公司社会责任理财实证研究
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摘要
公司社会责任(Corporate Social Responsibility, CSR)是在人类社会劳动实践的历史演化中形成的,是经济和社会发展到一定历史阶段的必然要求。随着经济发展、社会进步和企业规模的日益扩大,以及企业对社会生活影响的不断深入,企业在经济社会中更好地发挥其作用,履行、承担社会责任,已成为当前社会对企业的普遍期望和迫切要求。近年来,CSR在理论和实践上得到了很大的发展,越来越多的学者和管理者认同：公司从事理财活动时,在赚取利润及维护股东权益以外,应该考虑到更广泛的利益相关者,包括国家、股东、债权人、消费者、供应商、员工、政府和社区等利益相关者群体,并应将公司社会责任的履行纳入公司经营管理重要内容,通过公司治理优化,实现公司收益与回报社会的统一。而深入地分析研究公司社会责任与公司价值之间的关系,是引导公司主动、积极承担和履行社会责任的理论基础。
社会责任理财(Social Responsibility Finance, SRF)是笔者在论文中提出的一个新“概念”,指公司在理财活动中引入社会责任理念,从而赋予公司理财新的内涵,并对理财实践、理财绩效等产生新的影响。由于“社会责任投资”(Social Responsibility Investment, SRI)目前已成为国际上公认的概念,而本文的研究范围涵盖了包括投资、融资及分配等理财各方面,因此比照“社会责任投资”概念,本文尝试以“社会责任理财”作为研究范围,以理财的全视角,对公司履行社会责任与公司价值之间关系进行全面研究。
国内外对CSR的研究较多,但对公司社会责任理财与公司价值的关系的认识并不一致。本文在对国内外社会责任理财相关理论和实践成果进行归纳的基础上,通过搜集国内上市公司大量的经营数据和履行社会责任的信息,运用定量实证分析方法,寻求我国上市公司履行社会责任的行为与公司价值之间的关系。对于公司价值,选取公司投、融资理财效率这一“内部视角”和公司股票市场价格这一“外部视角”进行观察,相应地,通过CSR与公司理财效率关系以及CSR理财行为与市场反应关系这两个专题,对CSR与公司价值进行实证分析。
在两个专题中,通过五个相对独立的子专题,对公司社会责任履行程度与公司融资效率、公司投资效率、政府干预之间的关系,以及公司社会责任并购和分配行为的市场反应进行了研究,结果显示CSR履行情况与公司理财效率及市场反应均显著正相关,即CSR与公司价值正相关。在相关性基础上,本文进一步作了因果关系分析,并以人保财险公司CSR实践为例证,说明了CSR与公司价值的一致性。
本文从理财的综合视角,深化和拓展了CSR与公司价值相互关系的研究,不仅实证了国内上市公司CSR理财对其自身的重要意义,而且在论证过程中得出了一系列具有参考价值的结论,并据此提出了完善国内CSR水平的一系列建议。本文研究的结论,为政府更好地明确企业社会责任、加强和规范相关要求、完善公司社会责任履行评价机制提供理论依据,并促使企业消解自身与各利益关系主体之间的对立关系,从而推动政府、企业、社会之间和谐关系的建设,这也是本文的意义所在。
Corporate Social Responsibility (CSR) is formed in the historical evolution of human social practice, when economic and social development come to a certain stage. With the remarkable development of economic and continuous expansion of enterprise scale, corporations play a increasingly important role in modern economic and social life, and at the same time, be expected to assume more social responsibility. In recent years, CSR theory and practice has been great developed, more and more scholars and managers agree that Corporate Finance as a academic and practice subject, should be connected with a wider range of stakeholders, including state, shareholders, creditors, consumers, suppliers, employees, government and community stakeholder groups etc, instead of only to be a safeguard of shareholders' interests. People also agree that fulfilling corporate social responsibility should be a key part of the operation and management of the companies, through which the corporate governance will be optimized, the corporate earnings will be harmonious with social benefits. And in-depth analysis of the relationship between the corporate social responsibility and the corporate value is the theoretical basis to guide the corporations to the initiative, positive commitment and fulfillment of their social responsibilities.
