李丹

摘 要：本文以2012～2019年中国工业企业上市公司为样本，研究上市公司高管变更、团队稳定性对企业社会责任的影响。研究结果发现：高管变更对企业社会责任具有显著正向影响;团队稳定性对企业社会责任具有显著正向影响，且正向调节了高管变更与企业社会责任之间的关系;相较于国有企业，非国有企业的团队稳定性对企业社会责任的正向影响较强;相较于管理层持股比例较低的企业，管理层持股比例较高企业的团队稳定性对企业社会责任的正向影响较强;相较于中西部地区企业，东部地区企业的团队稳定性对企业社会责任的正向影响较强。研究结果对于促进企业承担社会责任具有一定的参考价值。

关键词：高管变更;团队稳定性;企业社会责任;企业异质性

中图分类号：F272.92文献标识码：A文章编号：1003 5192（2021）04-0067-07doi：10.11847/fj.40.4.67

Abstract：Based on the sample of Chinese industrial listed companies from 2012 to 2019， this paper studies the impact of executive turnover and team stability on corporate social responsibility. The results show that executive turnover has a significant positive impact on corporate social responsibility; Team stability has a significant positive impact on corporate social responsibility， and positively moderates the relationship between executive turnover and corporate social responsibility. Compared with state owned enterprises， team stability in non state owned enterprises has a stronger positive impact on corporate social responsibility. Compared with the enterprises with lower managerial shareholding ratio， team stability in higher managerial shareholding ratio has a stronger positive impact on corporate social responsibility. Compared with enterprises in central and western regions， team stability in eastern regions has a stronger positive impact on corporate social responsibility. The research results have certain reference value for promoting enterprises to assume social responsibility.Key words：executive turnover; team stability; corporate social responsibility; enterprise heterogeneity

1 引言

近年來，国家强化企业社会责任立法，要求企业要以承担社会责任为重点，促使企业履行社会责任由“软约束”向“硬约束”转变，可见企业社会责任将成为企业管理的核心内容。高管是企业战略的制定者和具体执行者，多数高管对企业社会责任的承担情况较为关注，而企业履行社会责任也需要高管的密切配合。高管变更是当前企业界和学术界一个热门的话题。高管变更往往会带来企业经营决策、经济政策等多方面的改变，进而影响企业社会责任的履行情况。有研究表明高管变更对企业业绩、盈余管理、股价等具有显著影响[1～4]，因此，研究高管变更具有重要意义。……