社会责任信息披露提高企业的市场表现了么?
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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.
This paper, using the CSR report ratings of Rankins CSR Ratings, employs event study to investigate the reaction of Chinese A share market to the CSR disclosure of 2009-2016. We find out that:There is no significant relationship between the cumulative abnormal return of the stock and the corporate social responsibility. This conclusion remains robust after splitting the sample according to whether the company voluntarily releases the report, whether it is state-owned enterprise, and whether it belongs to heavy pollution industry. Further research finds out that the market speaks highly of those corporates with high CSR report ratings while shows relatively negative reaction to those with low CSR report ratings.This indicates the low quality of the corporate social responsibility and the weak public awareness of the social responsibility are the major constraints to the reaction of the market. Our findings cast light on both the managers of the companies and the policy makers in the government, who should shift their focus from the growth of the quantity to the improvement of the quality of the CSR reports.
This paper, using the CSR report ratings of Rankins CSR Ratings, employs event study to investigate the reaction of Chinese A share market to the CSR disclosure of 2009-2016. We find out that:There is no significant relationship between the cumulative abnormal return of the stock and the corporate social responsibility. This conclusion remains robust after splitting the sample according to whether the company voluntarily releases the report, whether it is state-owned enterprise, and whether it belongs to heavy pollution industry. Further research finds out that the market speaks highly of those corporates with high CSR report ratings while shows relatively negative reaction to those with low CSR report ratings.This indicates the low quality of the corporate social responsibility and the weak public awareness of the social responsibility are the major constraints to the reaction of the market. Our findings cast light on both the managers of the companies and the policy makers in the government, who should shift their focus from the growth of the quantity to the improvement of the quality of the CSR reports.
引文
[1]Dhaliwal D S, Li O Z, Tsang A, et al. Voluntary nonfinancial disclosure and the cost of equity capital:The initiation of corporate social responsibility reporting[J]. The Accounting Review, 2011, 86(1):59-100.
[2]Dhaliwal D, Li O Z, Tsang A, et al. Corporate social responsibility disclosure and the cost of equity capital:The roles of stakeholder orientation and financial transparency[J]. Journal of Accounting&Public Policy, 2014,33(4):328-355.
[3]Du S, Bhattacharya C B, Sen S. Maximizing business returns to corporate social responsibility(CSR):The role of CSR communication[J]. International Journal of Management Reviews, 2010, 12(1):8-19.
[4]Ghoul S, Guedhami O, Kwok C C Y, et al. Does corporate social responsibility affect the cost of capital?[J].Journal of Banking&Finance, 2011, 35(9):2388-2406.
[5]Servaes H, Tamayo A. The impact of corporate social responsibility on firm value:The role of customer awareness[J]. Management Science, 2013, 59(5):1045-1061.
[6]曹亚勇,王建琼,于丽丽.公司社会责任信息披露与投资效率的实证研究[J].管理世界, 2012(12):183-185.Cao Y Y, Wang J Q, Yu L L. An empirical research on the relationship between corporate social responsibility and the investment efficiency[J]. Management World, 2012(12):183-185.
[7]李姝,赵颖,童婧.社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据[J].会计研究,2013(9):64-70.Li S, Zhao Y, Tong J. Can corporate social responsibility report reduce cost of equity capital?—Evidence fromChinese stock market[J]. Accounting Research, 2013(9):64-70.
[8]王艳艳,于李胜,安然.非财务信息披露是否能够改善资本市场信息环境?——基于社会责任报告披露的研究[J].金融研究,2014(8):178-191.Wang Y Y, Yu L S, An R. Does non-financial information improve information environment? Evidence from disclosure of corporate social responsibility[J]. Journal of Financial Research, 2014(8):178-191.
[9]周宏,建蕾,李国平.企业社会责任与债券信用利差关系及其影响机制——基于沪深上市公司的实证研究[J].会计研究,2016(5):18-25.Zhou H, Jian L, Li G P. Corporate social responsibility and credit spreads on corporate bonds—An empirical study based on China's public companies[J]. Accounting Research, 2016(5):18-25.
