Journal of Financial Economics,77(1):57-116.
Demirguc-Kunt,A.,and Maksimovic,V.,1999.Institutions,Financial Markets,and Firm Debt Maturity[J].Journal of Financial Economics,54(3):295-336.
Dhaliwal,D.,Li,O.Z.,Tsang,A.,Yang,Y.G.,2011Voluntary Non-Financial Disclosure and the Cost of Equity Capital:The Case of Corporate Social Responsibility Reporting[J].The Accounting Review,86(l):59-100.
Elkington,J.,1998.Cannibals with Forks:The Triple Bottom Line of 21st Century Business[J].Environmental Quality Management,(1):37-51.
Fan,J.P.H.,Rui,O.M.,and Zhao,M.,2006.Rent Seeking and Corporate Finance:Evidence from Corruption Cases[C].中国国际金融年会.
Garrisons,R.,Noreen,E.,and Brewer,P.C.,2012.Managerial Accounting[M].McGraw-Hill/Irwin New York.
Goss,A.,and Roberts,G.S.,2011.The Impact of Corporate Social Responsibility on the Cost of Bank Loans[J].Journal of Banking and Finance,(7):1794-1810.
Khanna,T.,and Palepu,K.,2000.Is Group Affiliation Profitable in Emerging Markets?An Analysis of Diversified Indian Business Groups[J].Journal of Finance,55(2):867-891.
Khwaja,A.,and Mian,A.,2005.Do Lenders Favor Politically Connected Firms?Rent Provision in an Emerging Financial Market[J].Quarterly Journal of Economics,120(4):1371-1411.
Kroszner,R.,Laeven,L.,and Klingebiel,D.,2006.Banking Crises,Financial Dependence,and Growth[J].Journal of Financial Economics,84(1):187-228.
Manova,K.,Wei,S-J.,and Zhang,Z.,2010.Firm Exports and Multinational Activity under Credit Constraints[R].National Bureau of Economic Research Working Paper No.97(3).
Petersen,M.A.,2009.Estimating Standard Errors in Finance Panel Data Sets:Comparing,Approaches[J].Review of Financial Studies,22(1):435-480.
Rajan,R.,and Zingales,L.,1998.Financial Dependence and Growth[J].The American Economic Review,(88):559-586.
Song,Z.,Storesletten,K.,and Zilibotti,F.,1998.Growing Like China[J].The American Economic Review,101(1):196-233.
(1)考虑到很多国有企业中的国家股和法人股均为非流通上市股份,CSMAR数据库中对于国有股权的披露也仅限于流通股数量,直接用国有股权比例的数据极为不准确,因此本文采用替代方法。
(2)每股社会贡献值是指在公司为股东创造的基本每股收益的基础上,增加公司年内为国家创造的税收、向员工支付的工资、向银行等债权人给付的借款利息、公司对外捐赠额等为其他利益相关者创造的价值额,并扣除公司因环境污染等造成的其他社会成本,最后计算形成的公司为社会创造的每股增值额,从而帮助社会公众更全面地了解公司为其股东、员工、客户、债权人、社区以及整个社会所创造的真正价值。