摘要
基于利益相关者和资源依赖理论视角考察企业社会责任对现金持有行为的影响,以2010—2016年沪深两市A股上市公司为样本,进行了实证检验。研究结论表明:企业社会责任可以降低现金持有水平,而且这一抑制效应在非国有企业中更显著;制度环境的优化可以强化企业社会责任对现金持有水平的抑制效应,而且这种影响在非国有企业中更显著。
Based on the stakeholder theory and resource dependence theory,this paper examines the impact of corporate social responsibility performance on cash holdings,and carries out an empirical test adopting samples of listed companies in A-share stock markets of Shanghai and Shenzhen from 2010 to 2016. The study finds that: good corporate social responsibility performance can effectively reduce cash holdings,especially in non-state-owned enterprises;the optimization of institutional environment can strengthen the inhibiting effect of corporate social responsibility on cash holdings,especially in non-state-owned enterprises.
作者
徐辉
唐文秀
周孝华
XU Hui;TANG Wen-xiu;ZHOU Xiao-hua(School of Economics and Business Administration,Chongqing University,Chongqing 400044,China;Research Center for Economy of Upper Reaches of the Yangtze River,Chongqing Technology and Business University,Chongqing 400067,China;School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China)
出处
《经济经纬》
CSSCI
北大核心
2019年第1期102-109,共8页
Economic Survey
基金
2018年重庆市研究生科研创新项目(CYB18015)
中国博士后科学基金资助项目(2018M633323)
重庆市博士后基金资助项目(xm2017055)
重庆市教育委员会人文社会科学研究项目(17SKJ042)
重庆市社会科学规划项目(2017PY41)
关键词
企业社会责任
现金持有
产权异质性
制度环境
Corporate Social Responsibility
Cash Holdings
Heterogeneity of Property Rights
Institutional Environment