[10]朱松.企业社会责任、市场评价与盈余信息含量[J].会计研究,2011(11):27-34.Zhu S. Corporate social responsibility, market evaluation and informativeness of accounting earnings[J]. Accounting Research, 2011(11):27-34.
[11]Chen Y C, Hung M, Wang Y. The effect of mandatory CSR disclosure on firm profitability and social externalities:Evidence from China[J]. Journal of Accounting&Economics, 2018, 65(1):169-190.
[12]Barnett M L. Stakeholder influence capacity and the variability of financial returns to corporate social responsibility[J]. Academy of Management Review, 2007, 32(3):794-816.
[13]Makni R, Francoeur C, Bellavance F. Causality between corporate social performance and financial performance:Evidence from Canadian firms[J]. Journal of Business Ethics, 2009, 89(3):409-422.
[14]Nelling E, Webb E. Corporate social responsibility and financial performance:The"virtuous circle"revisited[J].Review of Quantitative Finance&Accounting, 2009, 32(2):197-209.
[15]田利辉,王可第.社会责任信息披露的“掩饰效应”和上市公司崩盘风险——来自中国股票市场的DID-PSM分析[J].管理世界,2017(11):146-157.Tian L H, Wang K D. The cover-up effect of corporate social responsibility and public company crash risk—DID-PSM analysis from the Chinese stock market[J]. Management World, 2017(11):146-157.
[16]权小锋,吴世农,尹洪英.企业社会责任与股价崩盘风险:“价值利器”或“自利工具”?[J].经济研究,2015, 50(11):49-64.Quan X F, Wu S N, Yin H Y. Corporate social responsibility and stock price crash risk:Self-interest tool or value strategy?[J]. Economic Research Journal, 2015, 50(11):49-64.
[17]王新,李彦霖,李方舒.企业社会责任与经理人薪酬激励有效性研究——战略性动机还是卸责借口?[J].会计研究,2015(10):51-58.Wang X, Li Y L, Li F S. Research on corporate social responsibility and the effectiveness of executive compensation incentive:Strategic motivation or shirking excuse[J]. Accounting Research, 2015(10):51-58.
[18]Dhaliwal D S, Radhakrishnan S, Tsang A, et al. Nonfinancial disclosure and analyst forecast accuracy:International evidence on corporate social responsibility disclosure[J]. The Accounting Review, 2012, 87(3):723-759.
[19]钱明,徐光华,沈弋.社会责任信息披露、会计稳健性与融资约束——基于产权异质性的视角[J].会计研究,2016(5):9-17.Qian M, Xu G H, Shen G. Corporate social responsibility disclosure—Accounting conservatism and financial constraints[J]. Accounting Research, 2016(5):9-17.
[20]陈锟,彭怡,寇纲,等.产品伤害危机的营销补救策略优化[J].系统工程理论与实践,2012, 32(5):919-927.Chen K, Peng Y, Kou G, et al. Optimization of marketing retrieving strategies during product harm crisis[J].Systems Engineering—Theory&Practice, 2012, 32(5):919-927.
[21]齐丽云,郭亚楠,张碧波.基于系统动力学的企业社会责任信息披露研究——以突发性事件为例[J].系统工程理论与实践,2017, 37(11):2871-2881.Qi L Y, Guo Y N, Zhang B B. Research on information disclosure of corporate social responsibility based on system dynamics—Take sudden events as examples[J]. Systems Engineering—Theory&Practice, 2017, 37(11):2871-2881.
[22]任建超,韩青.基于食品安全事件异质性的信息扩散过程研究[J].系统工程理论与实践,2017, 37(11):2833-2843.Ren J C, Han Q. The diffusion process of food safety information based on heterogeneity of food safety incidents[J].Systems Engineering—Theory&Practice, 2017, 37(11):2833-2843.
