企业社会责任、利益相关者响应与企业价值
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摘要
近年来,中国经济高速发展,取得令人瞩目的成就,与此同时,频发的社会责任事件也引起了人们的广泛关注。在社会各界的监督和倡导下,我国企业社会责任实践活动有所发展,企业利益相关者的社会责任意识逐步提高,社会责任投资活动和社会责任消费运动悄然兴起。针对企业社会责任的理论与实证研究也从各个角度全方位展开,并得到了一些有益的研究成果,但在企业社会责任是否具有经济有效性,从微观层面而言,企业社会责任是否能够提升企业价值这个基本问题上仍存在分歧,需要进一步对厘清企业社会责任对企业价值作用的微观机理、具体作用机制和途径进行深入的研究,
因此,本文以经营对象直接面向消费者的上市公司为研究样本,采用基于倾向分数配对法,对初始研究样本进行筛选,以保证研究样本的无偏性。基于利益相关者理论和Carroll“金字塔结构”模型,构建企业社会责任的分项与综合指标体系,分别用熵权法和因子分析法对样本企业的社会责任水平进行计量,并分析企业社会责任的现状、特征和发展趋势,在此基础上,实证分析了企业社会责任与企业价值的关系。通过调查问卷,对企业社会责任投资者响应、消费者响应进行调查、度量和分析,实证检验了投资者响应、消费者响应在企业社会责任与企业价值关系中的中介效应,揭示了企业社会责任对企业价值产生影响的作用机制。研究的主要内容与结论如下：
1.对企业社会责任的度量和评价结果表明,现阶段,我国上市公司企业社会责任履行的意识和水平呈上升趋势,但总体水平偏低,并且企业社会责任的具体内容和层级与利益相关者对企业社会责任的响应之间存在结构性矛盾：无论是投资者还是消费者,在企业对消费者的社会责任方面都表现出较强烈的响应和较高的关注度,但企业在对消费者的社会责任方面的表现却差强人意；相反,投资者和消费者对企业自愿责任(慈善责任)的期望值和响应程度并不是很高,但企业却在慈善责任方面投入了较多的资源和耗费了较多的成本,反映了企业在企业社会责任的资源配置方面存在不合理性。
2.对企业社会责任与企业价值间关系基本分析的结果显示：以分项指标和综合指标对企业社会责任进行衡量,企业社会责任与企业价值间存在相互影响的关联关系；这两者间主要表现为线性关系而非曲线关系；企业社会责任对企业价值的影响呈现多样性和不确定性；从企业社会责任与企业价值间关系的发展趋势看,两者间关系越来越密切；当年的大部分企业社会责任项目对滞后一年的企业价值产生显著的积极影响,对滞后两年或三年的企业价值的影响趋于减弱,表明企业社会责任的价值效应具有一定的时效性。
3.投资者对企业社会责任的不同项目产生不同的响应。投资者对企业拒绝履行社会责任行为做出的应激反应比对企业履行了社会责任的影响更加明显。不同类型的社会责任引起的投资者响应存在差异,排除对自身利益的考虑,投资者最看重的是企业对消费者的社会责任和企业的经济责任。企业所承担的社会责任得到投资者响应的企业的市场价值显著高于其社会责任未得到投资者响应的企业的市场价值。企业社会责任行为如果能够得到投资者响应,则该行为能够提高企业市场价值,否则则不能有效提高企业市场价值,投资者响应在企业社会责任与企业市场价值关系间起中介作用,存在中介效应。
4.消费者对企业对不同利益相关者的社会责任行为的响应程度存在差异。与投资者相同,消费者对企业拒绝履行社会责任的行为产生较大的反响,并影响消费者对其产品的选购和消费。此外,消费者对不同类型的社会责任的响应程度也有所不同,引起消费者强烈响应的除了企业对消费者自身的社会责任外,依次是企业在环境方面的社会责任,企业对政府的社会责任,企业对员工、社会公众和商业伙伴的社会责任。企业所承担的社会责任得到消费者响应的企业的财务价值显著高于其社会责任未得到消费者响应的企业的财务价值。消费者响应在企业社会责任与企业财务价值关系间起中介作用,存在中介效应。
最后,本文提出对策建议,主要包括：不断提高企业社会责任意识；积极主动披露企业社会责任信息,加强与利益相关者的交流与沟通,赢得利益相关者的响应；调整企业战略管理,合理配置企业社会责任活动资源。
Recently, with the rapid economic development, China has made remarkable achievements. At the same time, however, the frequent social responsibility events also attracted widespread attention. Under the supervision and the advocacy of the Government, corporate social responsibility (CSR) has been improved, and the corporate stakeholders gradually raise the awareness of social responsibility, with the amount of socially responsible investment activities and social responsibility consumer movements quietly rising. The theoretical and empirical study on CSR has been carried out in all directions, and obtained benefit results, while at the micro-level, there is still disagreement about the basic issues that whether CSR has economic effectiveness, and whether it is able to improve the enterprise value, which need further clarification on the micro mechanism of the corporate social responsibility to corporate value and the in-depth study on specific mechanisms of action and approach.
