上市公司社会责任信息披露水平与财务绩效相关性研究
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摘要
近年来,公司社会责任意识逐渐受到国内外的广泛关注,监管部门、投资者等利益相关者对于社会责任信息的需求与日俱增。我国上市公司在履行社会责任方面加大投入的同时,也在有意识地提高公司社会责任信息(CSRI)的披露水平。由于社会责任信息披露属于自愿性信息披露的范围,缺乏相关法律法规的强制约束,我国公司在社会责任信息披露水平方面呈现较大差异。一些资产质量优良、财务业绩突出的公司均通过自愿性信息披露突出自身的竞争优势,以期提高信息披露质量,增强投资者对公司未来成长的信心。那么上市公司提高社会责任信息披露水平能否促进公司财务绩效的提高,同时公司社会责任信息的披露水平是否受前期财务绩效的影响?本文试图回答以上两个问题,并深入探讨公司社会责任信息披露水平与财务绩效之间的关系,为提高社会责任信息披露质量和促进公司价值增长提供参考依据。
本文选择公司社会责任信息披露水平与公司财务绩效的关系作为研究对象,站在公司利益相关者的角度,首先对公司社会责任与公司财务绩效关系的两大理论基础:公司社会责任思想和相关利益者理论进行了梳理;然后对我国上市公司社会责任信息披露的现状进行了介绍和分析,之后从利益相关者角度对我国社会责任信息披露水平进行评价,并通过相关性分析和回归分析对我国上市公司社会责任信息披露水平与财务绩效的关系进行了实证研究。结果显示,对于我国深市A股上市公司而言,在选用总资产收益率与总资本增长率衡量公司财务绩效时两者之间存在显著的正相关关系。同时两个公司特征变量(公司规模与行业属性)也是影响上市公司社会责任信息披露程度的重要因素。最后本文从提高社会责任信息披露质量的角度提出相关政策建议。
In recent years, corporate social responsibility awareness gained widespread attention gradually at home and abroad, and the demand for social responsibility information of regulators, investors and other stakeholders is growing day by day. China's listed companies increase investment to fulfill their social responsibilities, at the same time; they are also active to improve the level of information disclosure. As the disclosure of social responsibility information belongs to voluntary disclosure of information, China's disclosure level of social responsibility information showed greater differences with the lack of relevant laws and regulations with compulsory requirement. Some listed companies with excellent quality and good performance have adopted voluntarily measures of information disclosure to highlight their competitive superiority, improve the quality of information disclosure, and to enhance investors' confidence in the company's future growth. Whether can the listed companies promote the company's financial performance through the improvement of the disclosure level of social responsibility information, and whether could company's previous financial performance impact the disclosure level of corporate social responsibility information? This paper attempts to answer these two questions and study the relationship between the disclosure level of social responsibility information and financial performance in order to provide reference for improving the quality of information disclosure and the value of the companies.
From the company stakeholders' perspective, this paper paid focus on the relationship between the disclosure level of corporate social responsibility information and the company's financial performance. At first, the author listed the two major theoretical foundations of corporate social responsibility and corporate financial performance: corporate social responsibility thinking and stakeholders' theory. Then the author listed and analyzed the disclosure status of social responsibility information of China's listed companies. And then from the perspective of the stakeholders, this paper evaluated the disclosure level of social responsibility information of Chinese companies and tested the relationship between the disclosure level of social responsibility information and financial performance of on Chinese listed companies through relationship analysis and multiple regression analysis. The results showed that there was a significant positive correlation between the disclosure level of social responsibility information and the company's financial performance when measured by the overall growth rate and ROA in A-share listed companies of China's Shenzhen Stock Exchange. At the same time, the two companies features variable (company size and industry attributes) also affected the disclosure extent of social responsibility information of listed companies. Finally this paper gave some policy recommendations to improve the disclosure quality of social responsibility to information.
