摘要
基于公益性捐赠这一社会责任视角,以2009—2016年A股上市公司为研究对象,考察在管理层权力这一剩余控制权影响下公益性捐赠对营运资本管理效率的作用。研究发现:公益性捐赠能促进营运资本管理效率的提升,而管理层权力会削弱这种效率提升效应;公益性捐赠对营运资本管理效率的提升作用并无产权性质差异,而管理层权力削弱公益性捐赠对营运资本管理效率的提升作用在国有企业中更显著;对于面临融资约束的企业,公益性捐赠对营运资本管理效率的提升效应更显著,且更容易受到管理层权力削弱作用的影响;企业参与公益性捐赠和积极履行更高层次的社会责任对其营运资本管理效率的提升具有积极作用,可以进一步改进和完善公司治理结构,对管理层权力形成有效的监督与约束,能更好地促进营运资本管理效率的提升。
Based on the social responsibility perspective of public welfare donation,this paper takes A-share listed companies from 2009 to 2016 as the research sample,and examines the effect of public welfare donations on the efficiency of operating capital management under the influence of the residual control of managerial power.The study finds that public welfare donations can promote the efficiency of operating capital management,and management power will suppress this efficiency improvement effect.Further research finds that as to the role of public welfare donations in improving the efficiency of working capital management,there exists no difference in different types of ownership,but the power of management to weaken the efficiency of public welfare donations in working capital management is more significant in stateowned enterprises.Moreover,it is found that for enterprises facing financing constraints,public welfare donations have a more significant effect on the efficiency of operating capital management,and are more susceptible to the weakening effect of management power.The results show that enterprises participating in public welfare donations and actively fulfilling higher levels of social responsibility can play an active role in improving the efficiency of corporate working capital management,while further improving corporate governance,effectively supervising and restraining management power structure could further bring good promotion of the efficiency of operating capital management.
作者
吴良海
周银
WU Lianghai;ZHOU Yin(School of Business,Anhui University of Technology,Ma’anshan 243032,China)
出处
《南京审计大学学报》
CSSCI
北大核心
2019年第5期1-11,共11页
Journal of Nanjing Audit University
基金
国家社会科学基金项目(14BJY015)
国家社会科学基金重大项目(14ZDA027)
安徽省省级重大教学改革研究项目(2017jyxm0155)
关键词
营运资本管理效率
公益性捐赠
管理层权力
产权性质
融资约束
社会责任报告
内部控制
operating capital management efficiency
public welfare donation
managerial power
ownership type
financingconstraints
social responsibility report
internal control
