食品安全信息披露与企业价值实现——基于利益相关者视角
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摘要
以2006—2016年沪深两市86家A股食品上市公司为研究对象,借鉴"三重底线理论",将企业价值划分为经济价值、社会价值与环境价值,从利益相关者角度构建观测变量,利用结构方程模型研究食品安全信息披露与企业价值的关系。结果表明:食品安全信息披露水平对经济价值、社会价值和环境价值均有正向影响作用;经济价值对社会价值、环境价值有正向影响作用;食品安全信息披露水平对社会价值、环境价值的影响能以经济价值为中介间接实现。
This study divides firm value into economic value,social value and environmental value referring to the "three bottom line theory".Observation variables are constructed in the perspective of stakeholders to investigate the relationship between food safety information disclosure and a firm value under structural equation model is built by taking the sample of 86 A shares listed food companies in SSE and SZSE from 2006 to 2016.The results show that the level of food safety information disclosure has a positive impact on the economic value,social value and environmental value;The economic value has positive effects on the social value and environmental value;The impact of food safety information disclosure level on the social value and environmental value can be indirectly realized by economic value as intermediary.
This study divides firm value into economic value,social value and environmental value referring to the "three bottom line theory".Observation variables are constructed in the perspective of stakeholders to investigate the relationship between food safety information disclosure and a firm value under structural equation model is built by taking the sample of 86 A shares listed food companies in SSE and SZSE from 2006 to 2016.The results show that the level of food safety information disclosure has a positive impact on the economic value,social value and environmental value;The economic value has positive effects on the social value and environmental value;The impact of food safety information disclosure level on the social value and environmental value can be indirectly realized by economic value as intermediary.
引文
[1] 陈素云.食品安全信息披露、利益相关者信心与公司价值[J].农业技术经济,2016(2):120-127Chen S Y.Food safety information disclosure,stakeholder confidence and corporate value[J].Journal of Agrotechnical Economics,2016(2):120-127 (in Chinese)
[2] 刘家松.中美食品安全信息披露机制的比较研究[J].宏观经济研究,2015(11):152-159Liu J S.A comparative study of Sino-US food safety information disclosure mechanism[J].Macroeconomics,2015(11):152-159 (in Chinese)
[3] 张俊.一损俱损:食品安全、企业的社会责任及市场反应:以“塑化剂”事件为例[J].财经论丛:浙江财经大学学报,2015,196(7):66-74Zhang J.A loss for all:Food safety,corporate social responsibility and market response:An event study of plasticizer[J].Collected Essays on Finance and Economics,2015,196(7):66-74 (in Chinese)
[4] 陈素云.行业环境、食品质量安全信息披露与权益资本成本[J].广东财经大学学报,2016,31(6):55-63Chen S Y.Industry environment,food quality information disclosure and equity capital cost[J].Journal of Guangdong University of Finance and Economics,2016,31(6):55-63 (in Chinese)
[5] Diamond D W,Verrecchia R E.Disclosure,liquidity,and the cost of capital[J].Journal of Finance,1991,46(4):1325-1359
[6] Core J E.A review of the empirical disclosure literature:Discussion[J].Journal of Accounting & Economics,2001,31(1-3):441-456
[7] Healy P M,Palepu K G.Information asymmetry,corporate disclosure,and the capital markets:A review of the empirical disclosure literature[J].Journal of Accounting & Economics,2001,31(1):405-440
[8] Dahya J,Dimitrov O,Mcconnell J J.Dominant shareholders,corporate boards,and corporate value:A cross-country analysis[J].Journal of Financial Economics,2008,87(1):73-100
[9] Norman W,Macdonald C.Getting to the bottom of “triple bottom line”[J].Business Ethics Quarterly,2004,14(2):243-262
[10] Thijssens T,Bollen L,Hassink H.Secondary stakeholder influence on CSR disclosure:An application of stakeholder salience theory[J].Journal of Business Ethics,2015,132(4):873-891
