基于供应链伙伴责任对财务绩效的影响研究——要素市场扭曲程度的调节效应

摘要

Using the assessment data of social responsibility reports of China's A-share listed companies , this article empirically tests the effects of supply chain partners responsibility on the current and long-term corporate financial performance. On this basis , fur-ther analyzes whether this effect will change due to differences in nature of business ownership and factor market distortions. The results show that corporate responsibility for supply chain partners has no association with current financial performance , but is positively corr-elated with long-term financial performance. Further studies show that with increased levels of factor market distortions , supply chain partners responsibility of private enterprises promoting in long-term financial performance will be strengthened. The results indicate that in the long run, financial performance can be enhanced for the investment of supply chain partners responsibility of private enterprises.%文章采用中国A股上市公司社会责任报告的测评数据, 实证检验了供应链伙伴责任对企业当期和长期财务绩效的影响. 在此基础上, 进一步分析这种影响是否会因企业所有权性质和要素市场扭曲程度的不同而表现出异质性. 研究发现, 企业对供应链伙伴责任的投入与当期财务绩效无关, 与长期财务绩效正相关. 进一步研究发现, 随着要素市场扭曲程度的增加,民营企业的供应链伙伴责任投入对长期财务绩效的促进作用会得到加强. 以上研究结果表明, 从长期来看, 民营企业基于供应链伙伴的社会责任投入能提高财务绩效.