冗余资源、财政压力与企业社会责任表现
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摘要
企业履行社会责任的资源消耗性特征与冗余资源的待配置属性,使得两者在功能上互相满足。文章辨析了组织理论和代理理论在此议题上的争议,以2012-2016年制造业A股上市公司作为样本,实证探究了冗余资源对企业社会责任表现的影响,及财政压力之于两者关系的调节作用。研究发现:首先,沉淀性冗余资源与社会责任表现在国企群组中呈现"倒U型"关系,在民企中表现为正相关关系;其次,财政压力对冗余资源与企业社会责任表现的关系存在负向调节作用,且国企受影响程度更大。研究为冗余资源促进企业履行社会责任提供了经验证据,亦为企业合理配置资源、提高利用效率,进而提升企业社会责任表现提供了可能的方向指导。
The resource consumptive characteristics of corporate social responsibility and the disposition of redundant resources make the two meet each other in function. This paper differentiates the disputes between organizational theory and agency theory on this issue. Taking manufacturing A-share listed companies from 2012 to 2016 as samples,it empirically explores the impact of redundant resources on corporate social responsibility performance and the moderating effect of financial pressure on the relationshipbetweenthem.Theresearchfindsthat:firstly,theprecipitativeredundantresourcesandsocialresponsibilityshowaninverted U-shaped relationship in the group of state-owned enterprises,and a positive correlation in private enterprises;secondly,financial pressure has a negative regulatory effect on the relationship between the redundant resources and the performance of corporate social responsibility,and the state-owned enterprises are more affected. The study provides empirical evidence for redundant resources to promote enterprises to fulfill their social responsibility,and also provides possible direction for enterprises to rationally allocatere sources,improve utilization efficiency,and improve corporate social responsibility performance.
The resource consumptive characteristics of corporate social responsibility and the disposition of redundant resources make the two meet each other in function. This paper differentiates the disputes between organizational theory and agency theory on this issue. Taking manufacturing A-share listed companies from 2012 to 2016 as samples,it empirically explores the impact of redundant resources on corporate social responsibility performance and the moderating effect of financial pressure on the relationshipbetweenthem.Theresearchfindsthat:firstly,theprecipitativeredundantresourcesandsocialresponsibilityshowaninverted U-shaped relationship in the group of state-owned enterprises,and a positive correlation in private enterprises;secondly,financial pressure has a negative regulatory effect on the relationship between the redundant resources and the performance of corporate social responsibility,and the state-owned enterprises are more affected. The study provides empirical evidence for redundant resources to promote enterprises to fulfill their social responsibility,and also provides possible direction for enterprises to rationally allocatere sources,improve utilization efficiency,and improve corporate social responsibility performance.
引文
[1]李海舰,郭树民.从经营企业到经营社会--从经营社会的视角经营企业[J].中国工业经济,2008(5):87-98.
[2]SHARFMAN M P,WOLF G,CHASE R B,et al.Antecedents of organizational slack[J].Academy of Management Review,1988,13(4):601-614.
[3]CYERT R,MARCH J.A behavior theory of the firm[M].153Englewood Cliffs:Prentice-Hall,1963.
[4]GEORGE G.Slack resources and the performance of privately held firms[J].Academy of Management Journal,2005,48(4):661-676.
[5]TAN J,PENG M W.Organizational Slack and Firm Performance during Economic Transitions:Two Studies from an Emerging Economy[J].Strategic Management Journal,2003,24(13):1249-1263.
[6]李晓翔,刘春林.冗余资源与企业绩效关系的情境研究--兼谈冗余资源的数量变化[J].南开管理评论,2011,14(3):4-14.
[7]王立彦,刘向前.IPO与非法定公司所得税收优惠[J].经济学(季刊),2004,3(2):457-474.
[8]王艳,贺新闻,梁莱歆.不同产权性质下企业组织冗余与自主创新投入关系研究--来自中国上市公司的经验数据[J].科学学与科学技术管理,2011,32(7):140-147.
[9]SINGH J V.Performance,slack,and risk taking in organizational decision making[J].Academy of Management Journal,1986,29(3):562-585.
[10]XU E,YANG H,QUAN J M,et al.Organizational slack and corporate social performance:Empirical evidence from China’s public firms[J].Asia Pacific Journal of Management,2015,32(1):181-198.
[11]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?--基于企业声誉理论的分析[J].审计研究,2011(4):87-93.
[12]余英,李晨.流动人口市民化的财政压力效应--基于28个核心城市面板数据的分析[J].商业研究,2018(8):161-166.
