摘要：民营企业在我国经济发展中扮演着重要的角色。随着社会的
高速发展，人们开始更多的关注食品安全问题、环境问题，例如雾霾
红色预警的连续发布，对人们生产生活造成严重的影响。因此，人们
开始重点关注民营企业的社会责任。民营企业正处于经济转型期，政
府掌握关系企业生存和发展的重要资源，而社会对民营企业存在偏
见，其地位比国有企业低，且存在融资难等问题。在这种背景下，民
营企业为了从政府获取贷款优惠、税收优惠以及融资便利等，主动拉
近与政府的关系，与政府积极建立政治关联。不少民营企业为了获取
资源，与政府建立政治关联而履行社会责任，或用社会责任粉饰企业

民营企业应将履行社会责任作为内生性需求，树立正确的社会责任动
机。基于利益相关者理论、声誉机制理论、信息不对称理论、资源依
赖理论以及代理成本理论，研究我国民营上市公司企业社会责任、政
治关联与债务融资的关系

在系统梳理国内外相关文献以及相关理论的基础上，采用规范研
究与实证研究相结合的方法，选取 2010-2015 年我国沪市 A 股民营上
市公司为样本，一共获得 1334 个样本。社会责任采用社会捐赠支出
作为衡量指标，即用财务报表附注中营业外支出的捐赠支出来衡量；
政治关联通过国泰安数据库中董高监个人特征一栏的数据整理而出；
债务融资则是用长期债务来衡量，即用长期负债与总资产的比例来表
示。然后对企业社会责任、政治关联与债务融资进行深入研究，得出
结论如下：（1）相对于社会责任履行度较低的民营企业，社会责任
履行度越高的民营企业，越有助于企业获取债务融资，民营企业社会
企业社会责任、政治关联与债务融资
--基于 2010-2015 年沪市 A 股民营上市
公司的研究III
责任与债务融资在 1%的水平上显著正相关；（2）进一步从政治关联
的角度分析，相对于无政治关联的企业而言，具有政治关联的民营企
业越有助于获取债务融资，政治关联与债务融资在 10%的水平上显著
正相关；（3）对企业社会责任、政治关联与债务融资的关系进行了
回归分析，以检验企业社会责任对政治关联与债务融资之间关系是否
具有正向促进作用，由于我国民营企业处于发展阶段，且民营企业对
社会责任的理解和履行程度因发展阶段而异，所以这一结果并未得到
验证

综上所述，为了改善我国民营企业融资约束问题，民营企业应该
将社会责任作为一种发展战略，将其转化为内生性需要，从而更好地
履行社会责任，为自身寻求发展之路

关键词：企业社会责任；政治关联；债务融资；民营企业IV
CORPORATE SOCIAL RESPONSIBILITY, POLITICAL
RELATIONSHIP AND DEBT FINANCING
----RESEARCH ON THE CSR OF PRIVATE LISTED
COMPANIES IN SHANGHAI A STOCK BASED ON
2010-2015
Zhang Yufang(Business Administration)
Directed by Yang Qiulin
Abstract:Private enterprises play a very important role in the economic
development.As the development of the modern society, people pay more
attention on food safety, the improvement of environment, such as people
are always attracted to the continuously red warning of frog. Accordingly,
private enterprises’ social responsibility is increasingly noticed. On one
hand, private enterprises are trying to transform into environmentally
enterprises, On the other hand, during transition period, the government
controls important resource, which determines the existence and
development of private enterprises. While the natural social bias for
private enterprises, makes them less chance to get the development
resource and financing. In this background, private enterprises in order to
get a loan, tax incentives and financing facilities from the government,
they have to narrow the relationship and establish a political association
with the government. Accordingly, many private enterprises fulfill their
social responsibility just for more recourse or bonding themselves withV
the government. Social responsibility becomes the fig leaf to whitewash
their business. It formed a deformed relationship between the private
enterprises and government. As we all known, for the harmonious
development, private enterprise should perform the social responsibility
as the endogenous demand and establish the correct social responsibility
motive. This article based on stakeholder theory, reputation mechanism
theory, information asymmetry theory, resource dependence theory and
agency cost theory, to study the relationship of corporate social
responsibility, political relationship and debt financing of private
enterprises in China.
This paper reviews the literatures and relevant theories, the method
of normative research and empirical research are also applied in this work.
The samples are chosen from the A-share private listed companies of
Shanghai stock market from 2010 to 2015, it includes 1334 samples in
total. We evaluate the social responsibility by social donations
expenditure, that is to say, the notes to the financial statements of
non-operating expenses of the donations expenditure are considered. The
political correlation is evaluated by the data of executive’s characteristics
from the CSMAR database. The debt financing is evaluated by long-term
debt; it is the ratio of long-term debt and total assets. We have a further
study on corporate social responsibility, political relationship and debt
financing and give the conclusion as follows:VI
First, the private enterprises with higher degree of fulfillment of
social responsibility are more easily to obtain debt financing, corporate
social responsibility and debt financing at 1% level is significant positive
correlation.Second, from the point of political relationship, the enterprises
with political relationship have a higher ability to obtain debt financing
than those without political relationship, there is a significant positive
correlation between political relationship and debt financing at the level
of 10%. Third, this paper also carries on the regression to the relationship
between the three, to test whether corporate social responsibility has
positive effect on the relationship between political relationship and debt
financing. Because the private enterprises are in the development stage,
the enterprise&39;s understanding and fulfillment of social responsibility are
different, so this result has not been verified.
In short, to break up the financing constraints, private enterprises
should view social responsibility as a development strategy, and
transform the social responsibility into endogenous needs. Only in this
way, they can find their own road of harmonious development.
Keywords:corporate social responsibility political relationship debt
financing private enterprisesVIII
目 录
摘要II
Abstract .... IV
第 1 章 绪论.........1
1.1 研究背景与研究意义 .....1
1.1.1 研究背景 ....1
1.1.2 研究意义 ....2
1.2 研究内容与研究方法 .....3
1.2.1 研究内容 ....3
1.2.2 研究方法 ....4
1.2.3 技术路线 ....5
1.3 本文
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