【作者】 刘斌；

【导师】 伍伟； 李思维；

【作者基本信息】 湖南大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 研发创新是企业持续发展的必然需求,但一直以来融资难问题是我国企业创新的一大阻碍,近年来有研究表明,企业履行社会责任对企业研发创新投入有促进作用。故在此背景下,展开企业社会责任与企业研发创新二者间关系的实证研究,并将融资约束作为中间变量引入,进一步探索这两者间的作用机制。首先,分别对企业社会责任和企业创新、企业社会责任和融资约束、融资约束和企业创新等方面进行文献梳理,详细阐述企业社会责任、企业创新和融资约束三者间的相互作用以及国内外研究现状。基于此分析企业社会责任对企业创新的影响,并探究融资约束作为中间变量在企业社会责任与企业创新的影响路径间的中介效应,提出了本文四个假设。其次,选取2012年-2019年我国沪深两市1066家A股上市公司作为样本,采用逐步回归检验法对假设进行验证,研究结果表明,企业履行社会责任对企业创新有积极作用,同时融资约束在这一作用过程中发挥中介效应,且相较于国有企业,非国有企业企业履行社会责任对缓解融资约束和促进企业创新的作用更强。最后,分别对企业和政府部门提出了相应的政策性建议。政府应当完善企业社会责任的相关政策出台、制度建设和监管措施,以此引导企业积极履行社会责任,将其与自身企业文化建设和创新发展联系起来。更多还原

【Abstract】 Innovation is the inevitable demand for the sustainable development of enterprises.However,the difficulty of financing has always been a major obstacle to the innovation of Chinese enterprises.In recent years,studies have shown that CSR can promote corporate investment in R&D.Therefore,we carry out an empirical study on the relationship between CSR and R&D,and import financing constraints as an intermediate variable to further explore the mechanism between them.First of all,this thesis reviews the literature on CSR and R&D,CSR and financing constraints,financing constraints and R&D.And then describes the interaction and influence effect among corporate innovation,CSR and financing constraints,as well as the current research situation at home and abroad.Based on this,this thesis analyzes the effect of CSR on corporate innovation and the intermediary effect of financing constraints as an intermediate variable between CSR and corporate innovation,and puts forward four hypotheses.Secondly,1066 A-share listed companies from 2012 to 2019 are selected as samples,and the stepwise regression test is used to verify the hypothesis.The results show that CSR has a positive effect on corporate innovation.At the same time,financing constraints play an intermediary effect in this process.Compared with state-owned enterprises,the fulfillment of social responsibility by non-state-owned enterprises plays a stronger role in alleviating financing constraints and promoting enterprise innovation.Finally,the thesis puts forward the corresponding policy suggestions to the enterprises and government departments respectively.The government should improve the relevant policies,system construction and regulatory measures of CSR,so as to guide enterprises to actively fulfill their social responsibility and link it with their own corporate culture construction and innovation and development.更多还原