强制性社会责任披露对公司盈利能力的影响研究
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摘要
2008年12月沪深证券交易所先后发布要求上市公司披露社会责任政策,强制公开社会责任活动情况,这一外生变量虽然并没有要求公司真正付出代价,但是分析发现受强制披露要求的公司中,企业社会责任表现越好,其盈利能力水平下降越多。相比民营企业,国有企业的社会责任表现与盈利能力的负向关系更显著;在法制环境好的地区,强制性社会责任披露产生的负向影响更明显。从而说明社会责任的披露对以盈利为目的的公司而言有着利益损害,并且在代理问题较为严重的国有企业中更明显,而在有更多"人情世故"的法制治理环境较差地区反而不那么显著。
This paper makes use of the policy of mandatory disclosure of CSR activities issued by China in 2008 to study how mandatory disclosure of CSR affects corporate performance. Although mandatory disclosure does not require companies to pay a real price, the analysis found that the better CSR performance of companies subject to mandatory disclosure, the more their profitability declines. Compared with private enterprises, the negative relationship between social responsibility performance and profitability of state-owned enterprises is more significant. In areas with good legal environment, the negative influence of compulsory social responsibility disclosure is more significant. These findings indicate that mandatory CSR disclosure will change the company's behavior, and the cost of shareholders' interests will be different in enterprises with different property rights and information environments.
This paper makes use of the policy of mandatory disclosure of CSR activities issued by China in 2008 to study how mandatory disclosure of CSR affects corporate performance. Although mandatory disclosure does not require companies to pay a real price, the analysis found that the better CSR performance of companies subject to mandatory disclosure, the more their profitability declines. Compared with private enterprises, the negative relationship between social responsibility performance and profitability of state-owned enterprises is more significant. In areas with good legal environment, the negative influence of compulsory social responsibility disclosure is more significant. These findings indicate that mandatory CSR disclosure will change the company's behavior, and the cost of shareholders' interests will be different in enterprises with different property rights and information environments.
引文
[1]祝继高,辛宇,仇文研.企业捐赠中的锚定效应研究[J].管理世界,2017(7):129-141.
[2]Chen,Y.C.,Hung,M.Y.,Wang,Y.X.The effect of mandatory CSR disclosure on firm profitability and social externalities:Evidence from China[J].Journal of Accounting and Economics,2018(65):169-190.
[3]Fisman,R.,Wang,Y.The mortality cost of political connections[J].Review of Economic Studies,2015(82):1346–1382.
[4]李增幅,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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[6]范子英,田彬彬.税收竞争、税收执法与企业避税[J].经济研究,2013(9):171-185.
[7]Dhaliwal,D.Voluntary nonfinancial disclosure and the cost of equity capital:the initiation of corporate social responsibility reporting [J].Accounting Review,2011(86):59-100.
[8]Calomiris,C.,Fisman,R.,Wang,Y.Profiting from government stakes in a command economy:Evidence from Chinese asset sales[J].Financial Economics,2010(8):399-412.
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[11]李四海,陆琪睿,宋献中.亏损企业慷慨捐赠的背后[J].中国工业经济,2012( 8):164-178.
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[15]Lin,L.W.Corporate social responsibility in China:window dressing or structural change[J].Berkeley Journal of International Law ,2010 (28):64–100.
[16]Edmans,A.The link between job satisfaction and firm value,with implications for corporate social responsibility[J].Academic Management Perspective,2012(26):1–19.
[17]孙刚,税务稽查、公司避税与债务融资成本[J].山西财经大学学报,2013(3):78-88.
[18]曹亚勇,刘记含,王建琼.企业社会责任与融资效率[J].软科学,2013(9):51-54.
[19]叶康涛,刘行.公司避税活动与内部代理成本[J].金融研究,2014(9):158-176.
[20]罗党论,杨玉萍.产权、政治关系与企业税负[J].世界经济交通,2013(8):1-18.
[21]刘岚,王倩.企业社会责任、政治关联与非效率投资[J].中国管理科学,2016(11):398-404.