本文选择公司社会责任信息披露水平与公司财务绩效的关系作为研究对象,站在公司利益相关者的角度,首先对公司社会责任与公司财务绩效关系的两大理论基础:公司社会责任思想和相关利益者理论进行了梳理;然后对我国上市公司社会责任信息披露的现状进行了介绍和分析,之后从利益相关者角度对我国社会责任信息披露水平进行评价,并通过相关性分析和回归分析对我国上市公司社会责任信息披露水平与财务绩效的关系进行了实证研究。结果显示,对于我国深市A股上市公司而言,在选用总资产收益率与总资本增长率衡量公司财务绩效时两者之间存在显著的正相关关系。同时两个公司特征变量(公司规模与行业属性)也是影响上市公司社会责任信息披露程度的重要因素。最后本文从提高社会责任信息披露质量的角度提出相关政策建议。
In recent years, corporate social responsibility awareness gained widespread attention gradually at home and abroad, and the demand for social responsibility information of regulators, investors and other stakeholders is growing day by day. China's listed companies increase investment to fulfill their social responsibilities, at the same time; they are also active to improve the level of information disclosure. As the disclosure of social responsibility information belongs to voluntary disclosure of information, China's disclosure level of social responsibility information showed greater differences with the lack of relevant laws and regulations with compulsory requirement. Some listed companies with excellent quality and good performance have adopted voluntarily measures of information disclosure to highlight their competitive superiority, improve the quality of information disclosure, and to enhance investors' confidence in the company's future growth. Whether can the listed companies promote the company's financial performance through the improvement of the disclosure level of social responsibility information, and whether could company's previous financial performance impact the disclosure level of corporate social responsibility information? This paper attempts to answer these two questions and study the relationship between the disclosure level of social responsibility information and financial performance in order to provide reference for improving the quality of information disclosure and the value of the companies.
From the company stakeholders' perspective, this paper paid focus on the relationship between the disclosure level of corporate social responsibility information and the company's financial performance. At first, the author listed the two major theoretical foundations of corporate social responsibility and corporate financial performance: corporate social responsibility thinking and stakeholders' theory. Then the author listed and analyzed the disclosure status of social responsibility information of China's listed companies. And then from the perspective of the stakeholders, this paper evaluated the disclosure level of social responsibility information of Chinese companies and tested the relationship between the disclosure level of social responsibility information and financial performance of on Chinese listed companies through relationship analysis and multiple regression analysis. The results showed that there was a significant positive correlation between the disclosure level of social responsibility information and the company's financial performance when measured by the overall growth rate and ROA in A-share listed companies of China's Shenzhen Stock Exchange. At the same time, the two companies features variable (company size and industry attributes) also affected the disclosure extent of social responsibility information of listed companies. Finally this paper gave some policy recommendations to improve the disclosure quality of social responsibility to information.
引文
1) 常勋.国际会计[M].东北财经大学出版社,2002,1.
2) 陈岱孙.市场经济百科全书.中国大百科全书出版社[M].1998,10.
3) 陈玉清,马丽丽.我国上市公司社会责任会计信息市场反应实证分析[J].会计研究,2005.11:76-81.
4) 哈罗德·孔茨.管理学[M].经济科学出版社,1998.
5) 胡高福.从“SA8000”看公司社会责任的发展变迁[J].温州职业技术学院学报,2005,3.
6) 李胜楠,牛建波.非对称信息与投资者关系管理研究[J].管理科学,2004,4.
7) 刘俊海.公司的社会责任[M].法律出版社,1999.
8) 刘长翠,孔晓婷.2006社会责任会计信息披露的实证研究[J].会计研究,(10).
9) 刘广生,肖好峰.社会责任会计研究综述[J].财务月刊.2006,11.
10) 马连福、赵颖.上市公司社会责任信息披露影响因素研究[J].证券市场导报,2007,3:4-9.
11) 屈晓华.企业社会责任演进与企业良性行为反应的互动研究[J].管理现代化,2003,5.
12) 宋献中,李皎予.公司社会责任会计[M].中国财政经济出版社,1992.
13) 斯蒂芬·罗宾斯.管理学[M].中国人民大学出版社,1998.
14) 沈洪涛,金婷婷.我国上市公司社会责任信息披露的现状分析[J].审计与经济研究,2006.6:84-87.
15) 深圳证券交易所.关于发布《深圳证券交易所上市公司社会责任指引》的通知.中国财经信息网,2006.9.
