商业研究

商业研究

• 商经理论 • 上一篇    下一篇

海外投资与企业社会责任 ——基于东道国异质性与企业异质性的实证检验

高伟1,2，王全景1   

  1. (1.西安交通大学 经济与金融学院，西安 710061；2. 中信银行总行 战略客户部， 北京 100010）
  • 收稿日期:2018-01-24 出版日期:2018-08-10
  • 作者简介:高伟（1979-），男，陕西延安人，西安交通大学经济与金融学院博士研究生，研究方向：海外投资和企业成长；王全景（1992-），男，河南濮阳人，西安交通大学经济与金融学院博士研究生，研究方向：海外投资和企业创新。
  • 基金资助:
    国家自然科学基金一般项目“风险投资与小微企业创新：增值与盘剥的新视角”，项目编号：71673216。

Overseas Investment and Corporate Social Responsibility：An Empirical Test based on the Heterogeneity of Host Country and Firm

GAO Wei1,2,WANG Quan-jing1   

  1. (1. School of Economics and Finance, Xi′an Jiaotong University, Xi′an 710061, China; 2. Strategic Customer Department, CITIC Bank, Beijing 100010, China）
  • Received:2018-01-24 Online:2018-08-10

摘要： 中国海外投资企业能否利用母国和东道国的双重制度环境和社会行为准则规范自身行为、提高社会责任倍受关注。基于异质性视角，本文从东道国异质性特征和企业异质性特征入手，在分析海外投资对企业社会责任作用机制的基础上，利用2010-2016年中国上市公司数据，运用前沿性的倾向得分匹配法（PSM）和双重差分法（DID）展开实证检验。研究结果显示：海外投资显著提高了企业所履行的社会总责任，东道国异质性特征影响海外投资对企业社会责任的作用效果；东道国与中国文化距离越小、经济发展水平越高时，海外投资对企业社会责任的推动效果更明显，东道国是新兴市场经济体时，这一作用效果较低；企业地区差异和自身属性等异质性特征影响海外投资对企业社会责任的正向作用，东部地区海外投资企业所履行的社会责任提升程度更大，而中西部企业海外投资对社会责任不存在显著影响，海外投资对社会责任的推动作用在外资企业最大、国有企业次之，在民营企业中并不明显。因此，针对性的引导不同类型的企业进行不同类型的海外投资是吸收东道国先进制度、提升企业社会责任的重要路径。

关键词: 海外投资, 企业社会责任, 倾向得分匹配, 双重差分

Abstract: It has been attached more importance whether Chinese overseas investment companies can use their dual institutional environment and social code of conduct in their home countries and host countries to regulate their behavior and improve their social responsibilities. Adopting data of Chinese listed companies from 2010 to 2016, this paper investigates how overseas investment affects corporate social responsibility (CSR) from a heterogeneity perspective by employing methods of propensity score matching (PSM) and difference-in-difference (DID). The empirical results show that overseas investment significantly improves the level of CSR, and the heterogeneity of host country affects the effect of overseas investment on CSR; the positive effect of overseas investment on CSR can be enhanced when the host country possesses similar culture with China and when the level of economic development is higher, but when the host country is an emerging market economy, this effect is relatively low; attributes and regional differences of corporate also influence the positive effect of overseas investment on CSR: the effect of overseas investment on CSR is higher among the firms located in the eastern region than that in the central or western regions; compared to non-state-owned enterprises, overseas investment plays a greater role on CSR in state-owned enterprises. Therefore, the targeted guidance of different types of enterprises for different types of overseas investment is an important way to enhance the level of CSR.

Key words: overseas investment, corporate social responsibility, Propensity Score Matching, Difference-In-Difference