公司社会责任信息披露与经济动机研究——来自中国上市公司社会责任报告的经验证据

Social Responsibility Information Disclosure and Their Economic Motivations: The Empirical Analysis of Social Responsibility Reports of China Listed Companies

以往对中国上市公司社会责任信息披露的研究均以年报为样本,本文首次以中国A股上市公司2008~2010年1226份社会责任报告为样本,研究发现,上市公司确实存在通过提高社会责任信息披露水平来获得消费者认同和创造产品竞争优势,以达到提升公司价值的经济动机。消费者口碑敏感型行业上市公司社会责任信息披露水平比其他公司平均高出11.6%。但是,本文并没有发现上市公司再融资动机影响社会责任信息披露水平的经验证据。本文研究结论为监管部门基于公司经济动机视角完善相关法规、提高上市公司社会责任信息披露水平提供了经验证据。

Previous studies on social responsibility information disclosure in Chinese listed companies were all based on information in annual reports. We performed our empirical analysis based on the sample of 1226 social responsibility reports of Chinese A-share listed companies between 2008 and 2010. In order to enhance the corporate value, companies have the economic incentives by improving the CSR report information quality to obtain consumer recognition and products competitive advantage. Firms sensitive to consumer trust have 11.6% higher CSR report information quality than other firms. However, the empirical results didn＇t support the hypothesis that refinancing affects the CSR report information quality. This paper provided empirical evidence for the regulatory authorities to improve relevant regulations and enhance the CSR report information quality of listed companies based on the companies＇ economic motivations perspective.