|
|
|
| Information Disclosure Quality of Corporate Social Responsibility and Innovation Sustainability under Financing Constraints |
| Leng Jianfei1,2,Gao Yun1 |
| （1.Business School，Hohai University，Nanjing 211100，China;2.School of Management，Fudan University，Shanghai 200433，China） |
|
|
|
|
Abstract Based on the data of China's small and mediumsized listed companies from 2012 to 2016, paper empirically studies the influence paths of different types of corporate social responsibility information disclosure on innovation sustainability. The study shows that the quality of information disclosure to shareholders and employees can significantly ease the financing constraints, Which positively affects the sustainability of enterprise innovation. The quality of information disclosure to suppliers, customers, consumers, society and environment partially alleviate the financing constraints，but it is still positive to the sustainability of corporate innovation. Moreover, the research shows that stateowned companies are more sensitive to the quality of corporate social responsibility information disclosure. The above conclusion shows that small and mediumsized board enterprises should pay attention to fulfill and disclose the social responsibility to different stakeholders, which has a positive effect on easing financial constraints and maintaining the continuity of innovation.
|
|
Received: 28 May 2018
|
|
|
|
|
|
| [1] ALLEN F，QIAN J. Law，finance，and economic growth in China[J]．Journal of Financial Economics，2005，77(1):57-116.[2] TRIGUERO A，DAVID C．Understanding innovation an analysis of persistence for Spanish manufacturing firms[J]．Research Policy，2013（42）:340-352.[3] BROWN J，PETERSEN B.Cash holdings and R&D smoothing[J]．Journal of Corporate Finance，2011（17）:694-709.[4] 鞠晓生,卢荻,虞义华．融资约束、营运资本管理与企业创新可持续性[J]．经济研究,2013,48(1):4-16.[5] 郑立东,程小可,姚立杰．战略性新兴产业上市公司流动性管理与创新可持续性研究[J]．中国科技论坛,2015(6):88-93.[6] 李健,杨蓓蓓,潘镇．政府补助、股权集中度与企业创新可持续性[J]．中国软科学,2016(6):180-192.[7] 丘海雄,谢昕琰． 企业技术创新的线性范式与网络范式:基于经济社会学视角[J]．广东财经大学学报,2016,31(6):16-26．[8] PETERS B. Persistence of innovation: stylized facts and panel data evidence[J]．The Journal of Technology Transfer，2009，34（2）：226-243．[9] CLAUSEN T，POHJOLA M，SAPPRASERT K，et al.Innovation strategies as a source of persistent innovation[J]．Industrial and Corporate Change，2011（2）：1-33．[10] LE BASC，POUSSING N. Is complex innovation more persistent than single? an empirical analysis of innovation persistence drivers[R]．CEPS/INSTEAD Working Paper，2012．[11] RICHARDSON A J，WELKER M，HUTCHINSON I R． Managing capital market reactions to corporate social responsibility[J].International Journal of Management Reviews，1999，1(1): 17- 43．[12] 肖红军,郑若娟,铉率．企业社会责任信息披露的资本成本效应[J]．经济与管理研究,2015,36(3):136-144．[13] MAGNESS V．Strategic posture，financial performance and environmental disclosure: an empirical test of legitimacy lheory[J]．Accounting，Auditing & Accountability Journal，2006，19(4) : 540 - 563．[14] BROWN J R，FAZZARI S M, PETERSEN B C. Financing innovation and growth: cash flow，external equity, and the 1990s R&D boom[J]．The Journal of Finance，2009，64(1):151-185．[15] SAVIGNAC F．The impact of financial constraints on innovation: evidence from french manufacturing firms[D].Cahiers De La Maison Des Sciences Economiques，2006．[16] HALL B H，LERNER J．The financing of Ｒ＆D and innovation [J].Handbook of the Economics of Innovation，2010(1):609-639．[17] 周路路,薛辉蓉,赵曙明．融资约束下盈余管理与企业创新可持续性研究——股权集中度和货币政策的调节效应[J]．南大商学评论,2016,13(4):99-120.[18] 张璇,刘贝贝,汪婷,等．信贷寻租、融资约束与企业创新[J]．经济研究,2017,52(5):161-174．[19] 何贤杰，肖土盛，陈信元．企业社会责任信息披露与公司融资约束[J]．财经研究，2012，38 (8) : 61-72．[20] 陈金龙,谢琦君．社会责任、产权属性与融资约束[J]．南京审计学院学报,2014,11(3):96-103．[21] 管亚梅,王嘉歆.企业社会责任信息披露能缓解融资约束吗?——基于A股上市公司的实证分析[J]．经济与管理研究,2013(11):76-84．[22] 倪恒旺,李常青,魏志华.媒体关注、企业自愿性社会责任信息披露与融资约束[J].山西财经大学学报,2015,37(11):77-88.[23] 孙芝慧．CSR信息披露对企业融资约束的非单调作用机制——基于和讯网企业社会责任评级数据的分析[J]．绿色财会,2016(4):16-23．[24] 李刚,李随成,杨洵．企业社会责任、创新投入对企业声誉的影响——基于中国上市公司的实证研究[J]．社会科学家,2015(5):70-73．[25] 冯丽艳,肖翔,张靖.企业社会责任影响债务违约风险的内在机制——基于经营能力和经营风险的中介传导效应分析[J].华东经济管理,2016,30(4):140-148.[26] 陈莞,孙瑞云,桂海兰.创业板上市企业社会责任履行对创新绩效的影响[J].科技进步与对策,2017,34(19):28-35.[27] 高凡雅,田高良,王喜.中小企业履行社会责任能缓解融资约束吗?[J].科学学与科学技术管理,2017,38(6):133-143.[28] 卢峰，姚洋．金融压抑下的法制、金融发展和经济增长[J]．中国社会科学，2004(1) : 42-56．[29] 陈耿，刘星，辛清泉．信贷歧视、金融发展与民营企业银行借款期限结构[J]．会计研究，2015(4):40-46．[30] CARROLL A.A three-dimensional conceptual model of corporate performance[J]．Academy of Management Review，1979， 4（4）:497-505． |
|
|
|