[13]王艳.中小上市企业财务冗余影响因素及其经济后果的实证研究[D].长沙:中南大学,2013.
[14]PFEFFER J,SALANCIK G.The External Control of Organizations[M].New York:Harper&Row,1978.
[15]THOMPSON J.Organization in action[M].New York:McGraw-Hill,1967.
[16]CHIU S C,SHARFMAN M.Legitimacy,Visibility,and the Antecedents of Corporate Social Performance:An Investigation of the Instrumental Perspective[J].Journal of Management,2011,37(6):1558-1585.
[17]SEIFERT B,MORRIS S A,BARTKUS B R.Having,giving,and getting:Slack resources,corporate philanthropy,and firm financial performance[J].Business&Society,2004,43(2):135-161.
[18]JENSEN M C,MECKLING W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[19]FAMA E.Agency problem and the theory of the firm[J].Journal of Political Economy,1980,88:288-298.
[20]KORNAI J.The Socialist System[M].Princeton,NJ:Princeton University Press,1992.
[21]MAJUMDAR S.Slack in the state-owned enterprise:an evaluation of the impact of soft-budget constraints[J].International Journal of Industrial Organization,1998,16(3):377-394.
[22]PENG M W,HEATH P.The growth of the firm in planned economies in transition:institutions,organizations,and strategic choice[J].Academy of Management Review,1996,21(2):492-528.
[23]SIMON H A.Administrative Behavior[M].New York:Free Press,1957.
[24]CHILD J.Organizational structure,environment and performance:The role of strategic choice sociology[J].Sociology,1972,6(1):1-21.
[25]SAIIA D,CARROLL A,BUCHHOLTZ A.Philanthropy as strategy:When corporate charity"begins at home"[J].Business&Society,2003,42(2):169-201.
[26]CAI H,TREISMAN D.Does Competition for Capital Discipline Governments?Decentralization,Globalization,and Public Policy[J].American Economic Review,2005,95(3):817-830.
[27]WADDOCK S A,GRAVES S B.The Corporate Social Performance-Financial Performance Link[J].Strategic Management Journal,1997,18(4):303-319.
[28]张川,娄祝坤,詹丹碧.政治关联、财务绩效与企业社会责任--来自中国化工行业上市公司的证据[J].管理评论,2014,26(1):130-139.
[29]周中胜,何德旭,李正.制度环境与企业社会责任履行:来自中国上市公司的经验证据[J].中国软科学,2012(10):59-68.
[30]张萍,梁博.政治关联与社会责任履行--来自中国民营企业的证据[J].会计与经济研究,2012,26(5):14-23.
[31]WONG S C.Improving corporate governance in SOEs:An integrated approach[J].Corporate Governance International,2004,7(2):19-29.
[32]姚圣,梁昊天.政治关联、地方利益与企业环境业绩--基于产权性质分类的研究[J].财贸研究,2015(4):141-149.
(1)《中国制造2025》提出,坚持“创新驱动、质量为先、绿色发展、结构优化、人才为本”的基本方针,坚持“市场主导、政府引导,立足当前、着眼长远,整体推进、重点突破,自主发展、开放合作”的基本原则,通过“三步走”实现制造强国的战略目标。
(2)根据2010年环保部公布的《上市公司环境信息披露指南》(征求意见稿)中界定的16类重污染行业,选择其中涉及制造业的造纸及纸制品业、化学原料及化学制品制造业、纺织业、黑色金属冶炼及压延加工业、食品制造业、皮革毛皮羽毛(绒)及其制品业、非金属矿物制品业、有色金属及压延加工业等八大行业。
[2]SHARFMAN M P,WOLF G,CHASE R B,et al.Antecedents of organizational slack[J].Academy of Management Review,1988,13(4):601-614.
[3]CYERT R,MARCH J.A behavior theory of the firm[M].153Englewood Cliffs:Prentice-Hall,1963.
[4]GEORGE G.Slack resources and the performance of privately held firms[J].Academy of Management Journal,2005,48(4):661-676.
[5]TAN J,PENG M W.Organizational Slack and Firm Performance during Economic Transitions:Two Studies from an Emerging Economy[J].Strategic Management Journal,2003,24(13):1249-1263.
[6]李晓翔,刘春林.冗余资源与企业绩效关系的情境研究--兼谈冗余资源的数量变化[J].南开管理评论,2011,14(3):4-14.