16) 王永泉.加强上市公司自愿性信息披露[J].今日科技.2006.11.
17) 吴磊.社会责任会计及其披露相关问题的研究[D].东北财经大学硕士论文.2004.
18) 阳秋林.中国社会责任会计研究[M].中国财政经济出版社.2005.6
19) 阳秋林.中国社会责任会计信息披露模式的架构[J].当代财经。2005.6
20) Aupperle,K.E.,Carroll,A.B.& Hatfield,J.D.An Empirical Investigation of the Relationship between Corporate Social Responsibility and Profitability [J].Academy Of Management Journal,1985,28:446-463.
21) Brown, N. and Deegan, C. The Public Disclosure of Environmental Performance Information: A Dual Test of Media Agenda Setting Theory and Legitimacy Theory [J]. Accounting and Business Research, 1998, 29, 21-41.
22) Forker, Corporate governance and disclosure quality[J]. Accounting and Business Research, 1992, 22.
23) Bowman, E. H. & Haire M. A Strategic Posture towards Corporate Social Responsibility [J]. California Management Review, 1975, 18: 49-58.
24) Barton, Sidney L. ; Hill, Ned C. ; Sundaram, Srinivasan. An Empirical Test of Stakeholder Theory Predictions of Capital Structure[J]. The Journal of the Financial Management Association, 1989, 18 (1): 36-44.
25) Brammer, Stephen; Pavelin, Stephen. Building a Good Reputation [J]. European Management Journal, 2004, 46(15):704-713.
26) Berman, Shawn L., Wicks, Andrew C., Kotha Suresh, and Jones, Thomas. Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance [J]. Academy of Management Journal, 1999, 42(5):488-506.
27) Cowen, S.S., L. B. Ferreri, and L.D. Parker. The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis [J]. Accounting, Organizations and society, 1987,12(2): 111-122.
28) Carroll A. B. A Three-Dimensional Conceptual Model of Corporate Performance [J].The Academy of Management Review, 1979, 4(4):497-505.
29) Clarkson, M. A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance [J]. Academy of Management Review, 1995, 20(1):92—117.
30) Chakravarthy, Balaji S. Measuring Strategic Performance [J]. Strategic Management Journal, 1986, 7 (5):437-458.
31) Cornell, B., and Shapiro, A. C. Corporate Stakeholders and Corporate Finance [J]. Financial Management, 1987, 1:5-14.
32) Cotrill, M. Corporate Social Responsibility and the Marketplace [J], Journal of Business Ethics, 1990, (9):723-729.
33) Davidson III, Wallace N., and Worrell, Dan L. A Comparison and Test of the Use of Accounting and Stock Market Data in Relating Corporate Social Responsibility and Financial Performance[J], Akron Business and Economic Review, 1990,21(3) :7-19.
34) Davis, Keith. Can Business Afford to Ignore Social Responsibilities? [J],Californiam Management Review, 1960, 2:70-76.
35) Dodd, (?). Merrick. For Whom Are Corporate Managers Trustees? [J], Harvard Business Review, 1932, 45(7):1145 - 1163.
36) Donaldson Thomas and Preston Lee E. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications [J]. Academy of Management Review, 1995,20(1):65-91.
37) Drucker, Peter F. The New Meaning of Corporate Social Responsibility [J],California Management, 1984, 26(2):53-63.
38) Drucker, Peter. Management: Tasks, Responsibility, Practices [M]. Harper& Row Publishers, 1974.
39) Epstein, M J. and M Freedman. Social Disclosure and the Individual Investor [J]. Accounting, Auditing and Accountability Journal, 1994, 7:94-100.
40) Evan, W. M., and Freeman, R. E. A Stakeholder Theory of the Modern Corporation:Kantian Capitalism [A], In T. Beauchamp and N. Bowie (Eds.), Ethical Theory and Business, Englewood Cliffs, NJ: Prentice Hall, 1988,75-93.
41) Freeman, Robert and Tse, Senyo. An earnings prediction approach to examining intercompany information transfers [J]. Journal of Accounting & Economics,1992, 15 (4): 509-523.
