上市公司股权结构特征对企业社会责任影响的实证研究——基于两权分离度的调节作用

以2010—2018年上市公司为研究对象，运用固定效应模型探究股权结构特征与企业社会责任之间的关系，并从公司治理角度出发，研究不同两权分离度作用下二者之间关系的变化情况。研究结果表明：1）股权集中度对于企业社会责任具有抑制作用，而股权制衡度对企业社会责任则具有倒U型的影响作用，二者呈现出非线性关系，即股权集中度越高，企业的社会责任表现越差，而股权制衡度过高或者过低也都不利于企业社会责任的发展；2）两权分离度对股权结构特征和企业社会责任之间的关系起着显著的调节作用，当两权分离度较高时，股权集中度对企业社会责任的抑制作用也较强，同时股权制衡度和企业社会责任之间的倒U型关系也会得到增强。本文证实了股权制衡度与社会责任间的非线性关系，说明股权制衡对于企业社会责任是把双刃剑，而股权集中高则不利于企业社会责任的提升。以上研究结论对于国内企业提升企业社会责任水平具有一定的参考意义，同时也进一步丰富了有关股权结构与企业社会责任的研究内容。

EMPIRICAL STUDY OF LISTED COMPANIES' OWNERSHIP STRUCTURE ON THEIR SOCIAL RESPONSIBILITIES BASED ON ADJUSTMENT OF SEPARATION OF CENTRALIZING AND BALANCING RIGHTS

This paper uses fixed effect model to study the relation between ownership and social responsibilities of 2010 to 2018 listed companies, and analyzes its changes under separation of owning and controlling rights from perspective of company management. An ownership centralization constrains companies' social responsibilities, but a balancing ownership exerts an upside-down "U-shaped" impact, a non-linear relation, suggesting a higher centralization, a poor social responsibility. Higher or lower balancing rights are not favorable for development of companies' social responsibilities. Separation of centralizing and balancing rights can largely adjust their relation. A higher centralized ownership plays a stronger role in constraining social responsibilities, and the upside-down "U-shaped" relation is boosted if the two rights are highly separated. This paper verifies their non-linear relation between ownership and social responsibilities, balancing ownership plays a dual role in companies' social responsibilities, a higher centralization is harmful for social responsibilities, providing references for China's companies to improve their social responsibilities and enriching the research content of ownership structure and social responsibilities.