信息披露对非营利组织绩效影响的实证分析

The impact of information disclosure on the performance of NPOs

高质量的信息披露不仅有助于利益相关者掌握组织运营状况与财务信息,降低信息收集成本,提高决策效率,而且可以减少捐赠者和非营利组织管理层之间的信息不对称情况,降低代理成本,增强捐赠者对非营利组织的认同,从而获得更多的捐赠收入。本文以2005—2013年中国社会组织网所披露的基金会为研究样本,实证检验了信息披露对非营利组织绩效的影响及其作用机制。研究发现,信息披露质量越高,组织绩效越好,这一现象在评估等级低的基金会中更为明显;开通官方微博的基金会绩效更好,这一现象也在评估等级低的基金会中更为明显。本文研究还发现社会资本水平越高,组织绩效越好,并且发现社会资本调节信息披露与组织绩效之间存在正相关关系,此正相关关系在社会资本水平低的基金会中更为明显。本文的研究获取了非营利组织信息披露影响组织绩效的经验证据,不仅能够为市场打造更为透明的信息披露环境,帮助捐赠者作出判断,而且对非营利组织信息披露以及非营利组织管理部门监管具有一定的参考价值。

High information disclosure quality will not only help stakeholders grasp organizational operation and financial information,reduce the cost of information gathering,improve the efficiency of decision-making,but also reduce information asymmetry and agency costs between donors and Non-profit Organizations(NPOs),enhance the recognition of donors to Non-profit Organizations(NPOs),and get more donation income.In this paper,based on a sample of the foundation disclosed by China social organizations network from2005 to 2013,we empirically examine the influence of information disclosure on the performance of Non-profit Organizations(NPOs)and its mechanism of action.The study found that the higher information disclosure quality is,and the better organizational performance will be,this phenomenon is more obvious in the foundation which has the low assessment level;There is a significant and positive correlation between Weibo information disclosure and organizational performance,and this phenomenon is also more obvious in the foundation which has the low assessment level.Our analysis also shows that the higher the social capital level is,the better the organizational performance will be,and we found that social capital can adjust the positive correlation between the information disclosure and organizational performance,it expresses as a positive correlation between information disclosure and organizational performance,it is more obvious in the foundation which has the low social capital level.This study obtained the evidence that the information disclosure of Non-profit Organizations(NPOs)influences organizational performance,it not only creates a clearer information disclosure environment for the market,helps donors make judgments,but also has a certain reference value for the information disclosure of Nonprofit Organizations(NPOs)and supervision of Non-profit Organizations’management.