Therefore, this article takes listed companies as samples, and filters the initial study samples to ensure the unbiasedness of the samples using propensity score matching method. Based on the stakeholder theory and Carroll "pyramid" model of corporate social responsibility, this article is to build a subentry and comprehensive index system, and to measure the level of corporate social responsibility using entropy method and factor analysis method respectively, then to measure and analyze the status quo, characteristics and trends of corporate social responsibility, on the basis of which to analyze the relationship between corporate social responsibility and corporate value. Through questionnaires, we carry out investigation, measurement and analysis about corporate social responsibility investors and consumers'response, and empirically test the intermediary effect of the investors and consumers'response in the relationship of corporate social responsibility and corporate value, then revealing the action mechanism of the impact corporate social responsibility on corporate value. The main contents and conclusions are as follows:
1. The metrics and evaluation results on CSR indicate that, at this stage, the awareness of China's listed companies to fulfill corporate social responsibility is on the rise, but there is structural contradictions between the specific content and hierarchy of CSR and stakeholder responses:either investors or consumers, have shown a relatively strong response and attention on the corporate social responsibility, but companies performance in the consumer's social responsibility is unsatisfactory; On the contrary, investors and consumers don't have high expectations and response on corporate voluntary responsibility (philanthropic responsibility), but the company has spent more resources and cost in philanthropic responsibility, which reflects the irrational resource allocation of company corporate social responsibility.
2. The fundamental analysis on the relationship of corporate social responsibility and corporate value shows:When using the sub-indicators and composite indicators to measure corporate social responsibility, there exists mutual influence between corporate social responsibility and corporate value. Corporate social responsibility to investors can cause the capital market positive reaction, helps companies making good performance in the capital market, so as to enhance the enterprise market value, which lays the foundation for enhancing the level of social responsibility, making companies more proactive to take social responsibility. Corporate social responsibility to consumer can cause a positive reaction on product markets, helping to improve corporate financial value, and the improvement of business performance provides more and better financial resource to undertake CSR, help enterprises to further improve the degree of corporate social responsibility fulfillment. The analysis also shows:The relationship between them is linear not curvilinear, and it is getting closer; Most of the corporate social responsibility projects have positive impact on enterprise value of the one-year lag companies, while the impact on the two or three years lag companies tends to be weaken, which indicates that the value of corporate social responsibility has timeliness.
3. Investors have a good understanding of CSR on the whole, and have different responses to different CSR projects. The impact of investors'stress reaction to the rejection to fulfill CSR is more significant compared to enterprises'fulfillments of their social responsibility. Different types of social responsibility results in different investor response, excluding consideration of their own interests, what investors value most is the CSR to consumer and corporate economic responsibility. The market value of enterprises that get response from investors for shouldering the responsibility was significantly higher than the enterprises which have not got response from investors. Investors response play the intermediary role between corporate social responsibility and corporate value, there exists mediating effect.
4. Consumers have some understanding of corporate social responsibility, but they make different degree of response to corporate social responsibility behavior to different stakeholders. The same as the investors, consumers' response to companies refusing to fulfill corporate social responsibility is huge, and it influents consumers'purchase choice and consumption. In addition, consumers respond differently to different types of social responsibility. Except corporate social responsibilities to consumer itself, what cause strong consumer response are followed by companies social responsibility in the environmental aspects, corporate social responsibility of the government, corporate social responsibility of corporate employees, the public and the business partners. The financial value of enterprises that get response from consumers for shouldering the responsibility is significantly higher than the enterprises which have not got response from consumers. Consumers response play the intermediary role between corporate social responsibility and corporate value, there exists mediating effect.
