企业社会责任(CSR)在企业可持续发展领域变得越来越重要。然而,很少有文献关注发展中国家的企业社会责任和企业碳排放之间的关系。本文旨在通过从融资约束的角度探讨企业社会责任与企业碳强度之间的关系来填补这一空白。本文利用2011-2019年中国上市公司数据,运用中介效应模型检验了融资约束的中介效应。本文的分析结果如下:(1)企业社会责任可以降低企业碳强度。(2)融资约束在两者之间具有正向的中介作用。即,企业社会责任可以减少企业的融资困难,增强碳中性能力。(3)不同生命周期企业社会责任的碳减排效果不同。(4)企业社会责任对国有企业碳强度有较大的影响,高新技术企业,和重污染企业。这些事实为中国等发展中国家推进企业社会责任和碳治理提供了有意义的参考。
Corporate social responsibility (CSR) is becoming increasingly important in the field of corporate sustainability. However, little literature has focused on the relationship between CSR and corporate carbon emissions in developing countries. This paper aims to fill this gap by exploring the relationship between CSR and corporate carbon intensity from the perspective of financing constraints. We examine the mediating effects of financing constraints using a mediating effects model by using Chinese listed companies data from 2011 to 2019. The analysis results of this paper are as follows: (1) CSR can reduce corporate carbon intensity. (2) Financing constraints have a positive mediating role between the two. Namely, CSR can reduce the financing difficulties of enterprises, and enhance carbon-neutral capacity. (3) The carbon emission reduction effect of CSR is different in different life cycles. (4) CSR has a greater impact on the carbon intensity of state-owned enterprises, high-tech enterprises, and heavy polluting enterprises. These facts provide meaningful references for developing countries such as China to promote CSR and carbon governance.