社会责任信息披露提高企业的市场表现了么?

被引：46

作者：

郭晔 ^{[1
,2
]}

苏彩珍 ^{[1
,2
]}

张一 ^{[3
]}

机构：

[1] 厦门大学经济学院

[2] 厦门大学王亚南经济研究院

[3] 鑫沅资产管理有限公司

来源：

系统工程理论与实践 | 2019年 / 39卷 / 04期

关键词：

社会责任信息披露; 市场表现; 事件研究法;

D O I：

暂无

中图分类号：

F270 [企业经济理论和方法];

学科分类号：

1202 ; 120202 ;

摘要：

本文采用事件分析法,利用2009-2016年度企业社会责任报告的润灵环球评价指数,检验了我国A股市场对披露社会责任信息的企业的反应.研究结果显示,股票的累计异常收益率与企业社会责任报告并无显著关系.这一结论在对样本企业根据社会责任报告披露是否自愿、企业性质是否为国企、企业是否属于重污染行业等特征分组检验后依然成立.进一步研究发现,市场对披露评分较高社会责任报告的企业给予了一定的肯定反应;而对披露评分较低报告的企业反而在一定程度上表现出负面的反应;且社会责任报告的质量与市场的表现有一定的正相关性.研究表明社会责任报告整体质量偏低、公众的企业社会责任意识较弱是制约资本市场对企业社会责任信息披露评价的主要因素.本文的研究发现为企业与监管政策从一味追求社会责任报告披露数量的增长向注重质量提升的转变提供了一定的理论依据.

引用

页码：881 / 892

页数：12

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