企业社会责任对投资效率的影响实证分析

Empirical Analysis of the Influence of Corporate Social Responsibility on Investment Efficiency

摘要: 本文选取2015~2023年沪深两市A股上市公司为研究样本，从盈余管理角度探究企业社会责任作用投资效率新路径。研究发现：企业社会责任与投资效率显著正相关，与盈余管理显著负相关；盈余管理在企业社会责任与投资效率之间起部分中介效应，企业社会责任对盈余管理的抑制作用是提升投资效率的重要路径。基于研究结论，本文提出优化社会责任与盈余管理机制的可行性建议，并为如何优化企业投资效率提供研究思路与实证经验。

Abstract: This paper selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2023 as research samples to explore a new approach to the investment efficiency of corporate social responsibility from the perspective of earnings management. The results show that CSR is positively correlated with investment efficiency and negatively correlated with earnings management. Earnings management plays a part in intermediary effect between corporate social responsibility and investment efficiency. The inhibition effect of corporate social responsibility on earnings management is an important way to improve investment efficiency. Based on the research conclusions, this paper puts forward feasible suggestions for optimizing the mechanism of social responsibility and earnings management, and provides research ideas and empirical experience on how to optimize the efficiency of enterprise investment.