资源与产业 ›› 2022, Vol. 24 ›› Issue (1): 126-135.DOI: 10.13776/j.cnki.resourcesindustries.20211221.001

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房地产企业社会责任与融资约束关系的地区差异研究

舒 欢,李 妍   

  1. (河海大学 商学院,江苏 南京 211100
  • 收稿日期:2021-03-28 修回日期:2021-11-17 出版日期:2022-02-20 发布日期:2022-03-13
  • 通讯作者: 李妍,硕士生,主要从事工程项目管理与企业社会责任研究。763020323@qq.com
  • 作者简介:舒欢,博士、副教授,主要从事工程项目管理与企业社会责任研究。E-mail: lenheng@aliyun.com
  • 基金资助:
    国家社会科学基金项目(18BSH110)。

REGIONAL DIFFERENCE OF RELATION BETWEEN REAL ESTATE ENTERPRISES SOCIAL RESPONSIBILITIES AND FINANCIAL CONSTRAINTS

SHU Huan, LI Yan   

  1. (Business School, Hohai University, Nanjing 211100, China
  • Received:2021-03-28 Revised:2021-11-17 Online:2022-02-20 Published:2022-03-13
  • Contact: LI Yan
  • About author:E-mail: lenheng@aliyun.com

摘要: 测算房地产企业社会责任和融资约束水平,并明确房地产企业社会责任和融资约束关系的地区差异,为房地产企业提供企业社会责任视角下缓解融资约束的新方向。以2012—2019年我国沪深A股房地产公司为研究样本,采用和讯网数据和企业财务指标数据计算企业的总社会责任和对各利益相关者的社会责任,用代理变量SA指数衡量融资约束,并按照东中西三大经济带划分房地产企业所归属地区。采用多元回归模型对东部、中部、西部地区的总企业社会责任、对各利益相关者的社会责任与融资约束的关系进行了比较分析。研究表明:1)我国房地产企业社会责任的平均水平为34.145,还处于有大量提升空间的起步阶段,各地区的表现情况为东部最佳,中部次之,西部最低;全国融资约束程度的平均水平为-3.787,融资方面受到较大限制,各地区的受限情况为西部最强,东部次之,中部最弱。2)无论是全国整体还是各地区的表现,房地产企业社会责任和融资约束均为负相关关系,即企业社会责任表现越好的房地产企业受到的融资约束程度更小;相较于中部和西部地区,东部地区两者之间的负相关关系最明显,并且在1%的水平上显著。3)东中西部房地产企业对股东和债权人的社会责任均会对其融资约束产生显著性的负向影响,而其对社会的责任影响不明显;对政府、消费者、员工和供应商的社会责任与房地产企业的融资约束关系,由于房地产企业所属地区不同会呈现地区差异。中国房地产企业基于融资导向履行社会责任时应考虑地区差异,实施针对性企业社会责任战略和差异化企业社会责任投入,以最大程度缓解融资约束。

关键词: 房地产;企业社会责任;融资约束;地区差异 

Abstract: This paper estimates real estate enterprise's social responsibilities and financial constraints, determines the regional difference of their relation, and provides references for real estate enterprise to mitigate financial constraints based on their social responsibilities. This paper, based on China's A stock-listed real estate enterprises' data from 2012 to 2019, uses Hexun website data and financial data to mark enterprises' and stakeholders' social responsibilities, uses acting variables' SA index to mark financial constraints, and divides them into east, central and west economic zones. Multiple regression model is applied to compare the entire and subsidiary enterprises' social responsibilities and financial constraints relation within the three economic zones. China's real estate enterprises' social responsibilities have an average score of 34.145, high in the east economic zone, followed by the central and then the west. The average financial constraints level is -3.787 nationwide, indicating a hard financial environment, strongest in the west, followed by the east and then the central. Real estate enterprises' social responsibilities are negatively related with financial constraints in each area or even in the whole nation, which means enterprises with better social responsibilities have less financial constraints. The east economic zone, compared with the central and west zones, has the strongest negative relation, outstandingly above 1%. Social responsibilities of real estate enterprises on stakeholders and creditors negatively impact their financial constraints, but do little on their responsibilities on society; Social responsibilities of real estate enterprises on government, consumer, employee and supplier vary geographically. Real estate enterprises shall consider regional difference when performing financial-orientated social responsibilities. Appropriate social responsibility strategy and differentiated enterprise social responsibility inputs can relieve financial constraints to the maximum. 

Key words: real estate, enterprises' social responsibility, financial constraint, regional difference

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