社会责任信息披露与公司特征关系的实证分析
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摘要
随着社会主义市场经济的发展,企业社会责任信息的披露逐渐受到重视。尤其是近年来发生的食品安全事件,进一步唤醒了公众以及政府对企业社会责任的重视,公众及政府对企业社会责任信息的披露提出更高的要求。国内关于社会责任信息的研究日益高涨,也取得了一定的研究成果。但从总体来看,与国外的研究仍存在一定的差距,且不能与经济的发展和社会的实际需求相一致。基于此,本文以2008年沪市发行A股的公司为研究对象,探索社会责任信息披露与公司特征之间的关系。
本文首先从国外、国内两个方面对关于社会责任会计信息披露与公司特征的内容及关系进行了研究综述,由于对社会责任信息披露于公司特征关系的实证研究较少,本文主要是回顾了国内外与其相关的研究成果。继而介绍了公司特征、社会责任信息披露、自愿性信息披露的基本概念,介绍了社会责任信息披露的理论基础。
然后,在学术界已有研究成果的基础上,选取了公司规模、盈利能力、财务杠杆、所属行业和公司所在地五个公司特征的变量,提出基本假设:社会责任信息披露水平与公司规模正相关;社会责任信息披露水平与盈利能力正相关;社会责任信息披露水平与财务杠杆正相关;制造业倾向于披露更多的社会责任信息;发达地区的企业倾向于更多的披露社会责任信息。
接着,在参考国内外学者对社会责任信息披露研究的基础上,结合我国的实际情况,设计了一套评价我国上市公司社会责任信息披露的指数。在对我国沪市上市公司社会责任信息披露进行评价后发现,我国上市公司整体的社会责任信息披露水平不高。在对社会责任信息披露水平与公司特征进行多元回归分析后发现:公司规模、财务杠杆、所属行业以及公司所在地对自愿性信息披露存在显著的影响;规模越大、财务杠杆越高,社会责任信息披露水平越高;制造业和发达地区的公司倾向与披露更多地社会责任信息;研究还发现,公司盈利能力并没有显著影响社会责任信息的披露,这可能是由于上海证券交易所2008年引入强制性披露的因素。
最后,本文对社会责任信息披露水平与公司特征的实证结论进行了深入分析,对实证部分的结论进行了进一步的归纳和总结。另外,针对我国社会责任信息披露整体水平较低的情况,提出了政策性建议,以期对促进社会责任信息的披露提供一定的参考价值。
论文的结束语部分简要总结了本文的创新点以及研究的局限性。
本文的主要创新之处,一是对社会责任信息指数的构建,在参照了国内外已有做法的基础上,结合中国的实际情形,对内容进行了分类,并区分了是否以社会责任报告的形式进行披露,区分出公司对社会责任信息的重视程度,设计出社会责任信息披露指数;二是对企业社会责任信息的披露从内容和形式上都进行了探讨,并提出相应的政策性建议,以期社会责任信息得以充分一致的披露。三是运用大样本,考虑到特定环境下社会责任信息披露的强制性因素,区分不同情况进行了比较分析,从而得到合理的解释。
With the development of socialist market economy, the disclosure of corporate social responsibility information is more important. In particular, the food safety incidents occurred in last year further awakened attention of the public and government on corporate social responsibility, the public and government put forward higher requirements on the disclosure of corporate social responsibility. Domestic research on social responsibility is increased high, and made some research results. However, compared with foreign countries, there is still a gap and the research can not be consistent with the development of economic and the actual needs of the community. For this reason, this paper selected companies which issued A shares in Shanghai Stock Exchange in 2008 and explored the relationship between social responsibility disclosure and corporate identity.
This article first concluded the research on the content and studied the relationship between the social responsibility accounting disclosure and corporate characteristics from abroad and domestic aspects. Because the empirical research on the effects of corporation characteristics to social responsibility is not enough, this paper is to review research associated with that at home and abroad. The second part introduced the basic concepts of corporate identity, social responsibility information disclosure, voluntary disclosure of information and introduced the basis theory of social responsibility.
