本文選題：社會(huì)責(zé)任信息　切入點(diǎn)：融資約束　出處：《浙江理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：基于利益相關(guān)者理論企業(yè)在創(chuàng)造經(jīng)營(yíng)利潤(rùn),實(shí)現(xiàn)企業(yè)價(jià)值的同時(shí)還要承擔(dān)對(duì)員工、消費(fèi)者、股東、社會(huì)和環(huán)境等方面的責(zé)任。傳統(tǒng)只關(guān)注企業(yè)經(jīng)營(yíng)績(jī)效的觀點(diǎn)不斷受到了挑戰(zhàn),現(xiàn)在越來(lái)越多的人開始關(guān)注企業(yè)社會(huì)責(zé)任的履行,從而也就越來(lái)越關(guān)注社會(huì)責(zé)任信息的披露情況。2008年12月,我國(guó)兩大證券交易所,上交所和深交所要求:“深圳100指數(shù)”成分股、金融類、“公司治理指數(shù)”板塊、境內(nèi)外同時(shí)上市的企業(yè)必須披露社會(huì)責(zé)任信息報(bào)告。而對(duì)于其他企業(yè)而言,國(guó)家暫時(shí)采取自愿披露原則鼓勵(lì)企業(yè)進(jìn)行社會(huì)責(zé)任信息披露�，F(xiàn)階段我國(guó)資本市場(chǎng)還不夠成熟,存在較為嚴(yán)重的信息不對(duì)稱以及代理問(wèn)題,使得存在于其中的上市公司都面臨著融資約束問(wèn)題,這將直接影響到企業(yè)的投資決策以及投資效率。那么企業(yè)能否通過(guò)積極履行社會(huì)責(zé)任進(jìn)行社會(huì)責(zé)任信息披露,樹立企業(yè)良好形象的同時(shí)減少企業(yè)內(nèi)外部的信息不對(duì)稱和代理成本,進(jìn)而改善融資環(huán)境,提高投資效率,將會(huì)是本文的一個(gè)研究重點(diǎn)。本文以滬深兩市A股市場(chǎng)291家披露社會(huì)責(zé)任信息的上市公司為研究對(duì)象,采用潤(rùn)靈環(huán)球社會(huì)責(zé)任評(píng)價(jià)體系衡量企業(yè)社會(huì)責(zé)任的履行情況,多變量指標(biāo)度量企業(yè)面臨的融資約束程度,運(yùn)用Richarson模型量化計(jì)算企業(yè)的投資效率,采用多元回歸分析法探究上述三者之間的關(guān)系。而后針對(duì)國(guó)家相關(guān)政策背景,對(duì)重污染行業(yè)企業(yè)進(jìn)行重點(diǎn)研究。研究結(jié)果表明我國(guó)企業(yè)普遍存在融資約束和非效率投資現(xiàn)象,企業(yè)履行社會(huì)責(zé)任進(jìn)行社會(huì)責(zé)任信息披露能顯著的提高投資效率,特別是對(duì)投資不足的緩解作用。對(duì)于投資過(guò)度行為有抑制作用但是沒(méi)有通過(guò)顯著性檢驗(yàn),這可能是因?yàn)楝F(xiàn)階段外部監(jiān)督制度不夠完善所造成的。社會(huì)責(zé)任信息披露能緩解企業(yè)面臨的融資約束問(wèn)題。融資約束是社會(huì)責(zé)任信息影響投資效率的重要路徑,特別對(duì)于投資不足情況而言。具體細(xì)分到行業(yè),現(xiàn)階段社會(huì)責(zé)任信息披露的作用在重污染行業(yè)表現(xiàn)的尤為明顯,在重污染行業(yè)社會(huì)責(zé)任信息的披露能有效的緩解企業(yè)面臨的融資約束,進(jìn)而緩解企業(yè)的投資不足同時(shí)抑制企業(yè)的投資過(guò)度,從而提高企業(yè)的投資效率。融資約束在其中的路徑效果更加明顯,起著一個(gè)完全中介的效果。本文的研究結(jié)論將為提高我國(guó)企業(yè)投資效率問(wèn)題提供了新的啟示,與此同時(shí),也從融資約束的視角豐富了有關(guān)履行社會(huì)責(zé)任的價(jià)值研究。對(duì)于促進(jìn)我國(guó)上市公司自覺(jué)履行社會(huì)責(zé)任,進(jìn)行社會(huì)責(zé)任信息披露,降低信息不對(duì)稱,優(yōu)化資源配置起到了良好的促進(jìn)作用。除強(qiáng)制披露社會(huì)責(zé)任信息的幾個(gè)行業(yè),現(xiàn)在我國(guó)還處于自愿披露社會(huì)責(zé)任信息階段,從對(duì)重污染行業(yè)的重點(diǎn)研究發(fā)現(xiàn),我國(guó)應(yīng)將披露范圍進(jìn)行擴(kuò)大,促使更多的企業(yè)進(jìn)行社會(huì)責(zé)任信息的披露,同時(shí)增加監(jiān)管力度,促進(jìn)資本市場(chǎng)的信息更加公開、透明,使得企業(yè)履行社會(huì)責(zé)任的同時(shí)也能促進(jìn)企業(yè)自身的發(fā)展。
[Abstract]:The theory of stakeholders in the enterprise to create profits based on the realization of enterprise value but also the commitment to employees, shareholders, consumers, social and environmental responsibility. The traditional focus only on business performance views have been challenged, now more and more people began to show concern for the performance of corporate social responsibility, which is more and more pay attention to the social responsibility information disclosure of.2008 in December, the two major stock exchanges in China, the Shanghai and Shenzhen asked: "Shenzhen 100 Index constituent stocks, financial, corporate governance index plate, domestic and overseas listed companies must disclose information of social responsibility report. But for other companies, the state temporarily take the principle of encouraging voluntary disclosure of corporate social responsibility information disclosure. At the present stage of China's capital market is not mature enough, there is serious information asymmetry and generation The problem, which exists in the listed companies are facing financing constraints, which will directly affect the enterprise's investment decision and investment efficiency. So