《企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展實(shí)證探究》26000字（論文）

企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展實(shí)證研究目錄TOC\o"1-2"\h\u8516企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展實(shí)證研究 1113271.引言 1165892.文獻(xiàn)回顧 2292652.1企業(yè)社會(huì)責(zé)任方面 284882.2融資約束方面 3224462.3企業(yè)高質(zhì)量發(fā)展方面 38753.理論假設(shè) 422993.1企業(yè)社會(huì)責(zé)任與企業(yè)高質(zhì)量發(fā)展：股東價(jià)值主義與管理者自利 4148233.2企業(yè)社會(huì)責(zé)任與融資約束：MM理論與現(xiàn)實(shí)聲譽(yù)效應(yīng) 537063.3融資約束與企業(yè)高質(zhì)量發(fā)展：“蓄水池”與“投資替代” 556734.數(shù)據(jù)來源及研究設(shè)計(jì) 6318944.1研究數(shù)據(jù)來源 6265804.2研究變量測(cè)度 7178504.3模型設(shè)計(jì) 970625.實(shí)證檢驗(yàn) 1082025.1企業(yè)社會(huì)責(zé)任-企業(yè)高質(zhì)量發(fā)展的影響機(jī)制 10170315.2企業(yè)社會(huì)責(zé)任-企業(yè)高質(zhì)量發(fā)展異質(zhì)性影響 11178446.進(jìn)一步分析 12198866.1作用機(jī)制 12196966.2中介效應(yīng)分路徑探索 13262436.3企業(yè)高質(zhì)量發(fā)展靜態(tài)動(dòng)態(tài)效應(yīng) 16319866.4內(nèi)生性檢驗(yàn) 19216667.結(jié)論及政策啟示 2028491參考文獻(xiàn) 21內(nèi)容提要：企業(yè)作為重要的社會(huì)微觀群體，其高質(zhì)量發(fā)展將決定一國經(jīng)濟(jì)可持續(xù)健康發(fā)展，且其社會(huì)責(zé)任履行和融資約束狀況備受國家、社會(huì)和公眾關(guān)注。本文聚焦企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展，通過構(gòu)建完善的企業(yè)高質(zhì)量發(fā)展指標(biāo)，系統(tǒng)研究企業(yè)社會(huì)責(zé)任對(duì)企業(yè)高質(zhì)量發(fā)展的影響機(jī)制與異質(zhì)性差異。研究發(fā)現(xiàn)：（1）融資約束在企業(yè)社會(huì)責(zé)任及企業(yè)高質(zhì)量發(fā)展間起部分中介，企業(yè)社會(huì)責(zé)任履行將促進(jìn)企業(yè)高質(zhì)量發(fā)展，并通過緩解融資約束產(chǎn)生中介作用；（2）企業(yè)社會(huì)責(zé)任履行存在異質(zhì)性且主要體現(xiàn)在履行態(tài)度及投資力度兩方面，企業(yè)社會(huì)責(zé)任投資額與融資約束間存在倒U型關(guān)系，在過度金融化的企業(yè)中融資約束限制作用更強(qiáng)，且不同性質(zhì)、行業(yè)類型的企業(yè)異質(zhì)性明顯；（3）企業(yè)高質(zhì)量發(fā)展存在滯后一期累積效應(yīng)，滯后二期的動(dòng)態(tài)時(shí)效性不明顯；（4）在宏觀視角下企業(yè)高質(zhì)量發(fā)展程度整體穩(wěn)步提升，發(fā)展重心由華東沿海逐步移向華中地區(qū)，我國時(shí)空動(dòng)態(tài)異質(zhì)性差距逐漸縮小。在未來企業(yè)發(fā)展中，更需重視企業(yè)社會(huì)責(zé)任履行及其態(tài)度、力度產(chǎn)生的企業(yè)高質(zhì)量發(fā)展促進(jìn)作用，充分借助其緩解融資約束，差異化施政施策，促進(jìn)企業(yè)全方位高質(zhì)量發(fā)展。關(guān)鍵詞：企業(yè)高質(zhì)量發(fā)展企業(yè)社會(huì)責(zé)任融資約束異質(zhì)性1.引言進(jìn)入經(jīng)濟(jì)新常態(tài)后，高質(zhì)量發(fā)展引人注目，而企業(yè)的高質(zhì)量發(fā)展是未來企業(yè)煥發(fā)持續(xù)生機(jī)活力的關(guān)鍵，其不僅涉及企業(yè)績效提高，更涵蓋投入產(chǎn)出、資源配置、收入分配等因素全方位提升，在十九屆五中全會(huì)上對(duì)高質(zhì)量發(fā)展格外重視，在十四五規(guī)劃中也指出要在未來繼續(xù)貫徹高質(zhì)量發(fā)展要求，打造高質(zhì)量發(fā)展主力軍、暢通雙循環(huán)主動(dòng)脈，助推國家治理能力與治理體系現(xiàn)代化進(jìn)程；同時(shí)，面臨后疫情時(shí)代現(xiàn)狀，地處十三五、十四五交接之年，企業(yè)需要正確制定未來發(fā)展戰(zhàn)略合理融資，盡可能緩解疫情對(duì)企業(yè)復(fù)蘇的消極影響，努力提升自身競爭力，加快資金流動(dòng)、合理化資金來源以促進(jìn)企業(yè)長久發(fā)展。尤其是，企業(yè)在社會(huì)中扮演重要角色，隨著國際市場(chǎng)競爭日趨激烈，UNSDG、企業(yè)社會(huì)責(zé)任評(píng)級(jí)等相關(guān)倡議的提出，企業(yè)在日常發(fā)展的同時(shí)承擔(dān)社會(huì)責(zé)任情況備受關(guān)注，這也要求未來企業(yè)發(fā)展更全面合理，并充分發(fā)揮其社會(huì)模范帶動(dòng)作用。而企業(yè)社會(huì)責(zé)任對(duì)企業(yè)高質(zhì)量發(fā)展的影響機(jī)制存在異質(zhì)性，管理者動(dòng)機(jī)差異將通過企業(yè)的融資約束影響企業(yè)高質(zhì)量發(fā)展及未來決策等。而縱觀現(xiàn)有文獻(xiàn)，對(duì)于企業(yè)高質(zhì)量發(fā)展的框架構(gòu)建與研究尚未成定論，且企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展的系統(tǒng)、綜合性研究鮮有，在我國十四五規(guī)劃出臺(tái)的背景下，該研究的現(xiàn)實(shí)意義較強(qiáng)。基于上述思考及目的，本文將基于我國上市企業(yè)相關(guān)數(shù)據(jù)對(duì)企業(yè)社會(huì)責(zé)任、融資約束以及企業(yè)高質(zhì)量發(fā)展之間的關(guān)系進(jìn)行系統(tǒng)綜合性研究，探究融資約束在企業(yè)社會(huì)責(zé)任、企業(yè)高質(zhì)量發(fā)展間的中介效應(yīng)，以及不同類型、行為表現(xiàn)的企業(yè)基于上述三因素的發(fā)展差異，同時(shí)構(gòu)建企業(yè)高質(zhì)量發(fā)展評(píng)價(jià)指標(biāo)，并將三者結(jié)合討論，一方面探究三者間影響作用機(jī)制，另一方面對(duì)我國目前企業(yè)高質(zhì)量發(fā)展差異有進(jìn)一步認(rèn)識(shí)理解，完善相關(guān)文獻(xiàn)研究。本選題的研究貢獻(xiàn)有以下幾點(diǎn)：首先，為企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展的相關(guān)研究進(jìn)行補(bǔ)充，現(xiàn)有國內(nèi)外文獻(xiàn)更多關(guān)注上述兩者間的研究，且以企業(yè)績效為主，而對(duì)企業(yè)高質(zhì)量發(fā)展體系構(gòu)建、融資約束與企業(yè)社會(huì)責(zé)任三者的系統(tǒng)綜合性研究鮮見，尤其是結(jié)果對(duì)不同地區(qū)、行為表現(xiàn)、CEO特征的企業(yè)展開研究討論。