企业社会责任能提高业绩预告质量吗?
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摘要
本文以2011～2015年沪深A股上市公司为样本,对企业社会责任与业绩预告质量的关系进行了研究。结果显示,企业社会责任与业绩预告质量具有显著的正相关关系,即如果管理层致力于通过履行社会责任提高企业声誉,保护各利益相关者的利益,那么他们也倾向于披露高质量的业绩预告,建立透明披露的良好声誉。同时,在非国有企业、自愿性披露社会责任报告与业绩预告的企业以及发布好消息业绩预告的企业中,两者的正相关关系均更显著。进一步分析发现,在财务信息质量较高的企业中,企业社会责任与业绩预告质量的正相关关系更显著;但在不同分析师跟进水平下,企业社会责任对业绩预告质量的影响并无显著差异。
In this paper, we use sample of listed firms from 2011 to 2015 to analyze the relationship between the corporate social responsibility and the quality of management earnings forecasts. We find that there is a significant positive correlation between corporate social responsibility and the quality of management earnings forecasts. If managers engage in CSR activities to enhance corporate reputation and protect stakeholders' interests, they are also likely to issue high quality management earnings forecasts, to develop a reputation for transparent.Meanwhile, in the non-state-owned enterprises, the enterprises of voluntary disclosure of CSR and management earnings forecasts and the enterprises of management earnings forecasts with good news, there is a more significant positive correlation between corporate social responsibility and the quality of management earnings forecasts. Further analysis reveals that compared to the enterprises with low financial information quality, there is a more significant positive correlation between corporate social responsibility and the quality of management earnings forecasts in the enterprises with high financial information quality. However, the impact of corporate social responsibility on management earnings forecasts does not differ under different level of analyst tracking.
In this paper, we use sample of listed firms from 2011 to 2015 to analyze the relationship between the corporate social responsibility and the quality of management earnings forecasts. We find that there is a significant positive correlation between corporate social responsibility and the quality of management earnings forecasts. If managers engage in CSR activities to enhance corporate reputation and protect stakeholders' interests, they are also likely to issue high quality management earnings forecasts, to develop a reputation for transparent.Meanwhile, in the non-state-owned enterprises, the enterprises of voluntary disclosure of CSR and management earnings forecasts and the enterprises of management earnings forecasts with good news, there is a more significant positive correlation between corporate social responsibility and the quality of management earnings forecasts. Further analysis reveals that compared to the enterprises with low financial information quality, there is a more significant positive correlation between corporate social responsibility and the quality of management earnings forecasts in the enterprises with high financial information quality. However, the impact of corporate social responsibility on management earnings forecasts does not differ under different level of analyst tracking.
引文
[1]蔡宁.信息优势、择时行为与大股东内幕交易[J].金融研究,2012,(5):179-192.
[2]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.
[3]冯旭南.中国投资者具有信息获取能力吗?--来自“业绩预告”效应的证据[J].经济学(季刊),2014,(3):1065-1090.
[4]高敬忠,韩传模,王英允.控股股东行为与管理层业绩预告披露策略--以我国A股上市公司为例[J].审计与经济研究,2013,(4):75-83.
[5]韩传模,杨世鉴.自愿披露能提高上市公司信息披露质量吗--基于我国上市公司业绩预告的分析[J].山西财经大学学报,2012,(7):67-74.
[6]何贤杰,肖土盛,陈信元.企业社会责任信息披露与公司融资约束[J].财经研究,2012,(8):60-71+83.
[7]吉利,何熙琼,毛洪涛.“机会主义”还是“道德行为”?--履行社会责任公司的盈余管理行为研究[J].会计与经济研究,2014,28(5):10-25.
[8]吉利,张正勇,毛洪涛.企业社会责任信息质量特征体系构建--基于对信息使用者的问卷调查[J].会计研究,2013,(1):50-56+96.
[9]贾兴平,刘益.外部环境、内部资源与企业社会责任[J].南开管理评论,2014,17(6):13-18+52.
[10]李彬,谷慧敏,高伟.制度压力如何影响企业社会责任:基于旅游企业的实证研究[J].南开管理评论,2011,(6):67-75.
[11]李欢,罗婷.管理层业绩预测的机会主义行为--来自高管股票交易的证据[J].南开管理评论,2016,(4):63-74.
[12]李新娥,彭华岗.企业社会责任信息披露与企业声誉关系的实证研究[J].经济体制改革,2010,(3):74-76.
[13]李馨子,罗婷.业绩预测历史准确度的声誉效应[J].金融研究,2014,(1):152-166.
[14]刘柏,卢家锐.“好公民”还是“好演员”:企业社会责任行为异象研究--基于企业业绩预告视角[J].财经研究,2018,44(5):97-108.
