资源约束情境下社会责任与企业韧性的双重关系

摘要/Abstract

摘要： 社会责任是企业增强合法性、降低外部冲击的治理机制之一。本文从企业韧性视角出发,以2010—2021年沪深A股上市公司为样本,实证检验企业社会责任承担与企业韧性的双重关系。研究发现,社会责任具有提升企业韧性的直接作用。其中,降低融资约束和改善利益相关者关系是社会责任韧性效应的主要表现。同时,在资源约束情境下,社会责任会挤占企业实现经济目标的资源,间接对企业增长能力产生挤出效应。进一步分析表明,挤出效应在资源禀赋较低和非国有企业中更加显著。在存在挤出效应的情况下,员工持股计划增加内外部利益相关者的利益冲突,放大了挤出效应的负面影响。

关键词: 社会责任, 利益冲突, 企业韧性, 挤出效应

Abstract: CSR(Corporate Social Responsibility) serves as the corporate governance mechanism to enhance legitimacy and mitigate external jolts. From the perspective of corporate resilience, we empirically examined the dual connections between CSR and corporate resilience by utilizing sample data of A-share listed companies of the Shanghai and Shenzhen Stock Exchanges from 2010 to 2021. The research finds that CSR has a direct effect on enhancing corporate resilience, specifically, reducing financing constraints and improving the stakeholder network. However, under resource-constrained situations, CSR may also compete for resources with internal economic activities, thereby exerting a crowding-out effect on the firm's growth capability indirectly. Further analysis indicates that the crowding-out effect is more pronounced in companies with low resource endowments and non-state-owned enterprises. Under the conditions of crowding-out effects, the implementation of ESOP would cause conflicts of interests among internal and external stakeholders, thus enhancing the crowding-out negative effects.

Key words: CSR, Conflicts of Interests, Corporate Resilience, Crowding-out Effect

中图分类号:

F270

孟乾坤, 刘昱沛, 薛有志. 资源约束情境下社会责任与企业韧性的双重关系[J]. 财经论丛, 2025, 41(6): 112-124.

MENG Qiankun, LIU Yupei, XUE Youzhi. Double-Edged Relationship between Corporate Social Responsibility and Corporate Resilience under Resource Constraints[J]. Collected Essays on Finance and Economics, 2025, 41(6): 112-124.

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