CEO年龄、融资约束与企业社会责任——基于中国A股上市公司的证据
CEO Age, Financing Constraints and Corporate Social Responsibility—Based on Evidence from Chinese A-Share Listed Companies

在中国经济社会高速度增长向高品质经济转型的进程中，促使CEO主动履行社会责任有着重大作用。本文以2010~2021年沪深两市A股上市公司为研究对象，讨论社会责任履行与CEO年龄之间的关系。但通过对有关资料的整理，显示学者们以往更多从财务方面的视角去考察企业社会责任的作用，很少在非财务因素方面展开深入研究。那么CEO年龄作为一种非财务因素，会对企业社会责任造成什么样的影响？另外，由于信息不对称和代理问题的存在，会导致公司内部存在着资金约束现象，通过企业社会责任可以提高对股东的信任水平，从而减少了融资约束，但资金限制同时也会影响到公司的社会责任完成状况。在此背景下，本文采用中介效应模型探究CEO年龄影响社会责任的传导机制，研究发现融资约束有助于解释CEO年龄对社会责任的正向影响。针对研究结论，本文希望能够为政策制定者提供一些新的视角，帮助他们规范企业社会责任报告披露方式、引导企业管理者认识到加强公司治理的重要性，从而实现经济高质量发展。
In the process of China’s rapid economic and social growth transitioning to a high-quality economy, promoting CEOs to actively fulfill their social responsibilities plays a significant role. This article takes A-share listed companies on the Shanghai and Shenzhen stock markets from 2010 to 2021 as the research object, and discusses the relationship between social responsibility fulfillment and CEO age. However, through the organization of relevant materials, it is shown that scholars have previously examined the role of corporate social responsibility more from a financial perspective, and have rarely conducted in-depth research on non-financial factors. So, what impact will CEO age, as a non-financial factor, have on corporate social responsibility? In addition, due to information asymmetry and agency issues, there may be financial constraints within the company. Through corporate social responsibility, the level of trust in shareholders can be improved, thereby reducing financing constraints. However, financial constraints can also affect the completion of the company’s social responsibility. In this context, the mesomeric effect model is used to explore the transmission mechanism of CEO age on social responsibility. The study finds that financing constraints help explain the positive impact of CEO age on social responsibility. In response to the research findings, this article aims to provide policy makers with some new perspectives, help them standardize the disclosure methods of corporate social responsibility reports, guide enterprise managers to recognize the importance of strengthening corporate governance, and thus achieve high-quality economic development.