[23]邵新建,巫和懋,肖立晟,等.中国企业跨国并购的战略目标与经营绩效:基于A股市场的评价[J].世界经济,2012, 35(5):81-105.Shao X J, Wu H M, Xiao L S, et al. The strategic target and business performance of the transnational merge of Chinese enterprises[J]. The Journal of World Economy, 2012, 35(5):81-105.
[24]Fama E F, French K R. The cross-section of expected stock returns[J]. The Journal of Finance, 1992, 47(2):427-465.
[25]Carhart M M. On persistence in mutual fund performance[J]. The Journal of Finance, 1997, 52(1):57-82.
[26]沈洪涛,黄珍,郭肪汝.告白还是辩白——企业环境表现与环境信息披露关系研究[J].南开管理评论,2014, 17(2):56-63.Shen H T, Huang Z, Guo F R. Confess or defense? A study on the relationship between environmental performance and environmental disclosure[J]. Nankai Business Review, 2014, 17(2):56-63.
1.《中华人民共和国公司法》(自2006年1月1日起施行)第五条:公司从事经营活动,必须遵守法律、行政法规,遵守社会公德、商业道德,诚实守信,接受政府和社会公众的监督,承担社会责任.
2.注意,因一般情况下企业每年3-5月份披露上一年的社会责任报告,因此2009-2016年度的社会责任报告披露时间介于2010-2017年间.
3.因不同事件窗口长度内满足数据剔除条件的情况不完全相同,故不同事件窗口对应的回归样本数量略有差异.另外,因润灵环球社会责任报告评价指数的分项指数出现个别数据缺失情况,亦导致部分情况下分项指数的回归样本稍有不同.
4.环保部公布的14个重污染行业分别为:火电、钢铁、水泥、电解铝、煤炭、冶金、建材、采矿、化工、石化、制药、轻工、纺织、制革.匹配之后的上市公司重污染行业大类为:B06到B12, C13, C15, C17, C19, C22, C25到C32, D44, D45.
5.为节省篇幅,不再报告控制变量系数.以下各表同.
6.为更全面反映情况,表7的描述性统计使用的是全部具有润灵环球评分的企业社会责任报告.
7.图1列示了占比最大的7个行业类型,此7个行业类型合计占全样本比重为91.6%,其中制造业占比57.9%,采矿业占比4.7%,电力、热力、燃气及水生产和供应业占6.2%,交通运输、仓储和邮政业7.0%,房地产业6.5%,批发和零售业5.0%,信息传输、软件和信息技术服务业4.3%.
8.2011年3月31日,国务院国资委研究局局长彭华岗在《中国企业社会责任报告编写指南(CASS-CSR2.0)》(下称《指南2.0》)新闻发布会上称,到2012年,央企要全部编写并披露企业社会责任报告.来源:陈予燕:《国资委:2012年央企全部发布社会责任报告》,财经网,2011年3月31日.
[2]Dhaliwal D, Li O Z, Tsang A, et al. Corporate social responsibility disclosure and the cost of equity capital:The roles of stakeholder orientation and financial transparency[J]. Journal of Accounting&Public Policy, 2014,33(4):328-355.
[3]Du S, Bhattacharya C B, Sen S. Maximizing business returns to corporate social responsibility(CSR):The role of CSR communication[J]. International Journal of Management Reviews, 2010, 12(1):8-19.
[4]Ghoul S, Guedhami O, Kwok C C Y, et al. Does corporate social responsibility affect the cost of capital?[J].Journal of Banking&Finance, 2011, 35(9):2388-2406.
[5]Servaes H, Tamayo A. The impact of corporate social responsibility on firm value:The role of customer awareness[J]. Management Science, 2013, 59(5):1045-1061.
[6]曹亚勇,王建琼,于丽丽.公司社会责任信息披露与投资效率的实证研究[J].管理世界, 2012(12):183-185.Cao Y Y, Wang J Q, Yu L L. An empirical research on the relationship between corporate social responsibility and the investment efficiency[J]. Management World, 2012(12):183-185.