enterprises can actively through the social responsibility information disclosure of social responsibility, establish a good corporate image and reduce the information asymmetry inside and outside the enterprise and agent cost, and improve the the financing environment, improve investment efficiency, will be a focus of research in this paper. Based on the Shanghai and Shenzhen two stock market A 291 social responsibility information disclosure of the listed company as the research object, the fulfillment of spirit ring ball uses run social responsibility evaluation system to measure corporate social responsibility, multivariate index to measure the degree of financing constraints faced by enterprises calculation of the efficiency of investment, using the Richarson model to quantify the relationship between the multiple regression analysis method to explore the three. Then for the country Relevant policy background, the emphasis of heavy polluting industries. The results of the study show that Chinese enterprises generally exist financing constraints and investment inefficiency, enterprise social responsibility information disclosure of social responsibility can significantly improve the efficiency of investment, especially to alleviate the effect of inadequate investment. For excessive investment behavior but no inhibition through the test of significance, this may be because at this stage of the external supervision system is not perfect. The social responsibility information disclosure can alleviate the financing constraints faced by the enterprise. Financing constraints is an important path of social responsibility information affects the efficiency of investment, especially for investment. Specific to the industry, at this stage of social responsibility information the disclosure of performance in the role of the heavy pollution industry is obvious, can effectively alleviate the social responsibility information disclosure of heavy polluting industries The financing constraints faced by enterprises, and alleviate the lack of investment in the enterprise also inhibit the company's over investment, so as to improve the efficiency of investment. The financing constraint is more obvious in the path effect, plays a mediating effect. The conclusion of this study will provide a new revelation, in order to improve the efficiency of investment of Chinese enterprises at the same time, also from the perspective of financing constraints to enrich the research of the value of the social responsibility. For the promotion of China's listed companies to fulfill the social responsibility, social responsibility information disclosure, reduce information asymmetry, optimize the allocation of resources to play a good role in several industries. Compulsory information disclosure of social responsibility, China is now in the stage of the voluntary disclosure of social responsibility information, from the emphasis on the research of heavy pollution industry, China should expand the scope of disclosure will encourage more enterprises. We should disclose information about social responsibility, increase supervision and promote information openness and transparency in capital market, so that enterprises can fulfill their social responsibilities and promote their own development.

【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F270;F275

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