杨兴哲,周翔翼

• 1:西安交通大学金禾经济研究中心

摘要(Abstract)：

本文利用2008—2018年润灵环球中国上市企业的社会责任评价、企业财务和股票交易数据，实证检验了股票流动性对上市企业社会责任评分的影响。本文发现，股票流动性的改善，能够显著提升上市企业的社会责任评分。使用“去杠杆”事件作为准自然实验的外生冲击，结合倾向得分匹配的倍差估计法(PSM-DID)、工具变量估计法等一系列稳健性检验后，该结论依然成立。异质性分析则表明，在按照相关规定必须披露社会责任报告的企业、国有企业和地处市场化程度更高的中东部地区的企业中，股票流动性对企业社会责任评分的提升作用更加显著。进一步的机制分析结果表明，股票流动性既提高了非控股股东的退出威胁程度，又提高了企业高管的薪酬激励水平，还在一定程度上减少了短期机构投资者的持股比例，通过改善公司治理促进了企业社会责任表现。本文丰富了股票市场微观结构影响企业社会责任表现的相关文献，对推动企业积极履行社会责任具有一定借鉴意义。

关键词(KeyWords)： 企业社会责任;股票流动性;公司治理

Abstract:

Keywords:

基金项目(Foundation): “中央高校基本科研业务费专项资金”（SK2020053）的资助

作者(Author): 杨兴哲,周翔翼

DOI: 10.16513/j.cnki.cje.2022.02.006

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• (1)根据上交所公布的统计年鉴(2019卷),截至2018年末,我国股票投资者中,自然投资者的市值占比约为20%,一般法人占比为65%,而机构投资者的占比则不到14%,远低于美国股市的62%。详见http://www.sse.com.cn/aboutus/publication/yearly/documents/c/tjnj_2019.pdf。
• (2)上交所规定进行社会责任水平披露的发行境外上市外资股企业以及金融类企业,以及深证100指数样本企业中的金融类企业,均不在本文的讨论范围内。
• (3)清华大学国家金融研究院发布的《完善制度设计,提升市场信心——建设长期稳定发展的资本市场》研究报告中则估算,2015年6月我国股市仅场外配资规模就在3万亿元～4万亿无,经此轮异常波动之后,场外流动性配资规模在1万亿元左右,且基本属于合同到期即将停做的类型。
• (4)本文将企业规模变量LnSize去掉后重新进行DID回归,发现指标LIQ2回归中交乘项的系数变为1.714(控制行业固定效应时为1.825),t值为2.060(控制行业固定效应时为2.170),此时与LIQ1回归中的系数显著性类似。
• (5)与刘莉亚等(2015)的计算方法相同,SA=-0.737×Size+0.043×Size2-0.04×Age,其中的Size是企业总资产取百万元为单位后再取自然对数,Age是企业的上市年限。
• (6)参考《中华人民共和国公司法》第二百一十六条的规定,本文中的高管是指企业的高级管理人员,包括企业经理、副经理、财务负责人,以及上市企业的董事会秘书和公司章程规定的其他人员,不包括董事和监事。
• (7)为节省篇幅,稳健性检验的结果未报告,欢迎感兴趣的读者向作者索取。
• (8)根据国泰安数据库的计算说明,每股社会贡献值=每股收益+(纳税总额+职工费用+利息支出+公益投入总额—社会成本)/期末总股本。
• (9)即将企业根据流动性变化值从大到小分为5组后,取最高组和最低组进行分析;“前后20%～40%分位数”的分组方式中,则将分为5组后的第2组和第4组企业,分别作为实验组和对照组。