[15]鲁桂华,张静,刘保良.中国上市公司自愿性积极业绩预告:利公还是利私--基于大股东减持的经验证据[J].南开管理评论,2017,(2):133-143.
[16]罗玫,宋云玲.中国股市的业绩预告可信吗?[J].金融研究,2012,(9):168-180.
[17]孟晓俊,肖作平,曲佳莉.企业社会责任信息披露与资本成本的互动关系--基于信息不对称视角的一个分析框架[J].会计研究,2010,(9):25-29+96.
[18]牛建波,吴超,李胜楠.机构投资者类型、股权特征和自愿性信息披露[J].管理评论,2013,(3):48-59.
[19]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.
[20]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?--基于企业声誉理论的分析[J].审计研究,2011,(4):87-93.
[21]宋云玲,李志文,纪新伟.从业绩预告违规看中国证券监管的处罚效果[J].金融研究,2011,(6):136-149.
[22]王士红.所有权性质、高管背景特征与企业社会责任披露--基于中国上市公司的数据[J].会计研究,2016,(11):53-60+96.
[23]尹开国,刘小芹,陈华东.基于内生性的企业社会责任与财务绩效关系研究--来自中国上市公司的经验证据[J].中国软科学,2014,(6):98-108.
[24]袁振超,岳衡,谈文峰.代理成本、所有权性质与业绩预告精确度[J].南开管理评论,2014,(3):49-61.
[25]张然,张鹏.中国上市公司自愿业绩预告动机研究[J].中国会计评论,2011,(1):3-20.
[26]张娆,薛翰玉,赵健宏.管理层自利、外部监督与盈利预测偏差[J].会计研究,2017,(1):32-38+95.
[27]张馨艺,张海燕,夏冬林.高管持股、择时披露与市场反应[J].会计研究,2012,(6):54-60+93.
[28]张兆国,靳小翠,李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究,2013,(8):32-39+96.
[29]张正勇,吉利,毛洪涛.公司社会责任信息披露与经济动机研究--来自中国上市公司社会责任报告的经验证据[J].证券市场导报,2012,(7):16-23.
[30]郑建明,黄晓蓓,张新民.管理层业绩预告违规与分析师监管[J].会计研究,2015,(3):50-56+95.
[31]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+92.
[32]Ajinkya,B.,Bhojraj,S.,Sengupta,P.The Association between Outside Directors,Institutional Investors and the Properties of Management Earnings Forecasts[J].CFADigest,2005,35(4):15-17.
[33]Bamber,L.S.,Jiang,J.X.,Wang,I.Y.What’s My Style?The Influence of Top Managers on Voluntary Corporate Financial Disclosure[J].e Accounting Review,2010,85(4):1131-1162.
[34]Beyer,A.,Cohen,D.A.,Lys,T.Z.,Walther,B.R.The Financial Reporting Environment:Review of the Recent Literature[J].Journal of Accounting and Economics,2010,50(2-3):296-343.
[35]Bhushan,R.Firm Characteristics and Analyst Following[J].Journal of Accounting and Economics,1989,11(2-3):255-274.
[36]Cho,S.Y.,Lee,C.,Pfeiffer Jr,R.J.Corporate Social Responsibility Performance and Information Asymmetry[J].Journal of Accounting and Public Policy,2013,32(1):71-83.
[37]Clarkson,P.M.,Fang,X.,Li,Y.,Richardson,G.The Relevance of Environmental Disclosures:Are Such Disclosures Incrementally Informative?[J].Journal of Accounting and Public Policy,2013,32(5):410-431.
[38]Dechow,P.M.,Sloan,R.G.,Sweeney,A.P.Detecting Earnings Management[J].e Accounting Review,1995,70(2):193-225.
[39]Dhaliwal,D.S.,Radhakrishnan,S.,Tsang,A.,Yang,Y.G.Nonfinancial Disclosure and Analyst Forecast Accuracy:International Evidence on Corporate Social Responsibility Disclosure[J].Accounting Review,2012,87(3):723-759.
[40]Flammer,C.Does Corporate Social Responsibility Lead to Superior Financial Performance?A Regression Discontinuity Approach[J].Management Science,2015,61(11):2549-2568.
[41]Freeman,R.E.,Evan,W.M.Corporate Governance:AStakeholder Interpretation[J].Journal of Behavioral Economics,1990,19(4):337-359.
[42]Goss,A.,Roberts,G.S.The Impact of Corporate Social Responsibility on the Cost of Bank Loans[J].Journal of Banking and Finance,2011,35(7):1794-1810.
[43]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 and Economics,2001,31(1):405-440.
[44]Jones,T.M.Instrumental Stakeholder eory:A Synthesis of Ethics and Economics[J].e Academy of Management Review,1995,20(2):404-437.
[45]Kim,Y.,Li,H.,Li,S.Corporate Social Responsibility and Stock Price Crash Risk[J].Journal of Banking&Finance,2014,43:1-13.