[11] 温素彬,周鎏鎏.企业碳信息披露对财务绩效的影响机理:媒体治理的“倒U型”调节作用[J].管理评论,2017,29(11):183-195Wen S B,Zhou L L.The influencing mechanism of carbon disclosure on financial performance:“Inverted U-shaped” moderating role of media governance[J].Management Review,2017,29(11):183-195 (in Chinese)
[12] 钱明,徐光华,沈弋,窦笑晨.民营企业自愿性社会责任信息披露与融资约束之动态关系研究[J].管理评论,2017,29(12):163-174Qian M,Xu G H,Shen Y,Dou X C.Research of dynamic relationship between voluntary corporate social responsibility disclosure of private companies and financial constraints[J].Management Review,2017,29(12):163-174 (in Chinese)
[13] Flammer C.Does corporate social responsibility lead to superior financial performance?A regression discontinuity approach[J].Management Science,2015,61(11):2549-2568
[14] Dhaliwal D S,Li O Z,Tsang A,Yang Y G.Voluntary nonfinancial disclosure and the cost of equity capital:The initiation of corporate social responsibility reporting[J].Social Science Research Network Electronic Journal,2010,86(1):59-100
[15] 李雪婷,宋常,郭雪萌.碳信息披露与企业价值相关性研究[J].管理评论,2017,29(12):175-184Li X T,Song C,Guo X M.Enterprise-value effect of carbon disclosure[J].Management Review,2017,29(12):175-184 (in Chinese)
[16] Matsumura E M,Prakash R S C,Vera-Mun S.Firm-value effects of carbon emissions and carbon disclosures[J].The Accounting Review,2014,89(2):695-724
[17] Saka C,Oshika T.Disclosure effects,carbon emissions and corporate value[J].Sustainability Accounting Management & Policy Journal,2014,5(1):22-45
[18] Shrives P,Linsley P M.Risk disclosure in UK and German annual reports:A comparative study[C].//In:International Conference on Information Science and Engineering,2003:6254-6258
[19] Choi J,Scharff R L.Effect of a publicly accessible disclosure system on food safety inspection scores in retail and food service establishments[J].Journal of Food Protection,2017,80(7):1188-1192
[20] Blair M M.For whom should corporations be run?An economic rationale for stakeholder management[J].Long Range Planning,1998,31(2):195-200
[21] 买生,汪克夷,匡海波.企业社会价值评估研究[J].科研管理,2011,32(6):100-107Mai S,Wang K Y,Kuang H B.The valuation of corporate social value[J].Science Research Management,2011,32(6):100-107 (in Chinese)
[22] Hughes J P.Corporate value,ultimate control and law protection for investors in western Europe[J].Management Accounting Research,2009,20(1):41-52
[23] Carter D A,Simkins B J,Simpson W G.Corporate governance,board diversity,and firm value[J].Financial Review,2003,38(1):33-53
[24] 肖婷,苏亚民.企业财务管理目标新探:企业价值与社会价值协同[J].财会通讯,2010(2):77-78Xiao T,Su Y M.New exploration of corporate financial management objectives:Synergy between corporate value and social value[J].Communication of Finance and Accounting,2010(2):77-78 (in Chinese)
[25] Hassel L,Nilsson H,Nyquist S.The value relevance of environmental performance[J].European Accounting Review,2005,14(1):41-61
[26] Stanny E,Ely K.Corporate environmental disclosures about the effects of climate change[J].Corporate Social Responsibility & Environmental Management,2008,15(6):338-348
[27] 陶文杰,金占明.企业社会责任信息披露、媒体关注度与企业财务绩效关系研究[J].管理学报,2012,9(8):1225-1232Tao W J,Jin Z M.The relationship among corporate social responsibility disclosure,media exposure and corporate financial performance[J].Chinese Journal of Management,2012,9(8):1225-1232 (in Chinese)
[28] 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):183-185Cao Y Y,Wang J Q,Yu L L.Empirical research on corporate social responsibility information disclosure and investment efficiency[J].Management World,2012(12):183-185 (in Chinese)
[29] 王建玲,李玥婷,吴璇.社会责任的信号作用:基于中国市场的研究[J].中国管理科学,2018,26(8):31-41Wang J L,Li Y T,Wu X.Corporate social responsibility as the signal of firm future performance:Evidence from Chinese market[J].Chinese Journal of Management Science,2018,26(8):31-41 (in Chinese)