本文基于股東價(jià)值主義、“蓄水池”、管理者自利及異質(zhì)性行為差異等相關(guān)理論開展研究，重點(diǎn)關(guān)注企業(yè)社會(huì)責(zé)任履行態(tài)度、力度發(fā)揮的關(guān)鍵異質(zhì)性影響，并結(jié)合倒U形曲線及企業(yè)金融化程度展開討論研究，為上述理論提供獨(dú)特研究視角，拓寬和豐富現(xiàn)有理論研究及視角，我國正處于十三五、十四五交接時(shí)期，以上研究也為未來我國發(fā)展及轉(zhuǎn)型提供相關(guān)經(jīng)驗(yàn)證據(jù)；第二，為構(gòu)建全面的企業(yè)高質(zhì)量發(fā)展測(cè)度指標(biāo)及研究提供獨(dú)特視角，現(xiàn)有文獻(xiàn)較多使用企業(yè)績效、投資效率等單一指標(biāo)進(jìn)行分析，宏觀與微觀指標(biāo)冗雜且涵蓋不全，難以適應(yīng)我國瞬息萬變的經(jīng)濟(jì)發(fā)展新常態(tài)，本文通過理論選取相關(guān)指標(biāo)，突破已有文獻(xiàn)固有局限，采取熵權(quán)法客觀構(gòu)建高質(zhì)量體系確定權(quán)重，深入貫徹經(jīng)濟(jì)新常態(tài)下的新發(fā)展理念，增強(qiáng)測(cè)度科學(xué)性與合理性，并結(jié)合靜態(tài)動(dòng)態(tài)視角，由微觀過渡到宏觀，準(zhǔn)確把握新發(fā)展階段我國宏微觀視角下企業(yè)高質(zhì)量發(fā)展命脈。2.文獻(xiàn)回顧出于上述研究目的，以下從企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)高質(zhì)量發(fā)展進(jìn)行文獻(xiàn)回顧。2.1企業(yè)社會(huì)責(zé)任方面對(duì)于企業(yè)社會(huì)責(zé)任的研究，國外從多方面展開討論，主要集中于社會(huì)責(zé)任測(cè)度層面。Miles與Snow(2003)ADDINEN.CITE<EndNote><Cite><Author>Arias</Author><Year>2010</Year><RecNum>46</RecNum><DisplayText><styleface="superscript">[1]</style></DisplayText><record><rec-number>46</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617149954">46</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Arias,J.T.</author><author>Higuita,J.C.</author><author>ODCastrillón</author></authors></contributors><titles><title>Organizationalstrategy,structureandprocess</title></titles><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>[1]設(shè)計(jì)社會(huì)責(zé)任的評(píng)估框架，從創(chuàng)新、績效等多角度測(cè)度企業(yè)社會(huì)責(zé)任水平，其產(chǎn)生的后續(xù)研究價(jià)值較大；Yuan(2020)ADDINEN.CITE<EndNote><Cite><Author>Yuan</Author><Year>2020</Year><RecNum>47</RecNum><DisplayText><styleface="superscript">[2]</style></DisplayText><record><rec-number>47</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617151358">47</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Yuan,Y.</author><author>Lu,L.Y.</author><author>Tian,G.</author><author>Yu,Y.</author><author>Greenwood,M.</author><author>Freeman,R.E.</author></authors></contributors><titles><title>BusinessStrategyandCorporateSocialResponsibility</title><secondary-title>JournalofBusinessEthics</secondary-title></titles><periodical><full-title>JournalofBusinessEthics</full-title></periodical><pages>359-377</pages><volume>162</volume><number>2</number><dates><year>2020</year></dates><urls></urls></record></Cite></EndNote>[2]借鑒Miles與Snow的研究思路，從企業(yè)戰(zhàn)略與企業(yè)社會(huì)責(zé)任出發(fā)，他們指出遵循創(chuàng)新導(dǎo)向戰(zhàn)略的企業(yè)比那些遵循效率導(dǎo)向戰(zhàn)略的企業(yè)具有更好的企業(yè)社會(huì)責(zé)任績效，管理者使用社會(huì)責(zé)任與創(chuàng)新導(dǎo)向戰(zhàn)略將不僅在未來發(fā)展中受益匪淺，同時(shí)對(duì)未來風(fēng)險(xiǎn)有較強(qiáng)的承受能力；類似地，AvishekBhandari(2017)ADDINEN.CITE<EndNote><Cite><Author>Bhandari</Author><Year>2017</Year><RecNum>48</RecNum><DisplayText><styleface="superscript">[3]</style></DisplayText><record><rec-number>48</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617151505">48</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Bhandari,A.</author><author>Javakhadze,D.</author></authors></contributors><titles><title>Corporatesocialresponsibilityandcapitalallocationefficiency</title><secondary-title>JournalofCorporateFinance</secondary-title></titles><periodical><full-title>JournalofCorporateFinance</full-title></periodical><dates><year>2017</year></dates><urls></urls></record></Cite></EndNote>[3]重點(diǎn)探究企業(yè)社會(huì)責(zé)任的履行對(duì)企業(yè)資本配置效率的影響，利用開創(chuàng)性的質(zhì)量評(píng)估框架進(jìn)行測(cè)度，經(jīng)研究指出，企業(yè)社會(huì)責(zé)任的影響由利益相關(guān)者、代理成本等因素調(diào)節(jié)，企業(yè)社會(huì)責(zé)任履行將增加對(duì)現(xiàn)金流的敏感程度，并提高企業(yè)資本配置效率；除上述外，Mercedesúbeda-García(2021)ADDINEN.CITE<EndNote><Cite><Author>Beda-García</Author><Year>2021</Year><RecNum>49</RecNum><DisplayText><styleface="superscript">[4]</style></DisplayText><record><rec-number>49</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617151789">49</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>MBeda-García</author><author>EClaver-Cortés</author><author>Marco-Lajara,B.