利益冲突视角下金融化对企业社会责任信息披露的影响研究
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摘要
本文选择2008-2016年中国非金融类上市公司作为研究样本,将企业社会责任信息披露分为股东、债权人、职工和消费者四个方面,探索了企业金融化对社会责任信息披露的影响。研究发现,无论是全样本还是国有企业和非国有企业分组样本,企业金融化并不能显著影响对股东权益信息披露。对于不同分组样本,金融化显著降低了企业债权人权益社会责任信息披露程度。金融化降低了全样本和非国有企业样本对职工权益保护的信息披露,但对国有企业职工权益保护信息披露不能造成显著影响。全样本组和国有企业组中金融化与消费者权益保护社会责任信息披露显著负相关,非国有企业组中相关关系不显著。
By using the financial data of Chinese non-finance listed companies, with data coverage from 2010 to 2016, this article studies the relationship between firm financialization and social responsibility disclosure which consists of shareholder, creditor, staff and consumer protection reports. Empirical results are as follows: in every sample groups, financialization cannot have a significantly influence on shareholders protection report, but can have a marked impact on creditor protection report. Financialization decrease staff protection report in all sample and non-state owned enterprises group, but not significant in state owned enterprises group. The abnormal negative correlation between financialization and consumer protection report in all sample and state owned enterprises group, but not significant in non-state owned enterprises group.
By using the financial data of Chinese non-finance listed companies, with data coverage from 2010 to 2016, this article studies the relationship between firm financialization and social responsibility disclosure which consists of shareholder, creditor, staff and consumer protection reports. Empirical results are as follows: in every sample groups, financialization cannot have a significantly influence on shareholders protection report, but can have a marked impact on creditor protection report. Financialization decrease staff protection report in all sample and non-state owned enterprises group, but not significant in state owned enterprises group. The abnormal negative correlation between financialization and consumer protection report in all sample and state owned enterprises group, but not significant in non-state owned enterprises group.
引文
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[19]Shaukat A,Qiu Y,Trojanowski G.Board attributes,corporate social responsibility strategy,and corporate environ￣mental and social performance [J].Journal of Business Ethics,2016,135(3):569-585.
[20]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(11):49-64.
[21]李增福,汤旭东,连玉君.中国民营企业社会责任背离之谜[J].管理世界,2016(9):136-148.
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[24]Dhaliwal D S,Li O Z,Tsang A,Yang YG.Voluntary nonfinancial disclosure and the cost ofequity capital:The initiation of corporate social responsibility reporting [J].The accounting review,2011,86(1):59-100.
[25]Goss A,Roberts G S.The impact of corporate social responsibility on the cost of bank loans [J].Journal of Banking & Finance,2011,35(7):1794-1810.
[2]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.
[3]贾兴平,刘益,廖勇海.利益相关者压力、企业社会责任与企业价值[J].管理学报,2016,13(2):267-274.
[4]宋献中,胡珺,李四海.社会责任信息披露与股价崩盘风险——基于信息效应与声誉保险效应的路径分析[J].金融研究,2017(4):161-175.
[5]钟马,徐光华.社会责任信息披露、财务信息质量与投资效率——基于“强制披露时代”中国上市公司的证据[J].管理评论,2017,29(2):234-244.
[6]宋军,陆旸.非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据[J].金融研究,2015(6):111-127.
[7]许罡,朱卫东.金融化方式,市场竞争与研发投资挤占——来自非金融上市公司的经验证据[J].科学学研究,2017,35(5):709-719.
[8]陈承,周中林.企业社会责任对竞争优势持续性的影响研究[J].中国科技论坛,2014(5):68-73.
[9]王清刚,徐欣宇.企业社会责任的价值创造机理及实证检验——基于利益相关者理论和生命周期理论[J].中国软科学,2016(2):179-192.
[10]Penman S H,Penman S H.Financial statement analysis and security valuation[M].New York:McGraw-Hill,2007.
[11]王红建,曹瑜强,杨庆,等.实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J].南开管理评论,2017,20(1):155-166.
[12]杜兴强,赖少娟,裴红梅.女性高管总能抑制盈余管理吗?——基于中国资本市场的经验证据[J].会计研究,2017(1):39-45.
[13]芦笛.税收-会计差异与企业盈余管理行为的研究[J].科研管理,2017,38(5):98-106.
[14]Ghoul S E,Guedhami O,Wang H,Kwok CCY.Family Control and Corporate Social Responsibility [J].Journal of Banking & Finance,2016,73:131-146.
[15]Wang Z,Sarkis J.Corporate social responsibility governance,outcomes,and financial performance [J].Journal of Cleaner Production,2017,162:1607-1616.
[16]张慕濒,孙亚琼.金融资源配置效率与经济金融化的成因——基于中国上市公司的经验分析[J].经济学家,2014(4):81-90.
[17]谢家智,王文涛,江源.制造业金融化、政府控制与技术创新[J].经济学动态,2014(11):78-88.
[18]Mihalache O R,Jansen J J P,Van den Bosch F A J,et al.Top management team shared leadership and organizational ambidexterity:A moderated mediation framework [J].Strategic Entrepreneurship Journal,2014,8(2):128-148.
[19]Shaukat A,Qiu Y,Trojanowski G.Board attributes,corporate social responsibility strategy,and corporate environ￣mental and social performance [J].Journal of Business Ethics,2016,135(3):569-585.
[20]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(11):49-64.
[21]李增福,汤旭东,连玉君.中国民营企业社会责任背离之谜[J].管理世界,2016(9):136-148.
[22]Demir F.Financial liberalization,private investment and portfolio choice:Financialization of real sectors in emerging markets [J].Journal of Development Economics,2009,88(2):314-324.
[23]Crotty J.The neoliberal paradox:The impact of destructive product market competition and ‘modern’financial markets on nonfinancial corporation performance in the neoliberal era [J].Financialization and the world economy,2005:77-110.
[24]Dhaliwal D S,Li O Z,Tsang A,Yang YG.Voluntary nonfinancial disclosure and the cost ofequity capital:The initiation of corporate social responsibility reporting [J].The accounting review,2011,86(1):59-100.
[25]Goss A,Roberts G S.The impact of corporate social responsibility on the cost of bank loans [J].Journal of Banking & Finance,2011,35(7):1794-1810.