Page 12 - 《中国药房》2021年5期

我国医药上市公司的企业社会责任、融资约束与企业绩效关系

分析 Δ

张 朦 ，王 群，褚淑贞（中国药科大学国家药物政策与医药产业经济研究中心，南京 211198）
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中图分类号 R95 文献标志码 A 文章编号 1001-0408（2021）05-0518-06
DOI 10.6039/j.issn.1001-0408.2021.05.02

摘 要 目的：研究我国医药上市公司的企业社会责任、融资约束与企业绩效之间的关系，为促进我国医药企业履行社会责任和
监管部门制定政策提供参考。方法：以2015－2018年我国A股医药制造业的211家上市公司为样本，设置被解释变量为企业绩
效，解释变量为企业社会责任和融资约束，控制变量为企业的资产规模、股权性质、成长性、研发投入、营销投入以及年度，以此构
建多元回归方程，分析企业社会责任、融资约束和企业绩效之间的作用关系，并提出相关建议。结果：企业社会责任对企业绩效有
显著正向影响；在企业社会责任对企业绩效的促进作用中，融资约束没有抑制上述促进作用。结论：在我国医药行业中，企业社会
责任意识亟待提高；医药企业积极履行社会责任能够促进企业绩效。我国医药企业整体面临的融资约束程度不高，面临融资约束
的企业通过履行企业社会责任能更好地提高企业绩效。建议政府要推进企业社会责任立法进程，医药企业应提高社会责任意识
并重视融资约束的影响，而投资者应实时关注医药企业披露的责任信息和实际履行情况。
关键词 医药上市公司；企业社会责任；融资约束；企业绩效

Analysis on the Relationship between Corporate Social Responsibility， Financing Constraints and
Corporate Performance of Listed Pharmaceutical Companies in China
ZHANG Meng，WANG Qun，CHU Shuzhen（Research Center of National Drug Policy & Ecosystem，China
Pharmaceutical University，Nanjing 211198，China）

ABSTRACT OBJECTIVE：To study the relationship between corporate social responsibility，financing constraints and corporate
performance of listed pharmaceutical companies，so as to provide reference for pharmaceutical enterprises to fulfill their social
responsibility in China. METHODS：Taking 211 A-share listed pharmaceutical companies in China from 2015 to 2018 as samples，
using corporate performance as explained variables， corporate social responsibility and financing constraints as explanatory
variables，asset size，equity nature，growth，R&D investment，marketing investment and annual as control variables，a multiple
regression equation was constructed to study the relationship among corporate social responsibility performance， financial
constraints and corporate performance and put forward the suggestions. RESULTS：Corporate social responsibility had a significant
positive impact on corporate financial performance；in the promotion of corporate social responsibility on corporate performance，
finacing constratins couldn’t inhibit the promote function. CONCLUSIONS：In China’s pharmaceutical industry，the awareness of
corporate social responsibility needs to be improved； pharmaceutical enterprises actively perform social responsibility will
interactively promote corporate performance. The overall financial constraints faced by Chinese pharmaceutical enterprises are not
high，and enterprises which facing financial constraints will better improve their performance by fulfilling corporate social
responsibility. It is suggested that the government should promote the legislative process of corporate social responsibility；
pharmaceutical enterprises should enhance the awareness of social responsibility and pay attention to the impact of financing
constraints；investors should pay real-time attention to the responsibility information and actual performance of pharmaceutical
enterprises.
KEYWORDS Listed pharmaceutical company；Corporate social responsibility；Financing constraints；Corporate performance

[1]
2013 年，党的十八届三中全会将企业社会责任 度 。近年来，“社会责任”引起了越来越多的关注和重
（Corporate social responsibility）提升至国家战略层面高 视，但不同企业间的履责质量和水平参差不齐 。医药
[2]
Δ 基金项目：国家社会科学基金资助项目（No.15ZDB167）；中国 行业是与群众生命安全息息相关的特殊行业，而医药企
药科大学“双一流”学科创新团队建设项目（No.CPU2018GY39） 业产品和商业模式的特殊性也决定了其应承担社会责
＊硕士研究生。研究方向：医药企业管理和企业社会责任。
任的特殊性：除了经济收益之外，医药企业还必须将保
E-mail：844355502@qq.com
[3]
护公众健康和维护社会稳定作为其生产经营的目标 。
# 通信作者：教授，硕士生导师，硕士。研究方向：医药企业管理
和企业社会责任。E-mail：csz77844@163.com 保证医药产品质量是医药企业首要的社会责任，但是仍

·518 · China Pharmacy 2021 Vol. 32 No. 5 中国药房 2021年第32卷第5期