</author><author>PZaragoza-Sáez</author></authors></contributors><titles><title>Corporatesocialresponsibilityandfirmperformanceinthehotelindustry.Themediatingroleofgreenhumanresourcemanagementandenvironmentaloutcomes-ScienceDirect</title><secondary-title>JournalofBusinessResearch</secondary-title></titles><periodical><full-title>JournalofBusinessResearch</full-title></periodical><pages>57-69</pages><volume>123</volume><dates><year>2021</year></dates><urls></urls></record></Cite></EndNote>[4]也從企業(yè)發(fā)展和人力資源管理的視角對(duì)企業(yè)社會(huì)責(zé)任進(jìn)行研究，指出社會(huì)責(zé)任對(duì)績效存在直接關(guān)系，并與環(huán)境績效存在可能的中介關(guān)系；相似地，Albuquerque,R(2019)ADDINEN.CITE<EndNote><Cite><Author>Albuquerque</Author><Year>2019</Year><RecNum>50</RecNum><DisplayText><styleface="superscript">[5]</style></DisplayText><record><rec-number>50</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152079">50</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>RuiAlbuquerque</author><author>Yrj?Koskinen</author><author>ChendiZhang</author></authors></contributors><titles><title>CorporateSocialResponsibilityandFirmRisk:TheoryandEmpiricalEvidence</title><secondary-title>ManagementScience</secondary-title></titles><periodical><full-title>ManagementScience</full-title></periodical><pages>4451-4469</pages><volume>65</volume><number>10</number><keywords><keyword>corporatesocialresponsibility,productdifferentiation,systematicrisk,beta,firmvalue,industryequilibrium</keyword></keywords><dates><year>2019</year></dates><urls><related-urls><url>/doi/abs/10.1287/mnsc.2018.3043</url></related-urls></urls><electronic-resource-num>10.1287/mnsc.2018.3043</electronic-resource-num></record></Cite></EndNote>[5]等學(xué)者也通過研究指出企業(yè)社會(huì)責(zé)任履行將增加產(chǎn)品差異化投資，使企業(yè)能夠從更高的利潤率中獲益，同時(shí)企業(yè)社會(huì)責(zé)任降低了系統(tǒng)風(fēng)險(xiǎn)，增加了企業(yè)價(jià)值，對(duì)于產(chǎn)品差異化程度高的企業(yè)來說，這些影響更為強(qiáng)烈。我國起步相對(duì)略晚，目前集中在企業(yè)社會(huì)責(zé)任測(cè)度與企業(yè)社會(huì)責(zé)任影響兩方面。在企業(yè)社會(huì)責(zé)任測(cè)度方面：張兆國(2013)ADDINEN.CITE<EndNote><Cite><Author>張兆國</Author><Year>2013</Year><RecNum>51</RecNum><DisplayText><styleface="superscript">[6]</style></DisplayText><record><rec-number>51</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152123">51</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>張兆國</author><author>靳小翠</author><author>李庚秦</author></authors></contributors><auth-address>華中科技大學(xué)管理學(xué)院;</auth-address><titles><title>企業(yè)社會(huì)責(zé)任與財(cái)務(wù)績效之間交互跨期影響實(shí)證研究</title><secondary-title>會(huì)計(jì)研究</secondary-title></titles><periodical><full-title>會(huì)計(jì)研究</full-title></periodical><pages>32-39+96</pages><number>08</number><keywords><keyword>企業(yè)社會(huì)責(zé)任</keyword><keyword>財(cái)務(wù)績效</keyword><keyword>交互跨期影響</keyword></keywords><dates><year>2013</year></dates><isbn>1003-2886</isbn><call-num>11-1078/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[6]等從企業(yè)社會(huì)責(zé)任戰(zhàn)略、員工戰(zhàn)略等構(gòu)建企業(yè)社會(huì)責(zé)任綜合評(píng)價(jià)指數(shù)并用于后續(xù)研究；此外，吉利(2013)ADDINEN.CITE<EndNote><Cite><Author>吉利</Author><Year>2013</Year><RecNum>52</RecNum><DisplayText><styleface="superscript">[7]</style></DisplayText><record><rec-number>52</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152167">52</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>吉利</author><author