[22]吕伟,张纯,周乐燕.企业社会责任、风险管理策略与避税行为[J].上海大学学报,2015(9):97-107.
[23]戴亦一,潘越,冯舒.中国企业的慈善捐赠是一种“政治献金”吗?——来自市委书记更替的证据[J].经济研究,2014(2):48-62.
[24]潘越,翁若宇,刘思义.私心的善意:基于台风中企业捐赠行为的新证据[J].中国工业经济,2017(5):133-151.
[25]李姝,谢晓焉.民营企业的社会责任、政治关联与债务融资[J].南开管理评论,2014(6):30-40.
[2]Chen,Y.C.,Hung,M.Y.,Wang,Y.X.The effect of mandatory CSR disclosure on firm profitability and social externalities:Evidence from China[J].Journal of Accounting and Economics,2018(65):169-190.
[3]Fisman,R.,Wang,Y.The mortality cost of political connections[J].Review of Economic Studies,2015(82):1346–1382.
[4]李增幅,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.
[5]周黎安,陶婧.政府规模、市场化与地区腐败问题[J].经济研究,2009(1):59-72.
[6]范子英,田彬彬.税收竞争、税收执法与企业避税[J].经济研究,2013(9):171-185.
[7]Dhaliwal,D.Voluntary nonfinancial disclosure and the cost of equity capital:the initiation of corporate social responsibility reporting [J].Accounting Review,2011(86):59-100.
[8]Calomiris,C.,Fisman,R.,Wang,Y.Profiting from government stakes in a command economy:Evidence from Chinese asset sales[J].Financial Economics,2010(8):399-412.
[9]陈旭东,王雪.税收规避提高了公司价值吗?——基于中国上市公司的实证研究[C].中国会计学会.学术年会论文集.2011.
[10]赵良玉,阮心怡,刘芬芬.社会责任信息披露对企业融资成本的影响[J].贵州财经大学学报,2017(6):40-52.
[11]李四海,陆琪睿,宋献中.亏损企业慷慨捐赠的背后[J].中国工业经济,2012( 8):164-178.
[12]Fan,J.P.H.,Wong,T.J.,Zhang,T.Institution and organization structure:The case of State-owned corporate pyramids[J].Journal of Law,Economics,and Organization,2013(6):196-212.
[13]童锦治,黄克珑,林迪珊.企业避税、融资成本与资金配置效率[J].中南财经政法大学学报,2015(6):74-81.
[14]高初建.政府应逐渐淡化劝募者角色[N].中华公司时报,2007-9- 6(04).
[15]Lin,L.W.Corporate social responsibility in China:window dressing or structural change[J].Berkeley Journal of International Law ,2010 (28):64–100.
[16]Edmans,A.The link between job satisfaction and firm value,with implications for corporate social responsibility[J].Academic Management Perspective,2012(26):1–19.
[17]孙刚,税务稽查、公司避税与债务融资成本[J].山西财经大学学报,2013(3):78-88.
[18]曹亚勇,刘记含,王建琼.企业社会责任与融资效率[J].软科学,2013(9):51-54.
[19]叶康涛,刘行.公司避税活动与内部代理成本[J].金融研究,2014(9):158-176.
[20]罗党论,杨玉萍.产权、政治关系与企业税负[J].世界经济交通,2013(8):1-18.
[21]刘岚,王倩.企业社会责任、政治关联与非效率投资[J].中国管理科学,2016(11):398-404.
[22]吕伟,张纯,周乐燕.企业社会责任、风险管理策略与避税行为[J].上海大学学报,2015(9):97-107.
[23]戴亦一,潘越,冯舒.中国企业的慈善捐赠是一种“政治献金”吗?——来自市委书记更替的证据[J].经济研究,2014(2):48-62.
[24]潘越,翁若宇,刘思义.私心的善意:基于台风中企业捐赠行为的新证据[J].中国工业经济,2017(5):133-151.
[25]李姝,谢晓焉.民营企业的社会责任、政治关联与债务融资[J].南开管理评论,2014(6):30-40.