科研管理

科研管理 ›› 2018, Vol. 39 ›› Issue (5): 94-102.

• 论文 • 上一篇    下一篇

企业社会责任、货币政策与商业信用融资

张正勇1，邓博夫2   

  1. 1南京财经大学 会计学院，江苏 南京210023；
    2西南财经大学 会计学院，四川 成都611130
  • 收稿日期:2015-05-21 修回日期:2017-05-16 出版日期:2018-05-20 发布日期:2018-05-21
  • 通讯作者: 张正勇
  • 基金资助:

    国家自然科学基金项目“企业社会责任信息价值及其作用机理研究——基于呈报格式和使用者认知的视角”(71402068,2015.01-2017.12);江苏高校哲学社会科学研究项目“管理者背景特征对企业环境信息披露的影响研究”(2016SJB630039,2016.06-2018.06)。

Corporate social responsibility, monetary policy and trade credit financing

Zhang Zhengyong1, Deng Bofu2   

  1. 1. Accounting School, Nanjing University of Finance and Economics, Nanjing 210023, Jiangsu, China; 
    2. Accounting School, Southwest University of Finance and Economics, Chengdu 611130, Sichuan, China
  • Received:2015-05-21 Revised:2017-05-16 Online:2018-05-20 Published:2018-05-21

摘要： 摘要：本文以我国2004—2013年上市公司为研究样本，运用Tobit回归方法，从货币政策环境视角实证考察了企业社会责任对商业信用融资的影响。研究发现，相对于社会责任表现较差的企业而言，社会责任表现较好的企业能取得更多的商业信用融资；当货币政策由宽松期转向紧缩期时，尽管企业获得的商业信用融资显著降低，但社会责任表现较好的企业仍能取得更多的商业信用融资，在进一步控制相关内生性问题后，上述研究结论依然成立。本文从企业面临宏观货币政策波动时而采取的主动行为视角，拓展和深化了宏观经济政策与微观企业行为互动关系的研究，同时也丰富了商业信用的替代性融资假说。

关键词: 企业社会责任, 货币政策, 商业信用融资

Abstract: Abstract: This paper investigates the impacts of the corporate social responsibility (CSR) on trade credit financing using domestic listed firms from 2004 to 2013 from the view of the monetary policy changes through Tobit regression approach. Our results indicate that compared with firms with low quality of the CSR, firms with high quality of the CSR are more likely to obtain more trade credit. Especially during monetary contracting periods when firm obtains less trade credit financing, high quality CSR help firms to obtain more trade credit financing, and these results hold after we control the endogeneity. This paper extends the literature about the research of interaction relationship between macroeconomic and micro enterprise behavior, and also enriches the trade credit as a substitute for intuitional finance.

Key words: corporate social responsibility, monetary policy, trade credit financing