>張正勇</author><author>毛洪濤</author></authors></contributors><auth-address>西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;南京財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;南京大學(xué)商學(xué)院;</auth-address><titles><title>企業(yè)社會(huì)責(zé)任信息質(zhì)量特征體系構(gòu)建——基于對(duì)信息使用者的問卷調(diào)查</title><secondary-title>會(huì)計(jì)研究</secondary-title></titles><periodical><full-title>會(huì)計(jì)研究</full-title></periodical><pages>50-56+96</pages><number>01</number><keywords><keyword>企業(yè)社會(huì)責(zé)任信息</keyword><keyword>質(zhì)量特征</keyword><keyword>問卷調(diào)查</keyword></keywords><dates><year>2013</year></dates><isbn>1003-2886</isbn><call-num>11-1078/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[7]等學(xué)者采取手工收集問卷調(diào)查企業(yè)社會(huì)責(zé)任相關(guān)數(shù)據(jù)指標(biāo)，涵蓋中肯性、可比性、準(zhǔn)確性、可靠性等多種國內(nèi)外社會(huì)責(zé)任報(bào)告評(píng)估機(jī)構(gòu)常用指標(biāo)；馮麗艷(2016)ADDINEN.CITE<EndNote><Cite><Author>馮麗艷</Author><Year>2016</Year><RecNum>53</RecNum><DisplayText><styleface="superscript">[8]</style></DisplayText><record><rec-number>53</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152183">53</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>馮麗艷</author><author>肖翔</author><author>程小可</author></authors></contributors><auth-address>北京交通大學(xué)經(jīng)濟(jì)管理學(xué)院;蘇州科技大學(xué)商學(xué)院;</auth-address><titles><title>社會(huì)責(zé)任對(duì)企業(yè)風(fēng)險(xiǎn)的影響效應(yīng)——基于我國經(jīng)濟(jì)環(huán)境的分析</title><secondary-title>南開管理評(píng)論</secondary-title></titles><periodical><full-title>南開管理評(píng)論</full-title></periodical><pages>141-154</pages><volume>19</volume><number>06</number><keywords><keyword>企業(yè)社會(huì)責(zé)任</keyword><keyword>企業(yè)風(fēng)險(xiǎn)</keyword><keyword>所有權(quán)性質(zhì)</keyword><keyword>金融危機(jī)</keyword></keywords><dates><year>2016</year></dates><isbn>1008-3448</isbn><call-num>12-1288/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[8]等較多學(xué)者直接將“潤靈環(huán)球”、和訊網(wǎng)機(jī)構(gòu)對(duì)上市公司社會(huì)責(zé)任報(bào)告評(píng)價(jià)指數(shù)作為變量。在企業(yè)社會(huì)責(zé)任影響方面：劉姝雯(2019)ADDINEN.CITE<EndNote><Cite><Author>劉姝雯</Author><Year>2019</Year><RecNum>54</RecNum><DisplayText><styleface="superscript">[9]</style></DisplayText><record><rec-number>54</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152201">54</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>劉姝雯</author><author>劉建秋</author><author>陽旸</author><author>楊勝剛</author></authors></contributors><auth-address>湖南大學(xué)金融與統(tǒng)計(jì)學(xué)院;湖南工商大學(xué)會(huì)計(jì)學(xué)院;湖南師范大學(xué)商學(xué)院;</auth-address><titles><title>企業(yè)社會(huì)責(zé)任與企業(yè)金融化:金融工具還是管理工具?</title><secondary-title>會(huì)計(jì)研究</secondary-title></titles><periodical><full-title>會(huì)計(jì)研究</full-title></periodical><pages>57-64</pages><number>09</number><keywords><keyword>企業(yè)社會(huì)責(zé)任</keyword><keyword>企業(yè)金融化</keyword><keyword>金融工具</keyword><keyword>管理工具</keyword></keywords><dates><year>2019</year></dates><isbn>1003-2886</isbn><call-num>11-1078/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[9]等學(xué)者通過構(gòu)建回歸模型、工具變量分析指出，經(jīng)濟(jì)新常態(tài)下，企業(yè)社會(huì)責(zé)任將會(huì)是擬制企業(yè)金融化的重要管理工具，且企業(yè)社會(huì)責(zé)任的影響根據(jù)企業(yè)性質(zhì)、企業(yè)責(zé)任評(píng)分、企業(yè)社會(huì)責(zé)任披露等多種因素水平高低產(chǎn)生變化，如對(duì)國有企業(yè)表現(xiàn)明顯，對(duì)自愿披露的企業(yè)表現(xiàn)不明顯等；李百興(2018)ADDINEN.CITE<EndNote><Cite><Author>李百興</Author><Year>2018</Year><RecNum>55</RecNum><DisplayText><styleface="superscript">[10]</style></DisplayText><record><rec-number>55</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152266">55</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>李百興</author><author>王博</author><author>卿小權(quán)</author></authors></contributors><auth-address>首都經(jīng)濟(jì)貿(mào)易大學(xué)會(huì)計(jì)學(xué)院;</auth-address><titles><title>企業(yè)社會(huì)責(zé)任履行、媒體監(jiān)督與財(cái)務(wù)績效研究——基于A股重污染行業(yè)的經(jīng)驗(yàn)數(shù)據(jù)</title><secondary-title>會(huì)計(jì)研究</secondary-title></titles><periodical><full-title>會(huì)計(jì)研究</full-title></periodical><pages>64-71</pages><number>07</number><keywords><keyword>企業(yè)社會(huì)責(zé)任</keyword><keyword>媒體監(jiān)督</keyword><keyword>財(cái)務(wù)績效</keyword><keyword>重污染行業(yè)</keyword></keywords><dates><year>2018</year></dates><isbn>1003-2886</isbn><call-num>11-1078/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[10]重點(diǎn)關(guān)注污染型企業(yè)的社會(huì)責(zé)任，指出積極履行社會(huì)責(zé)任將對(duì)企業(yè)財(cái)務(wù)績效產(chǎn)生積極作用，且具有一定時(shí)滯性。2.2融資約束方面國內(nèi)外對(duì)企業(yè)融資約束的研究領(lǐng)域集中在影響因素及其產(chǎn)生的影響兩方面。對(duì)于驅(qū)動(dòng)因素：Zhang(2020)ADDINEN.CITE<EndNote><Cite><Author>Yz</Author><RecNum>56</RecNum><DisplayText><styleface="superscript">[11]</style></DisplayText><record><rec-number>56</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152295">56</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Yz,A</author><author>Chao,X.A.</author><author>Yuan,W.B.</author></authors></contributors><titles><title>Doesgreeninnovationmitigatefinancingconstraints?EvidencefromChina'sprivateenterprises</title><secondary-title>JournalofCleanerProduction</secondary-title></titles><periodical><full-title>JournalofCleanerProduction</full-title></periodical><volume>264</volume><dates></dates><urls></urls></record></Cite></EndNote>[11]以利益相關(guān)者理論為基礎(chǔ)，并從綠色創(chuàng)新視角出發(fā)，通過工具變量、傾向匹配得分和更新模型發(fā)現(xiàn)綠色創(chuàng)新在緩解企業(yè)融資約束方面發(fā)揮著很大作用，對(duì)改善融資環(huán)境提供了有價(jià)值的參考；Li(2020)ADDINEN.CITE<EndNote><Cite><Author>Li</Author><Year>2020</Year><RecNum>57</RecNum><DisplayText><styleface="superscript">[12]</style></DisplayText><record><rec-number>57</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152308">57</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Li,W.</author><author>Zheng,M.</author><author>Zhang,Y.</author><author>Cui,G.</author></authors></contributors><titles><title>Greengovernancestructure,ownershipcharacteristics,andcorporatefinancingconstraints</title><secondary-title>JournalofCleanerProduction</secondary-title></titles><periodical><full-title>JournalofCleanerProduction</full-title></periodical><pages>121008</pages><volume>260</volume><dates><year>2020</year></dates><urls></urls></record></Cite></EndNote>[12]等學(xué)者也指出企業(yè)的社會(huì)責(zé)任履行情況，尤其是公司的合理綠色治理水平，將緩解企業(yè)面臨的融資約束，并建議科學(xué)規(guī)劃機(jī)構(gòu)投資者持股比例和股權(quán)平衡程度，對(duì)區(qū)域經(jīng)濟(jì)發(fā)展大有裨益等。對(duì)于產(chǎn)生影響：Zhang(2019)ADDINEN.CITE<EndNote><Cite><Author>Zhang</Author><Year>2019</Year><RecNum>125</RecNum><DisplayText><styleface="superscript">[13]</style></DisplayText><record><rec-number>125</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617166796">125</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>DongyangZhang</author></authors></contributors><titles><title>Canexporttaxrebatealleviatefinancialconstrainttoincreasefirmproductivity?EvidencefromChina</title><secondary-title>InternationalReviewofEconomics&Finance</secondary-title></titles><periodical><full-title>InternationalReviewofEconomics&Finance</full-title></periodical><volume>64</volume><dates><year>2019</year></dates><urls></urls></record></Cite></EndNote>[13]等學(xué)者以制造業(yè)企業(yè)為樣本，通過研究得出，在企業(yè)融資約束作為中介變量的前提下，企業(yè)融資約束可由退稅緩解，從而拉動(dòng)制造業(yè)企業(yè)全要素生產(chǎn)率，同時(shí)在重污染密集型和資本密集型較少的行業(yè)中影響強(qiáng)烈；Carvalho(2018)ADDINEN.CITE<EndNote><Cite><Author>Carvalho</Author><Year>2018</Year><RecNum>59</RecNum><DisplayText><styleface="superscript">[14]</style></DisplayText><record><rec-number>59</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152387">59</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Carvalho,D.