Then, based on the academic research, this paper selected company size, profitability, financial leverage, industry and area company located five variables and made basic assumptions: the level of social responsibility information disclosure was positively correlated with company size ; the level of social responsibility information disclosure was positively correlated with profitability; the level of social responsibility information disclosure was positively correlated with financial leverage; manufacturing companies tend to disclose more social responsibility information; firms in developed areas tend to disclose more social responsibility information.
After that, based on the study on the responsibility information disclosure of domestic and foreign scholars and combined with China's actual conditions, this paper designed a set of evaluation index of Chinese social responsibility information disclosure of listed companies. After the evaluation on listed companies in Shanghai Stock Exchange, we found that the level of social responsibility information disclosure of listed companies in China is not high as a whole. Through the multiple regression analysis between the level of social responsibility information disclosure and corporate characteristics, we found there were significant impact on company size, financial leverage, industry and the location to the company's voluntary disclosure of information; larger companies, companies with higher financial leverage would disclose more social responsibility information; manufacturing companies and companies in developed areas tended to disclose more social responsibility information; study also found there was no significant effect between the disclosure of information and the corporate profitability. The reason may be that Shanghai Stock Exchange in 2008 introduced compulsory disclosure of factors.
Finally, this paper analyzed empirical conclusions of the level of social responsibility information and corporate characteristics in depth and further summarized and concluded some empirical findings. In addition, this paper put forward the policy recommendations with a view to promoting social responsibility disclosure pointed to the fact that the social responsibility disclosure of our country was in a lower level and tended to provide reference value to the disclosure of information.
The conclusion of the paper summarized some of the innovative point and research limitations of this article briefly.
The principal innovation of this article was: firstly, the build of information index of social responsibility, in the light of existing practice at home and abroad, based on the combination of China's actual situation and the classification of the content whether a distinction between social responsibility report disclosure form to distinguish the importance of information to design social responsibility information disclosure index; Secondly, the study both on the content and form of the disclosure of corporate social responsibility and put forward policy recommendations with a view of social responsibility to be consistent with the disclosure of information fully; thirdly, used a large sample, taking into account the particular circumstances of mandatory disclosure of social responsibility factors and distinguishing between a comparative analysis of different scenarios to get a reasonable explanation.
本文首先从国外、国内两个方面对关于社会责任会计信息披露与公司特征的内容及关系进行了研究综述,由于对社会责任信息披露于公司特征关系的实证研究较少,本文主要是回顾了国内外与其相关的研究成果。继而介绍了公司特征、社会责任信息披露、自愿性信息披露的基本概念,介绍了社会责任信息披露的理论基础。
然后,在学术界已有研究成果的基础上,选取了公司规模、盈利能力、财务杠杆、所属行业和公司所在地五个公司特征的变量,提出基本假设:社会责任信息披露水平与公司规模正相关;社会责任信息披露水平与盈利能力正相关;社会责任信息披露水平与财务杠杆正相关;制造业倾向于披露更多的社会责任信息;发达地区的企业倾向于更多的披露社会责任信息。
接着,在参考国内外学者对社会责任信息披露研究的基础上,结合我国的实际情况,设计了一套评价我国上市公司社会责任信息披露的指数。在对我国沪市上市公司社会责任信息披露进行评价后发现,我国上市公司整体的社会责任信息披露水平不高。在对社会责任信息披露水平与公司特征进行多元回归分析后发现:公司规模、财务杠杆、所属行业以及公司所在地对自愿性信息披露存在显著的影响;规模越大、财务杠杆越高,社会责任信息披露水平越高;制造业和发达地区的公司倾向与披露更多地社会责任信息;研究还发现,公司盈利能力并没有显著影响社会责任信息的披露,这可能是由于上海证券交易所2008年引入强制性披露的因素。
最后,本文对社会责任信息披露水平与公司特征的实证结论进行了深入分析,对实证部分的结论进行了进一步的归纳和总结。另外,针对我国社会责任信息披露整体水平较低的情况,提出了政策性建议,以期对促进社会责任信息的披露提供一定的参考价值。
论文的结束语部分简要总结了本文的创新点以及研究的局限性。
本文的主要创新之处,一是对社会责任信息指数的构建,在参照了国内外已有做法的基础上,结合中国的实际情形,对内容进行了分类,并区分了是否以社会责任报告的形式进行披露,区分出公司对社会责任信息的重视程度,设计出社会责任信息披露指数;二是对企业社会责任信息的披露从内容和形式上都进行了探讨,并提出相应的政策性建议,以期社会责任信息得以充分一致的披露。三是运用大样本,考虑到特定环境下社会责任信息披露的强制性因素,区分不同情况进行了比较分析,从而得到合理的解释。
With the development of socialist market economy, the disclosure of corporate social responsibility information is more important. In particular, the food safety incidents occurred in last year further awakened attention of the public and government on corporate social responsibility, the public and government put forward higher requirements on the disclosure of corporate social responsibility. Domestic research on social responsibility is increased high, and made some research results. However, compared with foreign countries, there is still a gap and the research can not be consistent with the development of economic and the actual needs of the community. For this reason, this paper selected companies which issued A shares in Shanghai Stock Exchange in 2008 and explored the relationship between social responsibility disclosure and corporate identity.