Finally, this paper proposes countermeasures and suggestions including:increasing awareness of corporate responsibility; being proactive in corporate social responsibility information disclosure, strengthening communication with stakeholders to win the stakeholder response; adjusting business strategy management to make rational allocation of corporate social responsibility activities resources.
因此,本文以经营对象直接面向消费者的上市公司为研究样本,采用基于倾向分数配对法,对初始研究样本进行筛选,以保证研究样本的无偏性。基于利益相关者理论和Carroll“金字塔结构”模型,构建企业社会责任的分项与综合指标体系,分别用熵权法和因子分析法对样本企业的社会责任水平进行计量,并分析企业社会责任的现状、特征和发展趋势,在此基础上,实证分析了企业社会责任与企业价值的关系。通过调查问卷,对企业社会责任投资者响应、消费者响应进行调查、度量和分析,实证检验了投资者响应、消费者响应在企业社会责任与企业价值关系中的中介效应,揭示了企业社会责任对企业价值产生影响的作用机制。研究的主要内容与结论如下：
1.对企业社会责任的度量和评价结果表明,现阶段,我国上市公司企业社会责任履行的意识和水平呈上升趋势,但总体水平偏低,并且企业社会责任的具体内容和层级与利益相关者对企业社会责任的响应之间存在结构性矛盾：无论是投资者还是消费者,在企业对消费者的社会责任方面都表现出较强烈的响应和较高的关注度,但企业在对消费者的社会责任方面的表现却差强人意；相反,投资者和消费者对企业自愿责任(慈善责任)的期望值和响应程度并不是很高,但企业却在慈善责任方面投入了较多的资源和耗费了较多的成本,反映了企业在企业社会责任的资源配置方面存在不合理性。
2.对企业社会责任与企业价值间关系基本分析的结果显示：以分项指标和综合指标对企业社会责任进行衡量,企业社会责任与企业价值间存在相互影响的关联关系；这两者间主要表现为线性关系而非曲线关系；企业社会责任对企业价值的影响呈现多样性和不确定性；从企业社会责任与企业价值间关系的发展趋势看,两者间关系越来越密切；当年的大部分企业社会责任项目对滞后一年的企业价值产生显著的积极影响,对滞后两年或三年的企业价值的影响趋于减弱,表明企业社会责任的价值效应具有一定的时效性。
3.投资者对企业社会责任的不同项目产生不同的响应。投资者对企业拒绝履行社会责任行为做出的应激反应比对企业履行了社会责任的影响更加明显。不同类型的社会责任引起的投资者响应存在差异,排除对自身利益的考虑,投资者最看重的是企业对消费者的社会责任和企业的经济责任。企业所承担的社会责任得到投资者响应的企业的市场价值显著高于其社会责任未得到投资者响应的企业的市场价值。企业社会责任行为如果能够得到投资者响应,则该行为能够提高企业市场价值,否则则不能有效提高企业市场价值,投资者响应在企业社会责任与企业市场价值关系间起中介作用,存在中介效应。
4.消费者对企业对不同利益相关者的社会责任行为的响应程度存在差异。与投资者相同,消费者对企业拒绝履行社会责任的行为产生较大的反响,并影响消费者对其产品的选购和消费。此外,消费者对不同类型的社会责任的响应程度也有所不同,引起消费者强烈响应的除了企业对消费者自身的社会责任外,依次是企业在环境方面的社会责任,企业对政府的社会责任,企业对员工、社会公众和商业伙伴的社会责任。企业所承担的社会责任得到消费者响应的企业的财务价值显著高于其社会责任未得到消费者响应的企业的财务价值。消费者响应在企业社会责任与企业财务价值关系间起中介作用,存在中介效应。
最后,本文提出对策建议,主要包括：不断提高企业社会责任意识；积极主动披露企业社会责任信息,加强与利益相关者的交流与沟通,赢得利益相关者的响应；调整企业战略管理,合理配置企业社会责任活动资源。
Recently, with the rapid economic development, China has made remarkable achievements. At the same time, however, the frequent social responsibility events also attracted widespread attention. Under the supervision and the advocacy of the Government, corporate social responsibility (CSR) has been improved, and the corporate stakeholders gradually raise the awareness of social responsibility, with the amount of socially responsible investment activities and social responsibility consumer movements quietly rising. The theoretical and empirical study on CSR has been carried out in all directions, and obtained benefit results, while at the micro-level, there is still disagreement about the basic issues that whether CSR has economic effectiveness, and whether it is able to improve the enterprise value, which need further clarification on the micro mechanism of the corporate social responsibility to corporate value and the in-depth study on specific mechanisms of action and approach.