[46]Kim,Y.,Park,M.S.,Wier,B.Is Earnings Quality Associated with Corporate Social Responsibility?[J].The Accounting Review,2012,87(3):761-796.
[47]Mercer,M.How Do Investors Assess the Credibility of Management Disclosures?[J].Accounting Horizons,2004,18(3):185-196.
[48]Peloza,J.,Bertels,S.Running Just to Stand Still?Managing CSR Reputation in an Era of Ratcheting Expectations[J].Corporate Reputation Review,2008,11(1):56-72.
[49]Roberts,R.W.Determinants of Corporate Social Responsibility Disclosure:An Application of Stakeholder eory[J].Accounting,Organizations and Society,1992,17(6):595-612.
[50]Rogers,J.L.Disclosure Quality and Management Trading Incentives[J].Journal of Accounting Research,2008,46(5):1265-1296.
[51]Ruland,W.,Tung,S.,George,N.E.Factors Associated with the Disclosure of Managers’Forecasts[J].e Accounting Review,1990,65(3):710-721.
[52]Verrecchia,R.Essays on Disclosure[J].Journal of Accounting&Economics,2001,32(1-3):97-180.
(1)本文根据环保部公布的《上市公司环境信息披露指南》(2010年9月14日)和证监会公布的《上市公司行业分类指引》(2012年修订)定义重污染行业。
[2]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.
[3]冯旭南.中国投资者具有信息获取能力吗?--来自“业绩预告”效应的证据[J].经济学(季刊),2014,(3):1065-1090.
[4]高敬忠,韩传模,王英允.控股股东行为与管理层业绩预告披露策略--以我国A股上市公司为例[J].审计与经济研究,2013,(4):75-83.
[5]韩传模,杨世鉴.自愿披露能提高上市公司信息披露质量吗--基于我国上市公司业绩预告的分析[J].山西财经大学学报,2012,(7):67-74.
[6]何贤杰,肖土盛,陈信元.企业社会责任信息披露与公司融资约束[J].财经研究,2012,(8):60-71+83.
[7]吉利,何熙琼,毛洪涛.“机会主义”还是“道德行为”?--履行社会责任公司的盈余管理行为研究[J].会计与经济研究,2014,28(5):10-25.
[8]吉利,张正勇,毛洪涛.企业社会责任信息质量特征体系构建--基于对信息使用者的问卷调查[J].会计研究,2013,(1):50-56+96.
[9]贾兴平,刘益.外部环境、内部资源与企业社会责任[J].南开管理评论,2014,17(6):13-18+52.
[10]李彬,谷慧敏,高伟.制度压力如何影响企业社会责任:基于旅游企业的实证研究[J].南开管理评论,2011,(6):67-75.
[11]李欢,罗婷.管理层业绩预测的机会主义行为--来自高管股票交易的证据[J].南开管理评论,2016,(4):63-74.
[12]李新娥,彭华岗.企业社会责任信息披露与企业声誉关系的实证研究[J].经济体制改革,2010,(3):74-76.
[13]李馨子,罗婷.业绩预测历史准确度的声誉效应[J].金融研究,2014,(1):152-166.
[14]刘柏,卢家锐.“好公民”还是“好演员”:企业社会责任行为异象研究--基于企业业绩预告视角[J].财经研究,2018,44(5):97-108.
[15]鲁桂华,张静,刘保良.中国上市公司自愿性积极业绩预告:利公还是利私--基于大股东减持的经验证据[J].南开管理评论,2017,(2):133-143.
[16]罗玫,宋云玲.中国股市的业绩预告可信吗?[J].金融研究,2012,(9):168-180.
[17]孟晓俊,肖作平,曲佳莉.企业社会责任信息披露与资本成本的互动关系--基于信息不对称视角的一个分析框架[J].会计研究,2010,(9):25-29+96.
[18]牛建波,吴超,李胜楠.机构投资者类型、股权特征和自愿性信息披露[J].管理评论,2013,(3):48-59.
[19]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.
[20]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?--基于企业声誉理论的分析[J].审计研究,2011,(4):87-93.
[21]宋云玲,李志文,纪新伟.从业绩预告违规看中国证券监管的处罚效果[J].金融研究,2011,(6):136-149.
[22]王士红.所有权性质、高管背景特征与企业社会责任披露--基于中国上市公司的数据[J].会计研究,2016,(11):53-60+96.
[23]尹开国,刘小芹,陈华东.基于内生性的企业社会责任与财务绩效关系研究--来自中国上市公司的经验证据[J].中国软科学,2014,(6):98-108.
[24]袁振超,岳衡,谈文峰.代理成本、所有权性质与业绩预告精确度[J].南开管理评论,2014,(3):49-61.