</author></authors></contributors><titles><title>HowDoFinancingConstraintsAffectFirms'EquityVolatility?</title><secondary-title>TheJournalofFinance</secondary-title></titles><periodical><full-title>TheJournalofFinance</full-title></periodical><pages>1139-1182</pages><volume>73</volume><number>3</number><dates><year>2018</year></dates><urls></urls></record></Cite></EndNote>[14]指出企業(yè)融資約束將不僅對(duì)股權(quán)密集型企業(yè)的股權(quán)波動(dòng)率產(chǎn)生影響，同時(shí)融資約束的緩解將助力企業(yè)在金融危機(jī)后的復(fù)蘇，融資約束較高的企業(yè)在經(jīng)濟(jì)風(fēng)險(xiǎn)與股票波動(dòng)中的復(fù)蘇穩(wěn)定更為緩慢，并建議企業(yè)科學(xué)制定資產(chǎn)復(fù)制表關(guān)注融資約束與摩擦；類似地，Edwards(2016)ADDINEN.CITE<EndNote><Cite><Author>Edwards</Author><Year>2015</Year><RecNum>60</RecNum><DisplayText><styleface="superscript">[15]</style></DisplayText><record><rec-number>60</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152434">60</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Edwards,A.S.</author><author>Schwab,C.M.</author><author>Shevlin,T.</author></authors></contributors><titles><title>FinancialConstraintsandCashTaxSavings</title><secondary-title>TheAccountingReview</secondary-title></titles><periodical><full-title>TheAccountingReview</full-title></periodical><volume>91</volume><number>3</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>[15]也指出企業(yè)融資約束將對(duì)現(xiàn)金儲(chǔ)蓄產(chǎn)生相關(guān)影響，融資約束增加的企業(yè)將在現(xiàn)金稅收籌劃方面表現(xiàn)突出，且在現(xiàn)金儲(chǔ)備較低的企業(yè)中表現(xiàn)尤為顯著，企業(yè)需重視融資約束的影響，并據(jù)實(shí)際情況合理進(jìn)行稅收現(xiàn)金籌劃。在我國研究中，顧雷雷(2020)ADDINEN.CITE<EndNote><Cite><Author>顧雷雷</Author><Year>2020</Year><RecNum>61</RecNum><DisplayText><styleface="superscript">[16]</style></DisplayText><record><rec-number>61</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152462">61</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>顧雷雷</author><author>郭建鸞</author><author>王鴻宇</author></authors></contributors><auth-address>中央財(cái)經(jīng)大學(xué)商學(xué)院;</auth-address><titles><title>企業(yè)社會(huì)責(zé)任、融資約束與企業(yè)金融化</title><secondary-title>金融研究</secondary-title></titles><periodical><full-title>金融研究</full-title></periodical><pages>109-127</pages><number>02</number><keywords><keyword>企業(yè)社會(huì)責(zé)任</keyword><keyword>企業(yè)金融化</keyword><keyword>融資約束</keyword><keyword>股東價(jià)值主義</keyword></keywords><dates><year>2020</year></dates><isbn>1002-7246</isbn><call-num>11-1268/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[16]結(jié)合企業(yè)社會(huì)責(zé)任與融資約束，發(fā)現(xiàn)社會(huì)責(zé)任將提高金融資產(chǎn)配置水平，對(duì)企業(yè)價(jià)值有重要影響；黎文靖(2017)ADDINEN.CITE<EndNote><Cite><Author>黎文靖</Author><Year>2017</Year><RecNum>62</RecNum><DisplayText><styleface="superscript">[17]</style></DisplayText><record><rec-number>62</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152470">62</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>黎文靖</author><author>李茫茫</author></authors></contributors><auth-address>暨南大學(xué)管理學(xué)院;</auth-address><titles><title>“實(shí)體+金融”:融資約束、政策迎合還是市場(chǎng)競爭?