Social Responsibility Finance (SRF) is a new "concept" put forward in the paper, which gives the company financial management new connotation of Social Responsibility, and generate a new impact on the financial practice and financial performance. Because of Social Responsibility Investment (SRI) has become a internationally recognized concept, and the scope of this paper covers various aspects of financial management including investment, financing and distribution management, so this paper adopts "Social Responsibility Finance" as the research scope, to conduct a comprehensive study on the relationship between corporate social responsibility and corporate value.
There are many studies of CSR at home and abroad, but the awareness of CSR finance and firm value is not consistent. On the foundation of summarizing the domestic and international CSR finance theory and practical, by collecting a large number of operating data and social responsibility information of China's listed companies, and by applying quantitative empirical analysis, the paper aims for seeking the relationship between China's listed companies'fulfillment of social responsibility behavior and the value of the companies. The paper select two perspective to study the value of the company:one is the Finance Efficiency as "internal perspective", and another is the price of the companies on stock market as "outside perspective". Accordingly, the empirical analysis of CSR and corporate value will be done on the relations between the CSR and the efficiency of Corporate Finance, and on the relations between the CSR financial behavior and the reaction of the capital market.
Through two topics (include five relatively independent sub-topics), the paper studies the relation between CSR and corporate financial efficiency, the relation between CSR, government intervention and corporate, and the relation between CSR mergers/acquisitions/distribution and market response. The results show that the performance of the CSR of the list companies is significantly positively related to the corporate financial efficiency and market response. In another words, CSR is significantly positively related to the value of the companies. Furthermore, causality analysis is made to elaborate the correlation of CSR and corporate value, and CSR practices of an insurance company are used as example to illustrate the consistency of CSR and corporate value.
From a comprehensive perspective, The paper tries to deepen and expand the study of the relationship between the CSR and the value of the companies, not only provides the evidence of the important significance of CSR finance for the domestic listed companies, but also, as result of argumentation, obtains a series of valuable conclusions and put forward a series of recommendations to improve the level of domestic CSR. This study provides a theoretical basis for the government to specific and strengthen the CSR and to improve the evaluation mechanism of CSR fulfillment, for the enterprises to balance the interests of itself and of the stakeholders, and for promoting the construction of harmonious relations between the government, enterprises and society. This is just the meaning of this paper.
社会责任理财(Social Responsibility Finance, SRF)是笔者在论文中提出的一个新“概念”,指公司在理财活动中引入社会责任理念,从而赋予公司理财新的内涵,并对理财实践、理财绩效等产生新的影响。由于“社会责任投资”(Social Responsibility Investment, SRI)目前已成为国际上公认的概念,而本文的研究范围涵盖了包括投资、融资及分配等理财各方面,因此比照“社会责任投资”概念,本文尝试以“社会责任理财”作为研究范围,以理财的全视角,对公司履行社会责任与公司价值之间关系进行全面研究。
国内外对CSR的研究较多,但对公司社会责任理财与公司价值的关系的认识并不一致。本文在对国内外社会责任理财相关理论和实践成果进行归纳的基础上,通过搜集国内上市公司大量的经营数据和履行社会责任的信息,运用定量实证分析方法,寻求我国上市公司履行社会责任的行为与公司价值之间的关系。对于公司价值,选取公司投、融资理财效率这一“内部视角”和公司股票市场价格这一“外部视角”进行观察,相应地,通过CSR与公司理财效率关系以及CSR理财行为与市场反应关系这两个专题,对CSR与公司价值进行实证分析。
在两个专题中,通过五个相对独立的子专题,对公司社会责任履行程度与公司融资效率、公司投资效率、政府干预之间的关系,以及公司社会责任并购和分配行为的市场反应进行了研究,结果显示CSR履行情况与公司理财效率及市场反应均显著正相关,即CSR与公司价值正相关。在相关性基础上,本文进一步作了因果关系分析,并以人保财险公司CSR实践为例证,说明了CSR与公司价值的一致性。
本文从理财的综合视角,深化和拓展了CSR与公司价值相互关系的研究,不仅实证了国内上市公司CSR理财对其自身的重要意义,而且在论证过程中得出了一系列具有参考价值的结论,并据此提出了完善国内CSR水平的一系列建议。本文研究的结论,为政府更好地明确企业社会责任、加强和规范相关要求、完善公司社会责任履行评价机制提供理论依据,并促使企业消解自身与各利益关系主体之间的对立关系,从而推动政府、企业、社会之间和谐关系的建设,这也是本文的意义所在。