42) Freeman, R. E., and Wasley, D. L. Stockholders and Stakeholders: A New Perspective on Corporate Governance [J]. California Management Review, 1983,25(3): 88-106.
43) Frost, Geoffrey R. The Adoption of Environment-related management accounting:an analysis of corporate environmental sensitivity [J]. Accounting Forum, 2000,24 (4), 344-365.
44) Fama, Eugene F. Efficient Capital Markets: A Review of Theory and Empirical Work[J],Journal of Finance,1970,25:383-417.
45) Farmer,Richard N.,and Hogue,W.Dickerson,Corporate Social Responsibility,Chapter 1-2[M],Lexington Books,1985.
46) Gray,R,R.Kouhy and S.Layers.Corporate Social andEnvironmental Reporting:A Review of the Literature and a Longitudinal Study of UK Disclosure Accounting,Auditing and Accountability Journal,,1995,8(4):7-77.
47) Holmstrom,B.Moral Hazard in Teams[J],Bell Journal of Economics,,1982,13:324-340.
48) Hillman,Amy J.,Keim,Gerald D.and Luce,Rebecca A.Board Composition and Stakeholder Performance:Do Stakeholder Directors Make a Difference?[J].Business & Society,2001,40(3):295-314.
49) Heinze,D.C.Financial Correlates of a Social Involvement Measure[J].Akron Business and Economic Review,1976,7(1):48-51.
50) Ingram,R.W.and K.B.Frazier.Environmental performance and corporate disclosure[J].Journal of Accounting Research,1980,18(2):614-622.
51) Johnson,Homer H.Does it pay to be good? Social responsibility and financial performance[J].Business Horizons,2003,46(6):34-40.
52) Morskowitz,Milton,R.Choosing Socially Responsible Stocks[J],Business and Society Review,1972,1:71-75.
53) Meek,GaryK.,Roberts,Clare B.,and Gray Sidney J.Factors influencing voluntary annual reportdisclosures by US,UK and continental European multinational corporations[J].Journal of InternationaIBusiness Studies,1995,(3):555-572.
54) Oliver Sheldon.企业社会责任,伦敦:1923.[Sheldon,The philosophy of Management.London:Isaac Pitman Sons,1923.]
55) Preston,Lee E.,and Post,James E.Private Management and Public Policy[M]Prentice-Hall,Inc.Chapter 3,1975.
56) Robba,S.W.G.,L.E.Single,and M.T.Zarzeskic.Nonfinancial disclosures across Anglo-American countries[J].Journal of International Accounting,Auditing&Taxation 2001(10),71-83.
57) Roberts,R.W.Determinants of Corporate Social Responsibility Disclosure: An Application of Stakeholder Theory[J].Accounting, Organizations and Society, 1992,17:595-612.
58) Roman, Ronald M., Hayibor, Sefa, and Agle, Bradley R. The Relationship Between Social and Financial Performance: Repainting a Portrait [J], Business and Society, 1999, 38(1):109-123.
59) Sturdivant F. Executive and activists test of stakeholder management [J].California Management Review, 1979, 3:53-59.
60) Sturdivant, F. D., Ginter, J. L. Corporate Social Responsiveness: Management Attitudes and Economic Performance [J]. California Management Review, 1977,19(3): 30-39.
61) Ullmann, A. Data in Search of a Theory: A Critical Examination of the Relationship Among Social Performance, Social Disclosure, and Economic Performance [J]. Academy of Management Review, 1985, 10(3):550-577.
62) Waddock, S. A., and Graves, S. B. The Corporate Social Performance-Financial Performance Link [J]. Strategic Management Journal, 1994, 18(4):303-319.
63) Wijnberg, N. M. Normative Stakeholder Theory and Aristotle: The Link Between Ethics and Politics [J], Journal of Business Ethics, 2000, 25: 329-342.
2) 陈岱孙.市场经济百科全书.中国大百科全书出版社[M].1998,10.
3) 陈玉清,马丽丽.我国上市公司社会责任会计信息市场反应实证分析[J].会计研究,2005.11:76-81.
4) 哈罗德·孔茨.管理学[M].经济科学出版社,1998.
