摘要
文章将研究重点放在资本市场对上市公司履行社会责任的市场反应上,探究资本市场对企业社会责任的认可程度。首次采用事件研究法研究社会责任指数调整的市场反应,实证结果表明,我国资本市场更青睐于被调出样本股,且这种现象在深证公司、国有控股和小市值上市公司中表现明显。同时,截面回归的实证结果表明,上市公司自身的发展状况,如成长能力、股权集中度会对市场反应产生显著影响。上述结果说明,我国资本市场对上市公司履行社会责任的认可度不高,企业社会责任的建设和监管需要加强,企业社会责任投资亟需完善。
This paper innovatively focuses its research on the capital market's market reaction on listed companies in fulfilling corporate social responsibility. This paper adopts the event study method for the first time to study the market reaction of the adjustment of social responsibility index, the empirical results show that China's capital market prefers to transferred out sample shares, and this phenomenon is particularly evident in Shenzhen Stock Exchange, state-controlled and small-cap listed companies. At the same time, the empirical results of the cross-sectional regression show that the listed companies' own development status, such as growth ability and ownership concentration, will have a significant impact on the market reaction. The results show that China's capital market does not highly appraise the listed companies in fulfilling corporate social responsibility, and that the construction and supervision of corporate social responsibility need to be strengthened, and corporate social responsibility investment needs to be improved.
引文
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