——基于不同產(chǎn)權(quán)性質(zhì)視角的經(jīng)驗(yàn)研究</title><secondary-title>金融研究</secondary-title></titles><periodical><full-title>金融研究</full-title></periodical><pages>100-116</pages><number>08</number><keywords><keyword>產(chǎn)融結(jié)合</keyword><keyword>政府干預(yù)</keyword><keyword>市場(chǎng)競爭</keyword><keyword>融資約束</keyword></keywords><dates><year>2017</year></dates><isbn>1002-7246</isbn><call-num>11-1268/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[17]等學(xué)者將企業(yè)融資約束與政策迎合、外部市場(chǎng)行為相聯(lián)系，以中國上市公司為研究對(duì)象，研究指出隨著企業(yè)參股行為的增加，企業(yè)的融資約束將顯著降低，且主要表現(xiàn)在非國有企業(yè)中，國有企業(yè)的反應(yīng)不盡相同，這對(duì)于未來企業(yè)的發(fā)展不容小覷；類似地，李維安(2019)ADDINEN.CITE<EndNote><Cite><Author>李維安</Author><Year>2019</Year><RecNum>63</RecNum><DisplayText><styleface="superscript">[18]</style></DisplayText><record><rec-number>63</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152484">63</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>李維安</author><author>張耀偉</author><author>鄭敏娜</author><author>李曉琳</author><author>崔光耀</author><author>李惠</author></authors></contributors><auth-address>南開大學(xué);天津財(cái)經(jīng)大學(xué)中國公司治理研究院;南開大學(xué)中國公司治理研究院;南開大學(xué)商學(xué)院;銀河證券研究院;</auth-address><titles><title>中國上市公司綠色治理及其評(píng)價(jià)研究</title><secondary-title>管理世界</secondary-title></titles><periodical><full-title>管理世界</full-title></periodical><pages>126-133+160</pages><volume>35</volume><number>05</number><keywords><keyword>上市公司</keyword><keyword>綠色治理評(píng)價(jià)</keyword><keyword>綠色治理指數(shù)</keyword><keyword>公司績效</keyword></keywords><dates><year>2019</year></dates><isbn>1002-5502</isbn><call-num>11-1235/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[18]學(xué)者將我國上市公司綠色治理與融資約束相聯(lián)系，指出企業(yè)推動(dòng)綠色治理將在一定程度上帶來更寬松的融資環(huán)境。在相關(guān)影響機(jī)制上：張時(shí)坤(2018)ADDINEN.CITE<EndNote><Cite><Author>張時(shí)坤</Author><Year>2018</Year><RecNum>64</RecNum><DisplayText><styleface="superscript">[19]</style></DisplayText><record><rec-number>64</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152518">64</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>張時(shí)坤</author></authors></contributors><titles><title>融資約束、金融市場(chǎng)化與企業(yè)出口行為</title><secondary-title>管理世界</secondary-title></titles><periodical><full-title>管理世界</full-title></periodical><pages>175-176</pages><volume>034</volume><number>012</number><dates><year>2018</year></dates><urls></urls></record></Cite></EndNote>[19]從我國非公有制企業(yè)面臨融資約束出發(fā)，借助Probit等模型測(cè)度融資約束與出口行為關(guān)系，并指出政府應(yīng)當(dāng)慎重、有針對(duì)性地制定補(bǔ)貼政策，融資約束將對(duì)我國企業(yè)發(fā)展產(chǎn)生抑制作用，降低企業(yè)融資壁壘至關(guān)重要；類似地，陳麗姍(2019)ADDINEN.CITE<EndNote><Cite><Author>陳麗姍</Author><Year>2019</Year><RecNum>65</RecNum><DisplayText><styleface="superscript">[20]</style></DisplayText><record><rec-number>65</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152532">65</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>陳麗姍</author><author>傅元海</author></authors></contributors><titles><title>融資約束條件下技術(shù)創(chuàng)新影響企業(yè)高質(zhì)量發(fā)展的動(dòng)態(tài)特征</title><secondary-title>中國軟科學(xué)</secondary-title></titles><periodical><full-title>中國軟科學(xué)</full-title></periodical><pages>108-128</pages><volume>000</volume><number>012</number><dates><year>2019</year></dates><urls></urls></record></Cite></EndNote>[20]等學(xué)者也驗(yàn)證了企業(yè)融資約束的減緩將對(duì)企業(yè)高質(zhì)量發(fā)展起到正向調(diào)節(jié)作用，其將配合企業(yè)的技術(shù)創(chuàng)新，進(jìn)一步顯著提升企業(yè)長期績效等。2.3企業(yè)高質(zhì)量發(fā)展方面對(duì)于企業(yè)高質(zhì)量發(fā)展，國外還未形成一致的測(cè)度框架，較多學(xué)者為企業(yè)高質(zhì)量發(fā)展的因素獻(xiàn)計(jì)獻(xiàn)策，且主要集中在宏觀與微觀兩個(gè)層面。在宏觀層面：Asongu和Nwachukwu(2017)ADDINEN.CITE<EndNote><Cite><Author>Asongu</Author><Year>2017</Year><RecNum>66</RecNum><DisplayText><styleface="superscript">[21]</style></DisplayText><record><rec-number>66</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152546">66</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Asongu,S.A.</author><author>Nwachukwu,J.C.