5) 胡高福.从“SA8000”看公司社会责任的发展变迁[J].温州职业技术学院学报,2005,3.
6) 李胜楠,牛建波.非对称信息与投资者关系管理研究[J].管理科学,2004,4.
7) 刘俊海.公司的社会责任[M].法律出版社,1999.
8) 刘长翠,孔晓婷.2006社会责任会计信息披露的实证研究[J].会计研究,(10).
9) 刘广生,肖好峰.社会责任会计研究综述[J].财务月刊.2006,11.
10) 马连福、赵颖.上市公司社会责任信息披露影响因素研究[J].证券市场导报,2007,3:4-9.
11) 屈晓华.企业社会责任演进与企业良性行为反应的互动研究[J].管理现代化,2003,5.
12) 宋献中,李皎予.公司社会责任会计[M].中国财政经济出版社,1992.
13) 斯蒂芬·罗宾斯.管理学[M].中国人民大学出版社,1998.
14) 沈洪涛,金婷婷.我国上市公司社会责任信息披露的现状分析[J].审计与经济研究,2006.6:84-87.
15) 深圳证券交易所.关于发布《深圳证券交易所上市公司社会责任指引》的通知.中国财经信息网,2006.9.
16) 王永泉.加强上市公司自愿性信息披露[J].今日科技.2006.11.
17) 吴磊.社会责任会计及其披露相关问题的研究[D].东北财经大学硕士论文.2004.
18) 阳秋林.中国社会责任会计研究[M].中国财政经济出版社.2005.6
19) 阳秋林.中国社会责任会计信息披露模式的架构[J].当代财经。2005.6
20) Aupperle,K.E.,Carroll,A.B.& Hatfield,J.D.An Empirical Investigation of the Relationship between Corporate Social Responsibility and Profitability [J].Academy Of Management Journal,1985,28:446-463.
21) Brown, N. and Deegan, C. The Public Disclosure of Environmental Performance Information: A Dual Test of Media Agenda Setting Theory and Legitimacy Theory [J]. Accounting and Business Research, 1998, 29, 21-41.
22) Forker, Corporate governance and disclosure quality[J]. Accounting and Business Research, 1992, 22.
23) Bowman, E. H. & Haire M. A Strategic Posture towards Corporate Social Responsibility [J]. California Management Review, 1975, 18: 49-58.
24) Barton, Sidney L. ; Hill, Ned C. ; Sundaram, Srinivasan. An Empirical Test of Stakeholder Theory Predictions of Capital Structure[J]. The Journal of the Financial Management Association, 1989, 18 (1): 36-44.
25) Brammer, Stephen; Pavelin, Stephen. Building a Good Reputation [J]. European Management Journal, 2004, 46(15):704-713.
26) Berman, Shawn L., Wicks, Andrew C., Kotha Suresh, and Jones, Thomas. Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance [J]. Academy of Management Journal, 1999, 42(5):488-506.
27) Cowen, S.S., L. B. Ferreri, and L.D. Parker. The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis [J]. Accounting, Organizations and society, 1987,12(2): 111-122.
28) Carroll A. B. A Three-Dimensional Conceptual Model of Corporate Performance [J].The Academy of Management Review, 1979, 4(4):497-505.
29) Clarkson, M. A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance [J]. Academy of Management Review, 1995, 20(1):92—117.
30) Chakravarthy, Balaji S. Measuring Strategic Performance [J]. Strategic Management Journal, 1986, 7 (5):437-458.
31) Cornell, B., and Shapiro, A. C. Corporate Stakeholders and Corporate Finance [J]. Financial Management, 1987, 1:5-14.
32) Cotrill, M. Corporate Social Responsibility and the Marketplace [J], Journal of Business Ethics, 1990, (9):723-729.
33) Davidson III, Wallace N., and Worrell, Dan L. A Comparison and Test of the Use of Accounting and Stock Market Data in Relating Corporate Social Responsibility and Financial Performance[J], Akron Business and Economic Review, 1990,21(3) :7-19.
34) Davis, Keith. Can Business Afford to Ignore Social Responsibilities? [J],Californiam Management Review, 1960, 2:70-76.