[7]王立彦,刘向前.IPO与非法定公司所得税收优惠[J].经济学(季刊),2004,3(2):457-474.
[8]王艳,贺新闻,梁莱歆.不同产权性质下企业组织冗余与自主创新投入关系研究--来自中国上市公司的经验数据[J].科学学与科学技术管理,2011,32(7):140-147.
[9]SINGH J V.Performance,slack,and risk taking in organizational decision making[J].Academy of Management Journal,1986,29(3):562-585.
[10]XU E,YANG H,QUAN J M,et al.Organizational slack and corporate social performance:Empirical evidence from China’s public firms[J].Asia Pacific Journal of Management,2015,32(1):181-198.
[11]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?--基于企业声誉理论的分析[J].审计研究,2011(4):87-93.
[12]余英,李晨.流动人口市民化的财政压力效应--基于28个核心城市面板数据的分析[J].商业研究,2018(8):161-166.
[13]王艳.中小上市企业财务冗余影响因素及其经济后果的实证研究[D].长沙:中南大学,2013.
[14]PFEFFER J,SALANCIK G.The External Control of Organizations[M].New York:Harper&Row,1978.
[15]THOMPSON J.Organization in action[M].New York:McGraw-Hill,1967.
[16]CHIU S C,SHARFMAN M.Legitimacy,Visibility,and the Antecedents of Corporate Social Performance:An Investigation of the Instrumental Perspective[J].Journal of Management,2011,37(6):1558-1585.
[17]SEIFERT B,MORRIS S A,BARTKUS B R.Having,giving,and getting:Slack resources,corporate philanthropy,and firm financial performance[J].Business&Society,2004,43(2):135-161.
[18]JENSEN M C,MECKLING W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[19]FAMA E.Agency problem and the theory of the firm[J].Journal of Political Economy,1980,88:288-298.
[20]KORNAI J.The Socialist System[M].Princeton,NJ:Princeton University Press,1992.
[21]MAJUMDAR S.Slack in the state-owned enterprise:an evaluation of the impact of soft-budget constraints[J].International Journal of Industrial Organization,1998,16(3):377-394.
[22]PENG M W,HEATH P.The growth of the firm in planned economies in transition:institutions,organizations,and strategic choice[J].Academy of Management Review,1996,21(2):492-528.
[23]SIMON H A.Administrative Behavior[M].New York:Free Press,1957.
[24]CHILD J.Organizational structure,environment and performance:The role of strategic choice sociology[J].Sociology,1972,6(1):1-21.
[25]SAIIA D,CARROLL A,BUCHHOLTZ A.Philanthropy as strategy:When corporate charity"begins at home"[J].Business&Society,2003,42(2):169-201.
[26]CAI H,TREISMAN D.Does Competition for Capital Discipline Governments?Decentralization,Globalization,and Public Policy[J].American Economic Review,2005,95(3):817-830.
[27]WADDOCK S A,GRAVES S B.The Corporate Social Performance-Financial Performance Link[J].Strategic Management Journal,1997,18(4):303-319.
[28]张川,娄祝坤,詹丹碧.政治关联、财务绩效与企业社会责任--来自中国化工行业上市公司的证据[J].管理评论,2014,26(1):130-139.
[29]周中胜,何德旭,李正.制度环境与企业社会责任履行:来自中国上市公司的经验证据[J].中国软科学,2012(10):59-68.
[30]张萍,梁博.政治关联与社会责任履行--来自中国民营企业的证据[J].会计与经济研究,2012,26(5):14-23.
[31]WONG S C.Improving corporate governance in SOEs:An integrated approach[J].Corporate Governance International,2004,7(2):19-29.
[32]姚圣,梁昊天.政治关联、地方利益与企业环境业绩--基于产权性质分类的研究[J].财贸研究,2015(4):141-149.
(1)《中国制造2025》提出,坚持“创新驱动、质量为先、绿色发展、结构优化、人才为本”的基本方针,坚持“市场主导、政府引导,立足当前、着眼长远,整体推进、重点突破,自主发展、开放合作”的基本原则,通过“三步走”实现制造强国的战略目标。
(2)根据2010年环保部公布的《上市公司环境信息披露指南》(征求意见稿)中界定的16类重污染行业,选择其中涉及制造业的造纸及纸制品业、化学原料及化学制品制造业、纺织业、黑色金属冶炼及压延加工业、食品制造业、皮革毛皮羽毛(绒)及其制品业、非金属矿物制品业、有色金属及压延加工业等八大行业。
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