企业社会责任与债务违约风险——基于ISO26000社会责任指南的原则和实践的分析

冯丽艳; 肖翔; 赵天骄

企业社会责任与债务违约风险——基于ISO26000社会责任指南的原则和实践的分析

引用本文：冯丽艳，肖翔，赵天骄.企业社会责任与债务违约风险——基于ISO26000社会责任指南的原则和实践的分析[J].财经理论与实践,2016,(4):56-64

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作者	单位
冯丽艳，肖翔，赵天骄	（北京交通大学经济管理学院，北京100044）

中文摘要:基于ISO26000社会责任指南的原则和实践经验，分析企业社会责任降低债务违约风险的内在机制及我国企业社会责任表现与其债务违约风险的关系。研究发现：社会责任表现较好的企业债务违约风险较低，因债务事项被提起仲裁和诉讼的可能性较小，企业积极承担社会责任可以促进债务契约的履行，降低债务违约风险。进一步分析发现，经营能力和信息质量在企业社会责任与债务违约风险的关系中发挥部分中介传导作用，而经营风险的中介效应不明显。

中文关键词:企业社会责任债务契约违约风险 ISO26000

CSR and Debt Default Risk Based on the Principle and Practice of ISO26000

Abstract:Based on the principle and practice of ISO26000, the internal mechanism about how CSR reduces the default risk of the debt was analyzed, and the relationship between CSR and the default risk was tested using the data of the companies listed on the capital market in China. It was found that the default risk for the companies with better CSR performance is lower, so undertaking more CSR can promote the company to abide by the debt contract, and lower the default risk. More analysis showed that the operating capacity and quality of information of the corporate can partially mediate the relation between CSR performance and default risk, while the mediating effect for the operating risk is insignificant.

keywords:CSR Debt contract Default risk ISO26000

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