35) Dodd, (?). Merrick. For Whom Are Corporate Managers Trustees? [J], Harvard Business Review, 1932, 45(7):1145 - 1163.
36) Donaldson Thomas and Preston Lee E. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications [J]. Academy of Management Review, 1995,20(1):65-91.
37) Drucker, Peter F. The New Meaning of Corporate Social Responsibility [J],California Management, 1984, 26(2):53-63.
38) Drucker, Peter. Management: Tasks, Responsibility, Practices [M]. Harper& Row Publishers, 1974.
39) Epstein, M J. and M Freedman. Social Disclosure and the Individual Investor [J]. Accounting, Auditing and Accountability Journal, 1994, 7:94-100.
40) Evan, W. M., and Freeman, R. E. A Stakeholder Theory of the Modern Corporation:Kantian Capitalism [A], In T. Beauchamp and N. Bowie (Eds.), Ethical Theory and Business, Englewood Cliffs, NJ: Prentice Hall, 1988,75-93.
41) Freeman, Robert and Tse, Senyo. An earnings prediction approach to examining intercompany information transfers [J]. Journal of Accounting & Economics,1992, 15 (4): 509-523.
42) Freeman, R. E., and Wasley, D. L. Stockholders and Stakeholders: A New Perspective on Corporate Governance [J]. California Management Review, 1983,25(3): 88-106.
43) Frost, Geoffrey R. The Adoption of Environment-related management accounting:an analysis of corporate environmental sensitivity [J]. Accounting Forum, 2000,24 (4), 344-365.
44) Fama, Eugene F. Efficient Capital Markets: A Review of Theory and Empirical Work[J],Journal of Finance,1970,25:383-417.
45) Farmer,Richard N.,and Hogue,W.Dickerson,Corporate Social Responsibility,Chapter 1-2[M],Lexington Books,1985.
46) Gray,R,R.Kouhy and S.Layers.Corporate Social andEnvironmental Reporting:A Review of the Literature and a Longitudinal Study of UK Disclosure Accounting,Auditing and Accountability Journal,,1995,8(4):7-77.
47) Holmstrom,B.Moral Hazard in Teams[J],Bell Journal of Economics,,1982,13:324-340.
48) Hillman,Amy J.,Keim,Gerald D.and Luce,Rebecca A.Board Composition and Stakeholder Performance:Do Stakeholder Directors Make a Difference?[J].Business & Society,2001,40(3):295-314.
49) Heinze,D.C.Financial Correlates of a Social Involvement Measure[J].Akron Business and Economic Review,1976,7(1):48-51.
50) Ingram,R.W.and K.B.Frazier.Environmental performance and corporate disclosure[J].Journal of Accounting Research,1980,18(2):614-622.
51) Johnson,Homer H.Does it pay to be good? Social responsibility and financial performance[J].Business Horizons,2003,46(6):34-40.
52) Morskowitz,Milton,R.Choosing Socially Responsible Stocks[J],Business and Society Review,1972,1:71-75.
53) Meek,GaryK.,Roberts,Clare B.,and Gray Sidney J.Factors influencing voluntary annual reportdisclosures by US,UK and continental European multinational corporations[J].Journal of InternationaIBusiness Studies,1995,(3):555-572.
54) Oliver Sheldon.企业社会责任,伦敦:1923.[Sheldon,The philosophy of Management.London:Isaac Pitman Sons,1923.]
55) Preston,Lee E.,and Post,James E.Private Management and Public Policy[M]Prentice-Hall,Inc.Chapter 3,1975.
56) Robba,S.W.G.,L.E.Single,and M.T.Zarzeskic.Nonfinancial disclosures across Anglo-American countries[J].Journal of International Accounting,Auditing&Taxation 2001(10),71-83.
57) Roberts,R.W.Determinants of Corporate Social Responsibility Disclosure: An Application of Stakeholder Theory[J].Accounting, Organizations and Society, 1992,17:595-612.
58) Roman, Ronald M., Hayibor, Sefa, and Agle, Bradley R. The Relationship Between Social and Financial Performance: Repainting a Portrait [J], Business and Society, 1999, 38(1):109-123.
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