中国社会信用体系改革试点效果评估——基于企业社会责任的视角

《财经研究》 2022年48卷第2期 页码：93 - 108  online：2022年2月2日

中国社会信用体系改革试点效果评估——基于企业社会责任的视角

Evaluation on the Effect of the Pilot Reform of the Social Credit System: From the Perspective of Corporate Social Responsibility

作者（中）：曹雨阳1, 孔东民2, 陶云清2

作者（英）：Cao Yuyang1, Kong Dongmin2, Tao Yunqing2

作者单位：1.华中师范大学 经济与工商管理学院, 湖北 武汉 430079 2.中南财经政法大学 金融学院, 湖北 武汉 430073

摘要：企业积极履行社会责任有助于发挥第三次分配作用，推动共同富裕发展战略。文章基于社会信用体系改革试点的政策背景，采用2009—2017年中国地级及以上城市的A股上市公司数据，从企业社会责任的视角对改革试点的效果进行了评估。研究表明：（1）社会信用体系改革试点有利于减少代理成本，降低信息不对称程度，从而促进企业社会责任活动；（2）在正式制度不够完善的情形下，社会信用体系改革试点对企业社会责任活动的促进作用更加明显，呈现出对正式制度的替代效应；（3）在非国有企业和公司治理薄弱的企业中，社会信用体系改革试点对企业社会责任活动的促进作用更加明显。文章的研究为继续完善社会信用体系改革试点工作提供了理论支撑和政策方向，也为政府和企业重新审视社会信用体系改革试点的社会价值效应提供了新的视角。

关键词：社会信用体系改革试点; 企业社会责任; 代理成本; 信息不对称

Summary: Most of the existing literature has studied the role of informal institutions from the perspective of economic value, but lacks a micro-analysis framework from the perspective of social value, and empirically lacks the causal effect that can accurately establish informal institutions on micro-subjects. From the perspective of social value, corporate social responsibility (CSR) has increasingly become an important and hot topic of common concern for the government, academia and industry. Existing studies have conducted extensive discussions on the impact of formal systems on CSR activities, such as legal systems, government administrative rules and regulations, media supervision systems and other external driving forces, as well as internal driving forces such as trade union systems and independent director systems. However, although the formal system does play a restrictive role in some aspects, accidents in which enterprises ignore social responsibilities, such as food safety, environmental pollution and safe production, continue to take place.The findings indicate that relying on formal systems to encourage enterprises to take the initiative to undertake CSR activities is limited, which needs to be expanded from informal systems. Therefore, this paper supplements the existing literature by examining the impact of social credit on CSR. Based on the data of China’s A-share listed companies from 2009 to 2017, this paper treats the construction of China’s social credit system as a shock event, uses the DID method to examine the causal effect of social credit on CSR, and examines the different roles of external formal institutions, corporate ownership, internal and external corporate governance. The results show that: (1) Social credit has a significant positive impact on CSR. (2) The two potential mechanisms are that social credit reduces agency costs and information asymmetry, thereby promoting CSR. (3) Further analysis finds that social credit promotes CSR in the absence of external formal institutions, indicating that there is a substitution effect between informal and formal institutions. (4) Finally, the conclusions are more pronounced in non-state-owned enterprises and enterprises with weaker internal and external corporate governance. Overall, this paper uses the construction of a social credit system as a new method to measure social credit, enriches the research on the driving factors of CSR at the firm level, and provides empirical evidence for the government and enterprises to re-examine the social value effect of social credit.

Key words: pilot reform of the social credit system; corporate social responsibility; agency costs; information asymmetry

DOI：10.16538/j.cnki.jfe.20211216.101

收稿日期：2021-9-23

基金项目：国家社会科学基金重大项目（21ZDA010）

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