[30] 王来根.食品安全在企业财务绩效中的功能作用及实现路径[J].食品与机械,2016,32(5):74-76Wang L G.Functions and route of food safety in the financial performance of enterprises[J].Food and Machinery,2016,32(5):74-76 (in Chinese)
[31] The Grocery Manufactures Association.Consumer Product Fraud,Deterrence and Detection[EB/OL].(2010-10-01)[2017-06-21].http://www.innocua.net/web/download-1160/consumerproductfraud.pdf
[32] Antle J M.Economic analysis of food safety[J].Handbook of Agricultural Economics,1998,1(1):1083-1136
[33] 油永华.企业的社会贡献价值以及与净利润的关系分析[J].价值工程,2007,26(10):53-55You Y H.Corporate social value contributed and relations between it and net profit[J].Value Engineering,2007,26(10):53-55 (in Chinese)
[34] Simpson W G,Kohers T.The link between corporate social and financial performance:Evidence from the banking industry[J].Journal of Business Ethics,2002,35(2):97-109
[35] 王文成,王诗卉.中国国有企业社会责任与企业绩效相关性研究[J].中国软科学,2014(8):131-137Wang W C,Wang S H.Research on the relatedness between social responsibility and performance of China’s state-owned enterprises[J].China Soft Science,2014(8):131-137 (in Chinese)
[36] Dalton R J.Waxing or waning?The changing patterns of environmental activism[J].Environmental Politics,2015,24(4):530-552
[37] 王玉君,韩冬临.经济发展、环境污染与公众环保行为:基于中国CGSS2013数据的多层分析[J].中国人民大学学报,2016,30(2):79-92Wang Y J,Han D L.Economic development,environmental pollution and public pro-environmental behavior:A multi-level analysis of the 2013 Chinese general social survey[J].Journal of Renmin University of China,2016,30(2):79-92 (in Chinese)
[38] 倪晓锋,沈杰,沈生荣.我国现行食品安全信息披露制度解析与完善[J].食品安全质量检测学报,2014,5(9):2940-2947Ni X F,Shen J,Shen S R.Improvement and analysis on China’s current food safety information disclosure system[J].Journal of Food Safety and Quality,2014,5(9):2940-2947 (in Chinese)
[39] 宋键,孟祺.互联网上市公司管理层激励与企业绩效实证研究[J].企业经济,2016,35(4):115-118Song J,Meng Q.Empirical research on management incentives and corporate performance of internet listed companies[J].Enterprise Economy,2016,35(4):115-118 (in Chinese)
[40] 钱海波,贾国军.公司理财[M].北京:人民邮电出版社,2003Qian H B,Jia G J.Corporate Finance[M].Beijing:The People’s Posts and Telecommunications Press,2003 (in Chinese)
[41] 戴欣苗.财务报表分析:技巧,策略[M].北京:清华大学出版社,2005Dai X M.Financial Statement Analysis[M].Beijing:Tsinghua University Press,2005 (in Chinese)
[42] 万寿义,刘正阳.制度背景、公司价值与社会责任成本:来自沪深300指数上市公司的经验证据[J].南开管理评论,2013,16(1):83-91Wan S Y,Liu Z Y.Institutional background,company value and social responsibility cost:The evidence from listed companies of CS1300 index[J].Nankai Business Review,2013,16(1):83-91 (in Chinese)
[43] Spicer B H.Investors,corporate social performance and information disclosure:An empirical study[J].Accounting Review,1978,53(1):94-111
[44] 吴明隆.结构方程模型:AMOS的操作与应用[M].第2版.重庆:重庆大学出版社,2010Wu M L.Structural Equation Model:Operation and Application of AMOS[M].2nd ed.Chongqing:Chongqing University Press,2010 (in Chinese)
[2] 刘家松.中美食品安全信息披露机制的比较研究[J].宏观经济研究,2015(11):152-159Liu J S.A comparative study of Sino-US food safety information disclosure mechanism[J].Macroeconomics,2015(11):152-159 (in Chinese)
[3] 张俊.一损俱损:食品安全、企业的社会责任及市场反应:以“塑化剂”事件为例[J].财经论丛:浙江财经大学学报,2015,196(7):66-74Zhang J.A loss for all:Food safety,corporate social responsibility and market response:An event study of plasticizer[J].Collected Essays on Finance and Economics,2015,196(7):66-74 (in Chinese)
[4] 陈素云.行业环境、食品质量安全信息披露与权益资本成本[J].广东财经大学学报,2016,31(6):55-63Chen S Y.Industry environment,food quality information disclosure and equity capital cost[J].Journal of Guangdong University of Finance and Economics,2016,31(6):55-63 (in Chinese)
[5] Diamond D W,Verrecchia R E.Disclosure,liquidity,and the cost of capital[J].Journal of Finance,1991,46(4):1325-1359
