公司特征与公司社会责任信息披露——来自我国上市公司的经验证据

Corporate characteristics and social disclosure——Evidence from listed companies in China

本文在自愿性信息披露的研究框架下,结合公司社会责任理论,对我国上市公司的公司特征与公司社会责任信息披露之间关系进行了实证分析。文章选取了1999年到2004年在上海和深圳证券交易所上市交易的石化塑胶行业的A股公司作为研究样本,通过对年报进行内容分析,构建了公司社会责任信息披露指数。实证检验发现:(1)规模越大、盈利能力越好的公司越倾向于披露公司社会责任信息;(2)公司财务杠杆和再融资需求不影响公司社会责任信息披露;(3)包括上市地点和披露期间在内的披露环境对公司社会责任信息披露有显著影响。文章还对公司社会责任信息的提供者、使用者和监管者提出了建议。

Under the research framework of voluntary disclosure and combined with the theory of Corporate Social Responsibility (CSR),the paper empirically analyzes the relationship between corporate characteristics and social disclosure.The paper selects A share companies listed in Shanghai and Shenzhen Stock Exchanges during 1999-2004 as a sample,and develops Social Disclosure Index (SDI) based on content analysis.The results show:(1) the companies with big scale and excellent long-term performance are tends to disclose more social information;(2) the leverage and refinancing demand are irrelevant with social disclosure;(3) the disclosure environment,including listing status and disclosure period,is significant related with social disclosure.The paper finally provides some suggestions for the providers,users and regulators of social information.