| 摘要: |
| 企业的发展不仅要考虑经济价值,还要兼顾社会责任。医药行业作为公共卫生领域的特殊行业,承担着更大的社会责任。以2014—2020年我国沪深两市A股医药类上市公司为样本,实证研究社会责任对企业价值的影响以及政府补助、融资约束发挥中介效应的机制。研究结果表明:积极履行社会责任有助于提升企业价值；履行社会责任不仅可以通过提高政府补助、缓解融资约束两个独立中介效应促进企业价值的增长,还可借助提高政府补助与缓解融资约束间的链式中介效应提升企业价值。从公司内部治理的角度进一步分析发现,无论股权集中程度高低,积极履行社会责任都有利于提升企业价值,但两个独立中介效应和链式中介效应在股权集中度低时显著,股权集中度高时不显著。 |
| 关键词: 社会责任 企业价值 政府补助 融资约束 股权集中度 |
| DOI：10.13216/j.cnki.upcjess.2023.01.0010 |
| 分类号:F270；F275 |
| 基金项目:山东省社会科学规划研究项目(20CGLJ28)；山东省自然科学基金项目(ZR2021MG029)；中央高校基本科研业务费专项资金资助项目(19CX05026B) |
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| Research on the Effects of Taking Social Responsibility on Corporate Values of Listed Pharma Companies:Empirical Test Based on Chain Mediating Model |
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SUN Yanfang, LÜ Chuanying, LIU Ming
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(School of Economics and Management, China University of Petroleum (East China), Qingdao 266580, Shandong, China)
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| Abstract: |
| Striving for profitability and benefiting society as a whole, the pharmaceutical industry shoulders greater social responsibility in terms of its special role in public health. This paper makes an empirical study of the effects of undertaking social responsibility on corporate values and the mediation mechanism of government subsidies and financing constraints, taking as an example the A-share listed pharma companies of both Shanghai and Shenzhen Stock Exchanges from 2014 to 2020. The results show that fulfilling social responsibility proactively is conducive to reinforcing corporate values, which can be strengthened through two independent mediators:government subsidies and financing constraints, together with the chain mediation of both. Further study on the internal governance suggests that whatever the ownership concentration is, performing social responsibility proactively is contributive to solidifying corporate values, but the two mediators and the chain mediations have yielded different results:noticeable with high degree of ownership concentration and less noticeable with low. |
| Key words: social responsibility corporate values government subsidies financing constraints ownership concentration |