[7]李姝,赵颖,童婧.社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据[J].会计研究,2013(9):64-70.Li S, Zhao Y, Tong J. Can corporate social responsibility report reduce cost of equity capital?—Evidence fromChinese stock market[J]. Accounting Research, 2013(9):64-70.
[8]王艳艳,于李胜,安然.非财务信息披露是否能够改善资本市场信息环境?——基于社会责任报告披露的研究[J].金融研究,2014(8):178-191.Wang Y Y, Yu L S, An R. Does non-financial information improve information environment? Evidence from disclosure of corporate social responsibility[J]. Journal of Financial Research, 2014(8):178-191.
[9]周宏,建蕾,李国平.企业社会责任与债券信用利差关系及其影响机制——基于沪深上市公司的实证研究[J].会计研究,2016(5):18-25.Zhou H, Jian L, Li G P. Corporate social responsibility and credit spreads on corporate bonds—An empirical study based on China's public companies[J]. Accounting Research, 2016(5):18-25.
[10]朱松.企业社会责任、市场评价与盈余信息含量[J].会计研究,2011(11):27-34.Zhu S. Corporate social responsibility, market evaluation and informativeness of accounting earnings[J]. Accounting Research, 2011(11):27-34.
[11]Chen Y C, Hung M, Wang Y. The effect of mandatory CSR disclosure on firm profitability and social externalities:Evidence from China[J]. Journal of Accounting&Economics, 2018, 65(1):169-190.
[12]Barnett M L. Stakeholder influence capacity and the variability of financial returns to corporate social responsibility[J]. Academy of Management Review, 2007, 32(3):794-816.
[13]Makni R, Francoeur C, Bellavance F. Causality between corporate social performance and financial performance:Evidence from Canadian firms[J]. Journal of Business Ethics, 2009, 89(3):409-422.
[14]Nelling E, Webb E. Corporate social responsibility and financial performance:The"virtuous circle"revisited[J].Review of Quantitative Finance&Accounting, 2009, 32(2):197-209.
[15]田利辉,王可第.社会责任信息披露的“掩饰效应”和上市公司崩盘风险——来自中国股票市场的DID-PSM分析[J].管理世界,2017(11):146-157.Tian L H, Wang K D. The cover-up effect of corporate social responsibility and public company crash risk—DID-PSM analysis from the Chinese stock market[J]. Management World, 2017(11):146-157.
[16]权小锋,吴世农,尹洪英.企业社会责任与股价崩盘风险:“价值利器”或“自利工具”?[J].经济研究,2015, 50(11):49-64.Quan X F, Wu S N, Yin H Y. Corporate social responsibility and stock price crash risk:Self-interest tool or value strategy?[J]. Economic Research Journal, 2015, 50(11):49-64.
[17]王新,李彦霖,李方舒.企业社会责任与经理人薪酬激励有效性研究——战略性动机还是卸责借口?[J].会计研究,2015(10):51-58.Wang X, Li Y L, Li F S. Research on corporate social responsibility and the effectiveness of executive compensation incentive:Strategic motivation or shirking excuse[J]. Accounting Research, 2015(10):51-58.
[18]Dhaliwal D S, Radhakrishnan S, Tsang A, et al. Nonfinancial disclosure and analyst forecast accuracy:International evidence on corporate social responsibility disclosure[J]. The Accounting Review, 2012, 87(3):723-759.
[19]钱明,徐光华,沈弋.社会责任信息披露、会计稳健性与融资约束——基于产权异质性的视角[J].会计研究,2016(5):9-17.Qian M, Xu G H, Shen G. Corporate social responsibility disclosure—Accounting conservatism and financial constraints[J]. Accounting Research, 2016(5):9-17.