Corporate Social Responsibility (CSR) is formed in the historical evolution of human social practice, when economic and social development come to a certain stage. With the remarkable development of economic and continuous expansion of enterprise scale, corporations play a increasingly important role in modern economic and social life, and at the same time, be expected to assume more social responsibility. In recent years, CSR theory and practice has been great developed, more and more scholars and managers agree that Corporate Finance as a academic and practice subject, should be connected with a wider range of stakeholders, including state, shareholders, creditors, consumers, suppliers, employees, government and community stakeholder groups etc, instead of only to be a safeguard of shareholders' interests. People also agree that fulfilling corporate social responsibility should be a key part of the operation and management of the companies, through which the corporate governance will be optimized, the corporate earnings will be harmonious with social benefits. And in-depth analysis of the relationship between the corporate social responsibility and the corporate value is the theoretical basis to guide the corporations to the initiative, positive commitment and fulfillment of their social responsibilities.
Social Responsibility Finance (SRF) is a new "concept" put forward in the paper, which gives the company financial management new connotation of Social Responsibility, and generate a new impact on the financial practice and financial performance. Because of Social Responsibility Investment (SRI) has become a internationally recognized concept, and the scope of this paper covers various aspects of financial management including investment, financing and distribution management, so this paper adopts "Social Responsibility Finance" as the research scope, to conduct a comprehensive study on the relationship between corporate social responsibility and corporate value.
There are many studies of CSR at home and abroad, but the awareness of CSR finance and firm value is not consistent. On the foundation of summarizing the domestic and international CSR finance theory and practical, by collecting a large number of operating data and social responsibility information of China's listed companies, and by applying quantitative empirical analysis, the paper aims for seeking the relationship between China's listed companies'fulfillment of social responsibility behavior and the value of the companies. The paper select two perspective to study the value of the company:one is the Finance Efficiency as "internal perspective", and another is the price of the companies on stock market as "outside perspective". Accordingly, the empirical analysis of CSR and corporate value will be done on the relations between the CSR and the efficiency of Corporate Finance, and on the relations between the CSR financial behavior and the reaction of the capital market.
Through two topics (include five relatively independent sub-topics), the paper studies the relation between CSR and corporate financial efficiency, the relation between CSR, government intervention and corporate, and the relation between CSR mergers/acquisitions/distribution and market response. The results show that the performance of the CSR of the list companies is significantly positively related to the corporate financial efficiency and market response. In another words, CSR is significantly positively related to the value of the companies. Furthermore, causality analysis is made to elaborate the correlation of CSR and corporate value, and CSR practices of an insurance company are used as example to illustrate the consistency of CSR and corporate value.
From a comprehensive perspective, The paper tries to deepen and expand the study of the relationship between the CSR and the value of the companies, not only provides the evidence of the important significance of CSR finance for the domestic listed companies, but also, as result of argumentation, obtains a series of valuable conclusions and put forward a series of recommendations to improve the level of domestic CSR. This study provides a theoretical basis for the government to specific and strengthen the CSR and to improve the evaluation mechanism of CSR fulfillment, for the enterprises to balance the interests of itself and of the stakeholders, and for promoting the construction of harmonious relations between the government, enterprises and society. This is just the meaning of this paper.
引文
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