[25]张然,张鹏.中国上市公司自愿业绩预告动机研究[J].中国会计评论,2011,(1):3-20.
[26]张娆,薛翰玉,赵健宏.管理层自利、外部监督与盈利预测偏差[J].会计研究,2017,(1):32-38+95.
[27]张馨艺,张海燕,夏冬林.高管持股、择时披露与市场反应[J].会计研究,2012,(6):54-60+93.
[28]张兆国,靳小翠,李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究,2013,(8):32-39+96.
[29]张正勇,吉利,毛洪涛.公司社会责任信息披露与经济动机研究--来自中国上市公司社会责任报告的经验证据[J].证券市场导报,2012,(7):16-23.
[30]郑建明,黄晓蓓,张新民.管理层业绩预告违规与分析师监管[J].会计研究,2015,(3):50-56+95.
[31]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+92.
[32]Ajinkya,B.,Bhojraj,S.,Sengupta,P.The Association between Outside Directors,Institutional Investors and the Properties of Management Earnings Forecasts[J].CFADigest,2005,35(4):15-17.
[33]Bamber,L.S.,Jiang,J.X.,Wang,I.Y.What’s My Style?The Influence of Top Managers on Voluntary Corporate Financial Disclosure[J].e Accounting Review,2010,85(4):1131-1162.
[34]Beyer,A.,Cohen,D.A.,Lys,T.Z.,Walther,B.R.The Financial Reporting Environment:Review of the Recent Literature[J].Journal of Accounting and Economics,2010,50(2-3):296-343.
[35]Bhushan,R.Firm Characteristics and Analyst Following[J].Journal of Accounting and Economics,1989,11(2-3):255-274.
[36]Cho,S.Y.,Lee,C.,Pfeiffer Jr,R.J.Corporate Social Responsibility Performance and Information Asymmetry[J].Journal of Accounting and Public Policy,2013,32(1):71-83.
[37]Clarkson,P.M.,Fang,X.,Li,Y.,Richardson,G.The Relevance of Environmental Disclosures:Are Such Disclosures Incrementally Informative?[J].Journal of Accounting and Public Policy,2013,32(5):410-431.
[38]Dechow,P.M.,Sloan,R.G.,Sweeney,A.P.Detecting Earnings Management[J].e Accounting Review,1995,70(2):193-225.
[39]Dhaliwal,D.S.,Radhakrishnan,S.,Tsang,A.,Yang,Y.G.Nonfinancial Disclosure and Analyst Forecast Accuracy:International Evidence on Corporate Social Responsibility Disclosure[J].Accounting Review,2012,87(3):723-759.
[40]Flammer,C.Does Corporate Social Responsibility Lead to Superior Financial Performance?A Regression Discontinuity Approach[J].Management Science,2015,61(11):2549-2568.
[41]Freeman,R.E.,Evan,W.M.Corporate Governance:AStakeholder Interpretation[J].Journal of Behavioral Economics,1990,19(4):337-359.
[42]Goss,A.,Roberts,G.S.The Impact of Corporate Social Responsibility on the Cost of Bank Loans[J].Journal of Banking and Finance,2011,35(7):1794-1810.
[43]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 and Economics,2001,31(1):405-440.
[44]Jones,T.M.Instrumental Stakeholder eory:A Synthesis of Ethics and Economics[J].e Academy of Management Review,1995,20(2):404-437.
[45]Kim,Y.,Li,H.,Li,S.Corporate Social Responsibility and Stock Price Crash Risk[J].Journal of Banking&Finance,2014,43:1-13.
[46]Kim,Y.,Park,M.S.,Wier,B.Is Earnings Quality Associated with Corporate Social Responsibility?[J].The Accounting Review,2012,87(3):761-796.
[47]Mercer,M.How Do Investors Assess the Credibility of Management Disclosures?[J].Accounting Horizons,2004,18(3):185-196.
[48]Peloza,J.,Bertels,S.Running Just to Stand Still?Managing CSR Reputation in an Era of Ratcheting Expectations[J].Corporate Reputation Review,2008,11(1):56-72.
[49]Roberts,R.W.Determinants of Corporate Social Responsibility Disclosure:An Application of Stakeholder eory[J].Accounting,Organizations and Society,1992,17(6):595-612.
[50]Rogers,J.L.Disclosure Quality and Management Trading Incentives[J].Journal of Accounting Research,2008,46(5):1265-1296.
[51]Ruland,W.,Tung,S.,George,N.E.Factors Associated with the Disclosure of Managers’Forecasts[J].e Accounting Review,1990,65(3):710-721.
[52]Verrecchia,R.Essays on Disclosure[J].Journal of Accounting&Economics,2001,32(1-3):97-180.
(1)本文根据环保部公布的《上市公司环境信息披露指南》(2010年9月14日)和证监会公布的《上市公司行业分类指引》(2012年修订)定义重污染行业。