统计与数据科学学院知识库

    近年来，由于缺乏社会责任导致“毒奶粉”“假疫苗”等事件频发，社会媒体与公众越来越关注企业社会责任这一非财务类行为。同时，在我国经济转型发展的大环境下，提高发展质量和实现可持续性发展是未来的方向和必然选择，技术创新作为建设现代化经济体系的重要战略支撑，已成为企业乃至国家获取可持续竞争力的核心来源，解决其投资问题则显得尤为重要。继而企业如何建立起富有竞争性的内在发展战略，发挥社会责任对技术创新投资的引领作用成为重要课题。但这一切行为又都受控于企业管理者的决策，而其决策与自身特征息息相关， 因此探究管理者特征对企业社会责任与技术创新投资关系的影响兼具理论意义与现实意义。就目前现有文献而言，或是探讨了社会责任对企业投资带来的直接变化，或是研究了管理者特征对企业投资带来的影响，缺乏企业社会责任与管理者特征相结合分析其共同对技术创新投资产生影响的研究。为此，本文将我国社会责任履行情况最为严峻的民营企业作为研究对象，把三者纳入同一框架下研 究，探讨民营企业社会责任的承担对其技术创新投资的影响，并进一步揭示 CEO 个人特征是否会对二者关系产生调节作用。

     本文选取2014-2019年沪深A股民营企业上市公司作为初始研究样本，首先， 提出研究问题即在民营企业社会责任影响技术创新投资的机理中 CEO 个人特征 是否起到调节作用；其次，整理以往关于企业社会责任、技术创新投资、CEO 个 人特征的文献并述评找出研究不足，通过理论分析论述三者之间的逻辑作用关系 提出研究假设；然后，基于以上研究假设选取相应指标，构建模型，并通过数据 统计描述、相关性分析、层次回归分析及稳健性检验来验证假设是否合理；最后，得出文章结论并提出对策建议。

    研究结果表明：1.民营企业社会责任与技术创新投资之间呈显著正相关关系，即民营企业承担社会责任会促进其进行技术创新投资。2.CEO 个人特征对民营企业社会责任与技术创新投资之间的关系发挥显著调节效应，其中 CEO 年龄特征对二者之间的关系起负向显著调节作用，而 CEO 任期特征、教育水平特征及权力特征对二者之间的关系起正向显著调节作用，即 CEO 越年轻、任期越长、教育 水平越高或权力越大，民营企业社会责任对技术创新投资的正向促进作用越明显。

     In recent years, due to the lack of social responsibility, such as "poisonous milk powder" and "fake vaccine ", social media and the public pay more and more attention to the non-financial behavior of corporate social responsibility. At the same time, under the environment of economic transformation and development in China, improving the quality of development and realizing sustainable development are the future direction and inevitable choice. Technological innovation is an important strategic support for building a modern economic system. It has become the core source of sustainable competitiveness for enterprises and even countries. Then how to establish a competitive internal development strategy and play the leading role of social responsibility in technological innovation investment has become an important subject. However, all these behaviors are controlled by the decision of enterprise managers, and their decisions are closely related to their own characteristics. Therefore, exploring the influence of managers' characteristics on the relationship between corporate social responsibility and technological innovation investment has both theoretical and practical significance. As far as the existing literature is concerned, it either discusses the direct changes brought by social responsibility to enterprise investment, or studies the impact of management characteristics on enterprise investment. Lack of corporate social responsibility and management characteristics combined to analyze its common impact on technological innovation investment research. For this reason, this paper takes the private enterprises with the most severe social responsibility performance in China as the research object, and puts them into the same framework to explore the impact of the social responsibility of private enterprises on their technological innovation investment. And further reveal whether CEO personal characteristics will regulate the relationship between the two.

    This paper selects the listed companies of Shanghai and Shenzhen A stock private enterprises from 2014 to 2019 as the initial research sample. Firstly, it puts forward the research question whether the individual characteristics play a regulating role in the mechanism CEO the private enterprise social responsibility affects the technological innovation investment; secondly, collates the previous literature on corporate social responsibility, technological innovation investment, CEO personal characteristics and comments to find out the lack of research, and puts forward the research hypothesis through theoretical analysis and discussion of the logical relationship between the three; Then, based on the above research hypotheses, the corresponding indexes are selected to construct the model, and the hypothesis is verified by statistical description, correlation analysis, hierarchical regression analysis and robustness test. Finally, the conclusion of the article is drawn and the countermeasures are put forward.

    The findings indicate:1. There is a significant positive correlation between the social responsibility of private enterprises and the investment of technological innovation, that is, private enterprises assume social responsibility to promote their investment in technological innovation. 2.CEO individual characteristics play a significant regulatory role in the relationship between private corporate social responsibility and technological innovation investment, in which CEO age characteristics play a negative and significant regulatory role in the relationship between the two. The younger the CEO, the longer the term, the higher the educational level or the greater the power, the more obvious the positive role of private corporate social responsibility in promoting technological innovation investment.