[20]陈锟,彭怡,寇纲,等.产品伤害危机的营销补救策略优化[J].系统工程理论与实践,2012, 32(5):919-927.Chen K, Peng Y, Kou G, et al. Optimization of marketing retrieving strategies during product harm crisis[J].Systems Engineering—Theory&Practice, 2012, 32(5):919-927.
[21]齐丽云,郭亚楠,张碧波.基于系统动力学的企业社会责任信息披露研究——以突发性事件为例[J].系统工程理论与实践,2017, 37(11):2871-2881.Qi L Y, Guo Y N, Zhang B B. Research on information disclosure of corporate social responsibility based on system dynamics—Take sudden events as examples[J]. Systems Engineering—Theory&Practice, 2017, 37(11):2871-2881.
[22]任建超,韩青.基于食品安全事件异质性的信息扩散过程研究[J].系统工程理论与实践,2017, 37(11):2833-2843.Ren J C, Han Q. The diffusion process of food safety information based on heterogeneity of food safety incidents[J].Systems Engineering—Theory&Practice, 2017, 37(11):2833-2843.
[23]邵新建,巫和懋,肖立晟,等.中国企业跨国并购的战略目标与经营绩效:基于A股市场的评价[J].世界经济,2012, 35(5):81-105.Shao X J, Wu H M, Xiao L S, et al. The strategic target and business performance of the transnational merge of Chinese enterprises[J]. The Journal of World Economy, 2012, 35(5):81-105.
[24]Fama E F, French K R. The cross-section of expected stock returns[J]. The Journal of Finance, 1992, 47(2):427-465.
[25]Carhart M M. On persistence in mutual fund performance[J]. The Journal of Finance, 1997, 52(1):57-82.
[26]沈洪涛,黄珍,郭肪汝.告白还是辩白——企业环境表现与环境信息披露关系研究[J].南开管理评论,2014, 17(2):56-63.Shen H T, Huang Z, Guo F R. Confess or defense? A study on the relationship between environmental performance and environmental disclosure[J]. Nankai Business Review, 2014, 17(2):56-63.
1.《中华人民共和国公司法》(自2006年1月1日起施行)第五条:公司从事经营活动,必须遵守法律、行政法规,遵守社会公德、商业道德,诚实守信,接受政府和社会公众的监督,承担社会责任.
2.注意,因一般情况下企业每年3-5月份披露上一年的社会责任报告,因此2009-2016年度的社会责任报告披露时间介于2010-2017年间.
3.因不同事件窗口长度内满足数据剔除条件的情况不完全相同,故不同事件窗口对应的回归样本数量略有差异.另外,因润灵环球社会责任报告评价指数的分项指数出现个别数据缺失情况,亦导致部分情况下分项指数的回归样本稍有不同.
4.环保部公布的14个重污染行业分别为:火电、钢铁、水泥、电解铝、煤炭、冶金、建材、采矿、化工、石化、制药、轻工、纺织、制革.匹配之后的上市公司重污染行业大类为:B06到B12, C13, C15, C17, C19, C22, C25到C32, D44, D45.
5.为节省篇幅,不再报告控制变量系数.以下各表同.
6.为更全面反映情况,表7的描述性统计使用的是全部具有润灵环球评分的企业社会责任报告.
7.图1列示了占比最大的7个行业类型,此7个行业类型合计占全样本比重为91.6%,其中制造业占比57.9%,采矿业占比4.7%,电力、热力、燃气及水生产和供应业占6.2%,交通运输、仓储和邮政业7.0%,房地产业6.5%,批发和零售业5.0%,信息传输、软件和信息技术服务业4.3%.
8.2011年3月31日,国务院国资委研究局局长彭华岗在《中国企业社会责任报告编写指南(CASS-CSR2.0)》(下称《指南2.0》)新闻发布会上称,到2012年,央企要全部编写并披露企业社会责任报告.来源:陈予燕:《国资委:2012年央企全部发布社会责任报告》,财经网,2011年3月31日.