[6] Core J E.A review of the empirical disclosure literature:Discussion[J].Journal of Accounting & Economics,2001,31(1-3):441-456
[7] Healy P M,Palepu K G.Information asymmetry,corporate disclosure,and the capital markets:A review of the empirical disclosure literature[J].Journal of Accounting & Economics,2001,31(1):405-440
[8] Dahya J,Dimitrov O,Mcconnell J J.Dominant shareholders,corporate boards,and corporate value:A cross-country analysis[J].Journal of Financial Economics,2008,87(1):73-100
[9] Norman W,Macdonald C.Getting to the bottom of “triple bottom line”[J].Business Ethics Quarterly,2004,14(2):243-262
[10] Thijssens T,Bollen L,Hassink H.Secondary stakeholder influence on CSR disclosure:An application of stakeholder salience theory[J].Journal of Business Ethics,2015,132(4):873-891
[11] 温素彬,周鎏鎏.企业碳信息披露对财务绩效的影响机理:媒体治理的“倒U型”调节作用[J].管理评论,2017,29(11):183-195Wen S B,Zhou L L.The influencing mechanism of carbon disclosure on financial performance:“Inverted U-shaped” moderating role of media governance[J].Management Review,2017,29(11):183-195 (in Chinese)
[12] 钱明,徐光华,沈弋,窦笑晨.民营企业自愿性社会责任信息披露与融资约束之动态关系研究[J].管理评论,2017,29(12):163-174Qian M,Xu G H,Shen Y,Dou X C.Research of dynamic relationship between voluntary corporate social responsibility disclosure of private companies and financial constraints[J].Management Review,2017,29(12):163-174 (in Chinese)
[13] Flammer C.Does corporate social responsibility lead to superior financial performance?A regression discontinuity approach[J].Management Science,2015,61(11):2549-2568
[14] Dhaliwal D S,Li O Z,Tsang A,Yang Y G.Voluntary nonfinancial disclosure and the cost of equity capital:The initiation of corporate social responsibility reporting[J].Social Science Research Network Electronic Journal,2010,86(1):59-100
[15] 李雪婷,宋常,郭雪萌.碳信息披露与企业价值相关性研究[J].管理评论,2017,29(12):175-184Li X T,Song C,Guo X M.Enterprise-value effect of carbon disclosure[J].Management Review,2017,29(12):175-184 (in Chinese)
[16] Matsumura E M,Prakash R S C,Vera-Mun S.Firm-value effects of carbon emissions and carbon disclosures[J].The Accounting Review,2014,89(2):695-724
[17] Saka C,Oshika T.Disclosure effects,carbon emissions and corporate value[J].Sustainability Accounting Management & Policy Journal,2014,5(1):22-45
[18] Shrives P,Linsley P M.Risk disclosure in UK and German annual reports:A comparative study[C].//In:International Conference on Information Science and Engineering,2003:6254-6258
[19] Choi J,Scharff R L.Effect of a publicly accessible disclosure system on food safety inspection scores in retail and food service establishments[J].Journal of Food Protection,2017,80(7):1188-1192
[20] Blair M M.For whom should corporations be run?An economic rationale for stakeholder management[J].Long Range Planning,1998,31(2):195-200
[21] 买生,汪克夷,匡海波.企业社会价值评估研究[J].科研管理,2011,32(6):100-107Mai S,Wang K Y,Kuang H B.The valuation of corporate social value[J].Science Research Management,2011,32(6):100-107 (in Chinese)
[22] Hughes J P.Corporate value,ultimate control and law protection for investors in western Europe[J].Management Accounting Research,2009,20(1):41-52
[23] Carter D A,Simkins B J,Simpson W G.Corporate governance,board diversity,and firm value[J].Financial Review,2003,38(1):33-53
[24] 肖婷,苏亚民.企业财务管理目标新探:企业价值与社会价值协同[J].财会通讯,2010(2):77-78Xiao T,Su Y M.New exploration of corporate financial management objectives:Synergy between corporate value and social value[J].Communication of Finance and Accounting,2010(2):77-78 (in Chinese)
[25] Hassel L,Nilsson H,Nyquist S.The value relevance of environmental performance[J].European Accounting Review,2005,14(1):41-61
