企业社会责任信息披露与股价同步性:“价值创造”还是“自利工具”?

Corporate Social Responsibility Information Disclosure and Synchronization of Stock Prices:“Value Creation”or “Self-interest Tool”?

企业披露社会责任信息究竟是出于股东的"价值创造"动机,还是出于管理层的"自利工具"动机,一直是企业社会责任研究中富有争议的话题。以2009~2017年中国A股上市公司为样本,本文考察了企业社会责任信息披露对股价同步性的影响以及传导路径。研究发现,企业披露社会责任信息与股价同步性呈正相关关系,而且信息透明度在企业社会责任信息披露对股价同步性的影响中发挥中介作用。这表明企业社会责任信息披露并没有使企业股票被合理定价,反而干扰了投资者的判断,导致股价同步性提高,支持了企业披露社会责任信息的"自利工具"动机。进一步基于产权性质进行异质性分析发现,相较于国有企业,非国有企业的社会责任信息披露对股价同步性的提升作用更加突出。

Whether the disclosure of corporate social responsibility(CSR)information embodies shareholder’s value or management’s self-interest?It has been a controversial topic in the study of corporate social responsibility.This paper examines the impact of CSR information disclosure on stock price synchronization and the path.The results show that the disclosure of CSR information is positively correlated with its stock price synchronization,and information transparency plays a mediating role,which indicates that the stock price is not reasonably priced due to the disclosure of CSR information.On the contrary,the disclosure of CSR information interferes with investors’judgment,which enhances the stock price synchronization.The results support the"self-interest tool"motivation of CSR information disclosure.