Therefore, this article takes listed companies as samples, and filters the initial study samples to ensure the unbiasedness of the samples using propensity score matching method. Based on the stakeholder theory and Carroll "pyramid" model of corporate social responsibility, this article is to build a subentry and comprehensive index system, and to measure the level of corporate social responsibility using entropy method and factor analysis method respectively, then to measure and analyze the status quo, characteristics and trends of corporate social responsibility, on the basis of which to analyze the relationship between corporate social responsibility and corporate value. Through questionnaires, we carry out investigation, measurement and analysis about corporate social responsibility investors and consumers'response, and empirically test the intermediary effect of the investors and consumers'response in the relationship of corporate social responsibility and corporate value, then revealing the action mechanism of the impact corporate social responsibility on corporate value. The main contents and conclusions are as follows:
1. The metrics and evaluation results on CSR indicate that, at this stage, the awareness of China's listed companies to fulfill corporate social responsibility is on the rise, but there is structural contradictions between the specific content and hierarchy of CSR and stakeholder responses:either investors or consumers, have shown a relatively strong response and attention on the corporate social responsibility, but companies performance in the consumer's social responsibility is unsatisfactory; On the contrary, investors and consumers don't have high expectations and response on corporate voluntary responsibility (philanthropic responsibility), but the company has spent more resources and cost in philanthropic responsibility, which reflects the irrational resource allocation of company corporate social responsibility.
2. The fundamental analysis on the relationship of corporate social responsibility and corporate value shows:When using the sub-indicators and composite indicators to measure corporate social responsibility, there exists mutual influence between corporate social responsibility and corporate value. Corporate social responsibility to investors can cause the capital market positive reaction, helps companies making good performance in the capital market, so as to enhance the enterprise market value, which lays the foundation for enhancing the level of social responsibility, making companies more proactive to take social responsibility. Corporate social responsibility to consumer can cause a positive reaction on product markets, helping to improve corporate financial value, and the improvement of business performance provides more and better financial resource to undertake CSR, help enterprises to further improve the degree of corporate social responsibility fulfillment. The analysis also shows:The relationship between them is linear not curvilinear, and it is getting closer; Most of the corporate social responsibility projects have positive impact on enterprise value of the one-year lag companies, while the impact on the two or three years lag companies tends to be weaken, which indicates that the value of corporate social responsibility has timeliness.
3. Investors have a good understanding of CSR on the whole, and have different responses to different CSR projects. The impact of investors'stress reaction to the rejection to fulfill CSR is more significant compared to enterprises'fulfillments of their social responsibility. Different types of social responsibility results in different investor response, excluding consideration of their own interests, what investors value most is the CSR to consumer and corporate economic responsibility. The market value of enterprises that get response from investors for shouldering the responsibility was significantly higher than the enterprises which have not got response from investors. Investors response play the intermediary role between corporate social responsibility and corporate value, there exists mediating effect.
4. Consumers have some understanding of corporate social responsibility, but they make different degree of response to corporate social responsibility behavior to different stakeholders. The same as the investors, consumers' response to companies refusing to fulfill corporate social responsibility is huge, and it influents consumers'purchase choice and consumption. In addition, consumers respond differently to different types of social responsibility. Except corporate social responsibilities to consumer itself, what cause strong consumer response are followed by companies social responsibility in the environmental aspects, corporate social responsibility of the government, corporate social responsibility of corporate employees, the public and the business partners. The financial value of enterprises that get response from consumers for shouldering the responsibility is significantly higher than the enterprises which have not got response from consumers. Consumers response play the intermediary role between corporate social responsibility and corporate value, there exists mediating effect.
Finally, this paper proposes countermeasures and suggestions including:increasing awareness of corporate responsibility; being proactive in corporate social responsibility information disclosure, strengthening communication with stakeholders to win the stakeholder response; adjusting business strategy management to make rational allocation of corporate social responsibility activities resources.
引文
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