作　　者： (张正勇）; (濮飞燕）;

机构地区： 南京财经大学会计学院,江苏南京210046 南京大学商学院,江苏南京210023

出　　处： 《山东财经大学学报》 2017年第4期11-20,共10页

摘　　要： 选取A股上市公司2009-2013年样本,基于融资需求角度,通过相关性分析和OLS实证研究,发现公司战略的激进程度对社会责任绩效有显著正向影响,即进攻型公司的社会责任绩效显著优于防御型公司;对重污染和非重污染行业进行分组回归,发现相对于重污染行业,非重污染行业公司的这种正向影响更为显著;进一步地,分析货币政策对两者关系的影响,对货币政策紧缩和宽松进行分组回归,发现在全样本、重污染和非重污染行业样本中这种正向影响在货币政策紧缩时会更加显著。研究结果有助于促进政府建立社会责任报告的监管和鉴证机制,也为货币政策紧缩时期战略激进型公司缓解融资约束满足融资需求提供了新思路。 From the perspective of financing demand, a correlation analysis and an OLS empirical study are conducted by selecting the samples of A-share listed companies from 2009 to 2013. The results show that the radical extent of corporate strategy has a significant positive impact on social responsibility performance, i.e., the social responsibility performance of aggressive companies is better than that of defensive companies. A group regression study of heavy pollution and non-heavy pollution industries shows that compared with heavy pollution industries, the posi- tive effects of non-heavy pollution industries are more significant. Furthermore, an analysis of monetary policy impact on the relationship between the two factors via group regression study of monetary policy tightening and easing reveals that in both full samples and heavy pollution and non-heavy pollution industry samples, this positive effect is more significant when monetary policy is tight. These research findings will help the government to establish a monitoring and certification mechanism for social responsibility reporting, and also provides a new way for the strategic radical companies to ease financing constraints and meet financing needs during the tightening period of monetary policy.

关 键 词： 公司战略 社会责任绩效 融资需求 货币政策