This article first concluded the research on the content and studied the relationship between the social responsibility accounting disclosure and corporate characteristics from abroad and domestic aspects. Because the empirical research on the effects of corporation characteristics to social responsibility is not enough, this paper is to review research associated with that at home and abroad. The second part introduced the basic concepts of corporate identity, social responsibility information disclosure, voluntary disclosure of information and introduced the basis theory of social responsibility.
Then, based on the academic research, this paper selected company size, profitability, financial leverage, industry and area company located five variables and made basic assumptions: the level of social responsibility information disclosure was positively correlated with company size ; the level of social responsibility information disclosure was positively correlated with profitability; the level of social responsibility information disclosure was positively correlated with financial leverage; manufacturing companies tend to disclose more social responsibility information; firms in developed areas tend to disclose more social responsibility information.
After that, based on the study on the responsibility information disclosure of domestic and foreign scholars and combined with China's actual conditions, this paper designed a set of evaluation index of Chinese social responsibility information disclosure of listed companies. After the evaluation on listed companies in Shanghai Stock Exchange, we found that the level of social responsibility information disclosure of listed companies in China is not high as a whole. Through the multiple regression analysis between the level of social responsibility information disclosure and corporate characteristics, we found there were significant impact on company size, financial leverage, industry and the location to the company's voluntary disclosure of information; larger companies, companies with higher financial leverage would disclose more social responsibility information; manufacturing companies and companies in developed areas tended to disclose more social responsibility information; study also found there was no significant effect between the disclosure of information and the corporate profitability. The reason may be that Shanghai Stock Exchange in 2008 introduced compulsory disclosure of factors.
Finally, this paper analyzed empirical conclusions of the level of social responsibility information and corporate characteristics in depth and further summarized and concluded some empirical findings. In addition, this paper put forward the policy recommendations with a view to promoting social responsibility disclosure pointed to the fact that the social responsibility disclosure of our country was in a lower level and tended to provide reference value to the disclosure of information.
The conclusion of the paper summarized some of the innovative point and research limitations of this article briefly.
The principal innovation of this article was: firstly, the build of information index of social responsibility, in the light of existing practice at home and abroad, based on the combination of China's actual situation and the classification of the content whether a distinction between social responsibility report disclosure form to distinguish the importance of information to design social responsibility information disclosure index; Secondly, the study both on the content and form of the disclosure of corporate social responsibility and put forward policy recommendations with a view of social responsibility to be consistent with the disclosure of information fully; thirdly, used a large sample, taking into account the particular circumstances of mandatory disclosure of social responsibility factors and distinguishing between a comparative analysis of different scenarios to get a reasonable explanation.
引文
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[1]FTSE4Good是用来衡量企业符合全球公认的企业社会责任标准的程度,这样可以简化国外投资的程序。http://www.ftse.com/Rse4good/criteria_methodology.jsp.
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