企业社会责任与股价崩盘风险：“价值利器”或“自利工具”？

Corporate Social Responsibility and Stock Price Crash Risk:Self-interest Tool or Value Strategy?

企业推行社会责任究竟体现管理层的"自利工具"还是股东的"价值利器"?这成为近年来财务学和管理学交叉研究的热点问题。本文结合中国资本市场的环境和制度背景,从非对称风险这一独特视角,系统分析与检验了企业社会责任影响股价崩盘风险的客观表现与传导路径。研究结果显示,企业社会责任与股价崩盘风险之间呈显著正向关系,表明中国上市公司推行社会责任的同时加剧了股价的崩盘风险,可见存在"社会责任的崩盘效应";其次,截面分组发现社会责任的崩盘效应仅在强制披露和未进行第三方信息鉴证的公司存在;最后,路径检验发现企业社会责任的崩盘效应存在完全的投资路径、部分的信息路径,但不存在会计路径和税收路径。总之,本文验证了我国上市公司推行企业社会责任体现了"工具特征"而非"创值特征"的推论。

Whether the implementation of corporate social responsibility embodies management self-serving tool or shareholder value strategy？ This issue has become a hot issue in the inter-discipline of finance and management field. In this paper, we analyze and reveal the objective performance and the transmission path of corporate social responsibility in stock price crash risk from Chinese capital market. The results show that corporate social responsibility has a significant positive relationship with stock price crash risk. It shows that there is a positive relationship between corporate social responsibilities and stock price crash risk, which indicates that there is a significant crash effect of corporate social responsibility in Chinese capital market. Further study also shows that crash effect of corporate social responsibility is only existed in mandatory disclosure and non-auditing group. Lastly, we also find that crash effect of corporate social responsibility has complete investment path and partial information path, but not accounting path and tax path. In general, we prove that corporate social responsibility reflects the ＂self-interest tool＂ rather than ＂value strategy＂.