</author></authors></contributors><titles><title>ForeignAidandInclusiveDevelopment:UpdatedEvidencefromAfrica,2005-2012</title><secondary-title>SocialenceQuarterly</secondary-title></titles><periodical><full-title>SocialenceQuarterly</full-title></periodical><volume>98</volume><dates><year>2017</year></dates><urls></urls></record></Cite></EndNote>[21]指出企業(yè)高質(zhì)量發(fā)展需要考慮與政府政策的適應(yīng)度，政府治理會(huì)通過多種方式途徑影響企業(yè)發(fā)展質(zhì)量，如增加企業(yè)經(jīng)營成本，減少投資成本等；Asterious和Spanos(2019)ADDINEN.CITE<EndNote><Cite><Author>Asteriou</Author><Year>2019</Year><RecNum>67</RecNum><DisplayText><styleface="superscript">[22]</style></DisplayText><record><rec-number>67</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152600">67</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Asteriou,D.</author><author>Spanos,K.</author></authors></contributors><titles><title>Therelationshipbetweenfinancialdevelopmentandeconomicgrowthduringtherecentcrisis:EvidencefromtheEU</title><secondary-title>FinanceResearchLetters</secondary-title></titles><periodical><full-title>FinanceResearchLetters</full-title></periodical><pages>238-245</pages><dates><year>2019</year></dates><urls></urls></record></Cite></EndNote>[22]也指出企業(yè)的金融發(fā)展水平至關(guān)重要，金融市場(chǎng)發(fā)展不僅有助于企業(yè)緩解融資約束，同時(shí)也會(huì)有利于出口類企業(yè)的質(zhì)量全面提升等。在微觀層面：Bushman(2016)ADDINEN.CITE<EndNote><Cite><Author>Bushman</Author><Year>2015</Year><RecNum>68</RecNum><DisplayText><styleface="superscript">[23]</style></DisplayText><record><rec-number>68</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152613">68</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Bushman,R.M.</author><author>Dai,Z.</author><author>Zhang,W.</author></authors></contributors><titles><title>ManagementTeamIncentiveDispersionandFirmPerformance</title><secondary-title>TheAccountingReview</secondary-title></titles><periodical><full-title>TheAccountingReview</full-title></periodical><pages>150402135208003</pages><volume>91</volume><number>1</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>[23]指出科學(xué)的高管薪酬激勵(lì)將對(duì)企業(yè)績效與未來高質(zhì)量發(fā)展產(chǎn)生影響，團(tuán)隊(duì)成員之間的努力協(xié)調(diào)對(duì)公司績效及高質(zhì)量發(fā)展的重要性也在增加，而偏離最優(yōu)值將不利于未來企業(yè)發(fā)展；除上述微觀因素外，Zhang(2020)ADDINEN.CITE<EndNote><Cite><Author>張濤</Author><Year>2020</Year><RecNum>69</RecNum><DisplayText><styleface="superscript">[24]</style></DisplayText><record><rec-number>69</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152629">69</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>張濤</author></authors></contributors><auth-address>中國社會(huì)科學(xué)院數(shù)量經(jīng)濟(jì)與技術(shù)經(jīng)濟(jì)研究所;</auth-address><titles><title>高質(zhì)量發(fā)展的理論闡釋及測(cè)度方法研究</title><secondary-title>數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究</secondary-title></titles><periodical><full-title>數(shù)量經(jīng)濟(jì)技術(shù)經(jīng)濟(jì)研究</full-title></periodical><pages>23-43</pages><volume>37</volume><number>05</number><keywords><keyword>宏微觀一體化</keyword><keyword>高質(zhì)量發(fā)展</keyword><keyword>測(cè)度體系</keyword></keywords><dates><year>2020</year></dates><isbn>1000-3894</isbn><call-num>11-1087/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>[24]等學(xué)者也對(duì)其進(jìn)行了補(bǔ)充，并指出人力資源、污水處理能力、企業(yè)開辦年限以及國際交往資本等也需要考慮；此外，也有學(xué)者對(duì)企業(yè)高質(zhì)量發(fā)展的測(cè)度指標(biāo)也提出了自己的新見解，Chircop(2020)ADDINEN.CITE<EndNote><Cite><Author>Chircop</Author><Year>2019</Year><RecNum>70</RecNum><DisplayText><styleface="superscript">[25]</style></DisplayText><record><rec-number>70</rec-number><foreign-keys><keyapp="EN"db-id="wwvw255te20e5uedzw8xt5pbzs09ve5xwt9f"timestamp="1617152638">70</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Chircop,Justin</author><author>Collins,DanielW.</author><author>Hass,LarsHelge</author><author>Nguyen,NhatQ.</author></authors></contributors><titles><title>AccountingComparabilityandCorporateInnovativeEfficiency</title