發(fā)布時(shí)間：2018-07-28 16:46

【摘要】：近年來(lái),利益相關(guān)者對(duì)企業(yè)社會(huì)責(zé)任報(bào)告披露的關(guān)注度逐年提高。企業(yè)社會(huì)責(zé)任是指整合利益相關(guān)者期望以及經(jīng)濟(jì)、社會(huì)、環(huán)境三重底線的一系列特定的企業(yè)活動(dòng),強(qiáng)調(diào)企業(yè)應(yīng)超越利益最大化的目標(biāo),注重對(duì)社會(huì)、經(jīng)濟(jì)、環(huán)境等的貢獻(xiàn)�，F(xiàn)金持有作為企業(yè)資產(chǎn)的重要構(gòu)成部分,其持有決策是企業(yè)財(cái)務(wù)決策的重要組成部分,這就引發(fā)我們的思考:上市公司的企業(yè)社會(huì)責(zé)任報(bào)告披露影響現(xiàn)金持有量么?若影響又是通過(guò)何種渠道影響的?因此,本文在借鑒總結(jié)前人研究的基礎(chǔ)上,研究企業(yè)社會(huì)責(zé)任對(duì)現(xiàn)金持有量的直接影響以及可能通過(guò)特質(zhì)風(fēng)險(xiǎn)渠道、系統(tǒng)性風(fēng)險(xiǎn)渠道以及公司治理水平渠道對(duì)現(xiàn)金持有量的間接影響。本文采用理論與實(shí)證、定性與定量相結(jié)合的方法研究企業(yè)社會(huì)責(zé)任得分對(duì)現(xiàn)金持有量的影響。在總結(jié)國(guó)內(nèi)外的研究現(xiàn)狀的基礎(chǔ)上詳細(xì)闡述了企業(yè)社會(huì)責(zé)任和現(xiàn)金持有量的相關(guān)理論,并提出本文的研究假設(shè);然后在闡述變量的定義及衡量方法的基礎(chǔ)上對(duì)本文的模型設(shè)計(jì)以及假設(shè)檢驗(yàn)進(jìn)行了詳細(xì)闡述�；谘芯考僭O(shè)以及模型設(shè)計(jì)的基礎(chǔ)上采用面板數(shù)據(jù)的固定效應(yīng)模型進(jìn)行多元線性回歸并采用bootstrap法進(jìn)行中介效應(yīng)的檢驗(yàn)得出以下結(jié)論:公司治理水平良好的企業(yè)傾向于持有較高水平的現(xiàn)金來(lái)獲得現(xiàn)金的靈活性價(jià)值并滿足未來(lái)的投資機(jī)會(huì),而現(xiàn)金的交易性動(dòng)機(jī)使得系統(tǒng)性風(fēng)險(xiǎn)對(duì)現(xiàn)金持有量有顯著的正向影響;企業(yè)披露社會(huì)責(zé)任能夠降低企業(yè)的特質(zhì)風(fēng)險(xiǎn)和系統(tǒng)性風(fēng)險(xiǎn),這是由于利益相關(guān)者的高社會(huì)資本使得公司有較低的非系統(tǒng)性風(fēng)險(xiǎn),而投資者或者消費(fèi)者的較高忠誠(chéng)度也使公司有較低的系統(tǒng)性風(fēng)險(xiǎn);企業(yè)社會(huì)責(zé)任披露能夠反映公司治理良好,企業(yè)社會(huì)責(zé)任的代理理論認(rèn)為公司內(nèi)公司治理能力強(qiáng)的管理層可能會(huì)采用企業(yè)社會(huì)責(zé)任的相關(guān)活動(dòng)來(lái)加強(qiáng)與其利益相關(guān)者的聯(lián)系。通過(guò)中介效應(yīng)的檢驗(yàn)得出企業(yè)社會(huì)責(zé)任通過(guò)公司治理水平渠道顯著影響現(xiàn)金持有量。研究企業(yè)社會(huì)責(zé)任對(duì)現(xiàn)金持有量的直接和間接影響既可以豐富相關(guān)的研究,也可以對(duì)現(xiàn)金持有的決策以及社會(huì)責(zé)任的制度制定有一定的借鑒意義。
[Abstract]:In recent years, stakeholders pay more attention to CSR report disclosure year by year. Corporate social responsibility (CSR) refers to the integration of stakeholders' expectations as well as economic, social and environmental triple bottom line of a series of specific enterprise activities, emphasizing that enterprises should exceed the goal of maximizing benefits, and pay attention to the social, economic, environmental and other contributions. As an important component of corporate assets, cash holding decision-making is an important part of corporate financial decisions, which leads us to think: does the disclosure of corporate social responsibility report of listed companies affect the amount of cash holdings? If the impact is through what channels? Therefore, this paper studies the direct influence of corporate social responsibility on cash holdings based on previous studies, and possibly through the channel of trait risk. The indirect influence of systemic risk channels and corporate governance channels on cash holdings. In this paper, the influence of CSR score on cash holdings is studied by theoretical and empirical, qualitative and quantitative methods. On the basis of summarizing the current research situation at home and abroad, this paper elaborates the related theories of corporate social responsibility and cash holdings, and puts forward the research hypotheses of this paper. Then the model design and hypothesis test are described in detail on the basis of the definition and measurement of variables. Based on the research hypothesis and the design of the model, the fixed effect model of panel data is used to carry out multivariate linear regression and the bootstrap method is used to test the intermediary effect. The conclusion is as follows: the firm with good corporate governance level is inclined. To hold a high level of cash to obtain the flexible value of cash and to satisfy future investment opportunities, The transaction motivation of cash makes systemic risk have a significant positive impact on cash holdings, and corporate disclosure of social responsibility can reduce the characteristic risk and systemic risk. This is because the high social capital of stakeholders makes the company have lower non-systemic risk, and the higher loyalty of investors or consumers also makes the company have lower systemic risk; Corporate social responsibility disclosure can reflect the good corporate governance. The agency theory of corporate social responsibility holds that the management with strong corporate governance ability may use CSR related activities to strengthen the relationship with its stakeholders. Through the test of intermediary effect, it is concluded that corporate social responsibility significantly affects cash holdings through corporate governance level channels. The study of the direct and indirect influence of corporate social responsibility on cash holdings can not only enrich the relevant research, but also can be used for reference to the decision-making of cash holding and the establishment of social responsibility system.
【學(xué)位授予單位】：哈爾濱工業(yè)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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