[26] Stanny E,Ely K.Corporate environmental disclosures about the effects of climate change[J].Corporate Social Responsibility & Environmental Management,2008,15(6):338-348
[27] 陶文杰,金占明.企业社会责任信息披露、媒体关注度与企业财务绩效关系研究[J].管理学报,2012,9(8):1225-1232Tao W J,Jin Z M.The relationship among corporate social responsibility disclosure,media exposure and corporate financial performance[J].Chinese Journal of Management,2012,9(8):1225-1232 (in Chinese)
[28] 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):183-185Cao Y Y,Wang J Q,Yu L L.Empirical research on corporate social responsibility information disclosure and investment efficiency[J].Management World,2012(12):183-185 (in Chinese)
[29] 王建玲,李玥婷,吴璇.社会责任的信号作用:基于中国市场的研究[J].中国管理科学,2018,26(8):31-41Wang J L,Li Y T,Wu X.Corporate social responsibility as the signal of firm future performance:Evidence from Chinese market[J].Chinese Journal of Management Science,2018,26(8):31-41 (in Chinese)
[30] 王来根.食品安全在企业财务绩效中的功能作用及实现路径[J].食品与机械,2016,32(5):74-76Wang L G.Functions and route of food safety in the financial performance of enterprises[J].Food and Machinery,2016,32(5):74-76 (in Chinese)
[31] The Grocery Manufactures Association.Consumer Product Fraud,Deterrence and Detection[EB/OL].(2010-10-01)[2017-06-21].http://www.innocua.net/web/download-1160/consumerproductfraud.pdf
[32] Antle J M.Economic analysis of food safety[J].Handbook of Agricultural Economics,1998,1(1):1083-1136
[33] 油永华.企业的社会贡献价值以及与净利润的关系分析[J].价值工程,2007,26(10):53-55You Y H.Corporate social value contributed and relations between it and net profit[J].Value Engineering,2007,26(10):53-55 (in Chinese)
[34] Simpson W G,Kohers T.The link between corporate social and financial performance:Evidence from the banking industry[J].Journal of Business Ethics,2002,35(2):97-109
[35] 王文成,王诗卉.中国国有企业社会责任与企业绩效相关性研究[J].中国软科学,2014(8):131-137Wang W C,Wang S H.Research on the relatedness between social responsibility and performance of China’s state-owned enterprises[J].China Soft Science,2014(8):131-137 (in Chinese)
[36] Dalton R J.Waxing or waning?The changing patterns of environmental activism[J].Environmental Politics,2015,24(4):530-552
[37] 王玉君,韩冬临.经济发展、环境污染与公众环保行为:基于中国CGSS2013数据的多层分析[J].中国人民大学学报,2016,30(2):79-92Wang Y J,Han D L.Economic development,environmental pollution and public pro-environmental behavior:A multi-level analysis of the 2013 Chinese general social survey[J].Journal of Renmin University of China,2016,30(2):79-92 (in Chinese)
[38] 倪晓锋,沈杰,沈生荣.我国现行食品安全信息披露制度解析与完善[J].食品安全质量检测学报,2014,5(9):2940-2947Ni X F,Shen J,Shen S R.Improvement and analysis on China’s current food safety information disclosure system[J].Journal of Food Safety and Quality,2014,5(9):2940-2947 (in Chinese)
[39] 宋键,孟祺.互联网上市公司管理层激励与企业绩效实证研究[J].企业经济,2016,35(4):115-118Song J,Meng Q.Empirical research on management incentives and corporate performance of internet listed companies[J].Enterprise Economy,2016,35(4):115-118 (in Chinese)
[40] 钱海波,贾国军.公司理财[M].北京:人民邮电出版社,2003Qian H B,Jia G J.Corporate Finance[M].Beijing:The People’s Posts and Telecommunications Press,2003 (in Chinese)
[41] 戴欣苗.财务报表分析:技巧,策略[M].北京:清华大学出版社,2005Dai X M.Financial Statement Analysis[M].Beijing:Tsinghua University Press,2005 (in Chinese)
[42] 万寿义,刘正阳.制度背景、公司价值与社会责任成本:来自沪深300指数上市公司的经验证据[J].南开管理评论,2013,16(1):83-91Wan S Y,Liu Z Y.Institutional background,company value and social responsibility cost:The evidence from listed companies of CS1300 index[J].Nankai Business Review,2013,16(1):83-91 (in Chinese)
[43] Spicer B H.Investors,corporate social performance and information disclosure:An empirical study[J].Accounting Review,1978,53(1):94-111
[44] 吴明隆.结构方程模型:AMOS的操作与应用[M].第2版.重庆:重庆大学出版社,2010Wu M L.Structural Equation Model:Operation and Application of AMOS[M].2nd ed.Chongqing:Chongqing University Press,2010 (in Chinese)