本文選題：企業(yè)社會責(zé)任　切入點：利益相關(guān)者　出處：《重慶理工大學(xué)》2014年碩士論文

【摘要】：當(dāng)前，我國企業(yè)的社會責(zé)任意識仍有很大提升空間；在發(fā)達(dá)國家，人們普遍認(rèn)為在經(jīng)歷了資本的原始積累和資源的優(yōu)化整合階段之后,企業(yè)已經(jīng)步入了“企業(yè)公民”這一全新競爭階段。推動企業(yè)社會責(zé)任的發(fā)展，可以采取多種措施，除了行政手段，市場力量——“無形的手”也尤為重要。作為理性的經(jīng)濟人，企業(yè)管理者特別關(guān)心成本與效益，兩者的權(quán)衡往往影響管理者的決策。本文試圖從企業(yè)社會責(zé)任與其經(jīng)濟后果的角度，探究企業(yè)社會責(zé)任對融資約束的影響，為企業(yè)管理者和有關(guān)部門在財務(wù)管理和可持續(xù)發(fā)展方面提供經(jīng)驗參考。 根據(jù)前人的研究，本文將企業(yè)社會責(zé)任界定為在正常生產(chǎn)經(jīng)營的情況下，企業(yè)不僅考慮股東的訴求，還考慮債權(quán)人、員工、供應(yīng)商、政府及公益等利益相關(guān)者的訴求，自覺承擔(dān)對這些利益相關(guān)者的責(zé)任，這種責(zé)任等于或高于法律的要求并且往往對企業(yè)的利益相關(guān)者和社會現(xiàn)象有正面的影響。融資約束本質(zhì)上是由于內(nèi)部融資成本和外部融資成本的差異造成的，而融資成本又受到各種宏觀和微觀因素的影響。以利益相關(guān)者理論、社會契約理論分析了企業(yè)社會責(zé)任履行的動因，分別以社會資本和資源理論、企業(yè)競爭力理論、信息不對稱理論、信號傳遞理論、交易成本理論分析了企業(yè)社會責(zé)任對內(nèi)部和外部資本市場的影響；在實證方面，借鑒Almeida等（2004）以現(xiàn)金-現(xiàn)金流敏感度刻畫融資約束的模型，樣本來自2010-2012年滬深A(yù)股公司數(shù)據(jù)，通過多元回歸分析研究基于不同利益相關(guān)者的企業(yè)社會責(zé)任對融資約束的影響。 通過研究，本文得到以下結(jié)論：企業(yè)對債權(quán)人和股東的社會責(zé)任、企業(yè)對公益的社會責(zé)任對現(xiàn)金流和現(xiàn)金持有的關(guān)系產(chǎn)生了負(fù)向影響，這兩類企業(yè)社會責(zé)任能夠緩解上市公司的融資約束；企業(yè)對員工的社會責(zé)任、企業(yè)對供應(yīng)商的社會責(zé)任、企業(yè)對政府的社會責(zé)任，不能對現(xiàn)金流和現(xiàn)金持有關(guān)系產(chǎn)生負(fù)向影響，，這類企業(yè)社會責(zé)任未對上市公司的融資約束產(chǎn)生緩解作用。
[Abstract]:At present, there is still much room for improvement in the sense of corporate social responsibility in China. In developed countries, it is generally believed that after experiencing the primitive accumulation of capital and the optimization and integration of resources, Enterprises have entered a new competitive stage of "corporate citizenship". In order to promote the development of corporate social responsibility, many measures can be taken. In addition to administrative measures, market forces-"invisible hands"-are also particularly important. Enterprise managers are especially concerned about cost and benefit, the trade-off of which often affects managers' decision-making. This paper attempts to explore the impact of corporate social responsibility on financing constraints from the perspective of corporate social responsibility and its economic consequences. To provide experience for enterprise managers and related departments in financial management and sustainable development. According to the previous research, this paper defines corporate social responsibility as not only the demands of shareholders, but also those of creditors, employees, suppliers, government and public welfare stakeholders. Consciously assume responsibility for these stakeholders, This liability is equal to or higher than the requirements of the law and often has a positive impact on the stakeholders and social phenomena of the enterprise. Financing constraints are essentially caused by differences in internal and external financing costs. And the financing cost is influenced by various macro and micro factors. Based on stakeholder theory and social contract theory, this paper analyzes the motivation of corporate social responsibility performance, including the theory of social capital and resources, and the theory of enterprise competitiveness. Information asymmetry theory, signal transmission theory and transaction cost theory analyze the influence of corporate social responsibility on internal and external capital market. The sample comes from the data of Shanghai and Shenzhen A-share companies from 2010-2012, and studies the influence of corporate social responsibility based on different stakeholders on financing constraints through multiple regression analysis. Through the research, this paper draws the following conclusions: corporate social responsibility to creditors and shareholders, corporate social responsibility to public interest has a negative impact on the relationship between cash flow and cash holdings. These two types of corporate social responsibility can alleviate the financing constraints of listed companies, corporate social responsibility to employees, corporate social responsibility to suppliers, corporate social responsibility to the government, can not have a negative impact on the relationship between cash flow and cash holding. This kind of corporate social responsibility does not alleviate the financing constraints of listed companies.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F270;F832.51;F275

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