政府控制与公司社会责任——基于我国上市公司社会责任信息披露的实证研究

Government Control and Corporate Social Responsibility:An Empirical Study Based on the Social Responsibility Information Disclosed by Chinese Listed Companies

本文以在2008年至2010年间连续发布社会责任报告的136家上市公司共408个样本数据为对象,承袭"终极产权论"研究,根据上市公司披露的实际控制人信息,将上市公司划分为私人控制、国有企业控制、中央政府控制、省级政府控制和市县级政府控制公司五种类型,并使用内容分析法构建不同纬度的社会责任指数,对不同政府控制公司的社会责任行为进行比较分析。研究发现,并非所有政府控制公司都会承担比私人控制公司更多的社会责任,政府控制方式的不同影响上市公司履行社会责任的方向和水平。

By using a panel data set of 136 listed companies which continuously disclose social responsibility reports from 2008 to 2010,this paper investigates the relationship between government control and corporate social responsibility (CSR) under a framework of the 'ultimate property rights theory'.According to the ultimate or actual controller,it divides sample companies into five groups:private controlled firms,state -owned enterprise controlled firms,central government controlled firms,provincial government controlled firms,and municipal and county government controlled firms.Meanwhile, this paper adopts the content analysis method to construct 6 social responsibility indices to describe the level of different aspects of CSR,and conduct a comparative analysis on different government controlled firms' socially responsible behaviors. The paper finds that not all government controlled firms will undertake a higher level of CSR than private controlled firms, and the government control patterns would affect the type and level of CSR fulfilled by listed companies.