作　者：张倩肖 刘德峰
关键词：资本市场开放；企业社会责任；双重差分模型；中介效应
摘　要：

在新冠疫情肆虐、地区动荡加剧的背景下，中国正成为全球投资的避风港“。沪港通”机制作为中国资本市场开放的重要手段，已成为国内外资金流通的重要平台，这不仅促使资本市场与企业治理之间反复博弈，而且深刻影响企业微观行为。作为践行社会责任的经济主体，企业在履行社会责任时易受外部政策环境、内部治理等因素的影响。“沪港通” 机制的落地落实，在加速资本市场开放的同时，可通过强化企业外部监督、优化企业内部治理方式，提升其社会责任绩效，这一点在非国有企业中更加明显。如果营商环境好，资本市场开放对企业社会责任绩效的正外部性越大。资本市场开放的这种积极作用，为微观企业行为的研究提供了新的实证证据，也为企业履行社会责任能力的提升给出了理论解释。

 

Research on the Influence and Mechanism of Capital Market Opening on Corporate Social Responsibility

Zhang Qianxiao，Liu Defeng（Xi’an Jiaotong University）

Abstract  Against the backdrop of the raging COVID-19 and intensifying regional turmoil, China is becoming a haven for global investment. As an important means of opening China's capital market, the "Shanghai Hong Kong stock connect" mechanism has become an important platform for cash interaction both at home and abroad, which not only promotes the repeated game between capital market and corporate governance, but also deeply affects the micro behaviors of enterprises. As an economic subject practicing social responsibility, enterprises are vulnerable to external policy environment, internal governance and other factors when performing social responsibility. While accelerating the opening of the capital market, the implementation of the "Shanghai Hong Kong stock connect" mechanism can improve enterprises’ social responsibility performance by strengthening the enterprises’ external supervision and optimizing their internal governance, which is more obvious in non-state-owned enterprises. The positive externality of capital market opening to corporate social responsibility performance will be greater if the business environment is better. This positive effect of capital market opening provides both new empirical evidence for the research of micro enterprise behaviors and a theoretical explanation for the improvement of enterprises' ability to fulfill social responsibility.

Key words      capital market opening; corporate social responsibility; difference-in-differences model; intermediary effect

 

■    作者简介 张倩肖，经济学博士，西安交通大学经济与金融学院教授、博士生导师，陕西 西安710061；刘德峰（通讯作者），西安交通大学经济与金融学院博士研究生。

 

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