企业产权、社会责任信息披露与市场反应——来自我国上市公司的经验证据

Property Rights,the Information Disclosure of Corporate Social Responsibility and Market Reaction——the Empirical Evidence from Chinese Listed Companies

本文以我国沪深两市的上市公司为研究样本,从不同产权角度研究了企业社会责任信息披露的市场反应及其影响因素。研究发现,相对于没有披露社会责任报告的上市公司,披露了社会责任报告的公司的累计超额收益率较小,这一现象在国有企业中存在,而在非国有企业中不存在;披露社会责任报告的上市公司中,相对于非政治关联的公司,有政治关联的公司的累计超额收益率较大,这一现象在国有企业中存在,而在非国有企业中不存在。本文的研究结果表明,政企关系在我国上市公司的社会责任信息披露方面具有重要作用。

With the development of society, corporate social responsibility has become a hot topic. In china, corporate social responsibility has been researched and concerned since the 1980s. In recent years, the government and community pay more attention to corporate social responsibility. Therefore, it is very important to strengthen the research on corporate social responsibility. In previous studies, scholars have discussed the motivation, influencing factors, and the impact to enterprise value of information disclosure on corporate social responsibility. However, about the impact corporate social responsibility on enterprise value, scholars haven＇t taken corporate ownership into account. The degree of government intervention may be different in different kinds of corporate ownership, so there may be different market reaction to information disclosure of corporate social responsibility between state-owned and non-state-owned enterprises. To deeply study the impact to enterprise value from information disclosure of corporate social responsibility, we distinguish enterprises to state-owned enterprises and non-state-owned enterprises. In addi- tion, in order to study the influence factors of market reaction to the information disclosure of corporate social re- sponsibility, we take political connections into account additionally. In this paper, using A-share companies listed in Shanghai and Shenzhen Stock Exchange as research sample, we study the market reaction to the information disclosure of rights perspective, and the influencing factors to the market corporate social responsibility from different property reaction. The results show that, compared to those companies that didn＇t disclose social responsibility information, companies that disclosed social responsibility have smaller cumulative abnormal return. And this phenomenon exists in state-owned enterprises, but doesn＇t exist in non-state-owned enterprises. Further more, using those listed companies that disclosed social responsibility informa- tion as research object, we find that, compared to those companies that didn＇t have political connections, compa- nies with political connections have larger cumulative abnormal return. And this phenomenon exists in state-owned enterprises, but doesn＇t exist in non-state-owned enterprises. These results indicate that, Government-enterprise re- lationship plays an important role in the information disclosure of corporate social responsibility. Due to the govern- ment intervention, the state-owned enterprises＇ social responsibility behavior is not recognized by investors. There- fore, this paper has important policy implications as following： the relevant regulatory authorities should build a good external institutional environment to reduce government intervention in the behavior of corporate social respon- sibility. So as to let companies, especially state-owned enterprises, can spontaneously adopt social responsibility behaviors. And let companies promote the harmonious development of society at the same time of maximizing the in- terests of stakeholders. The contribution of this paper contains the following two aspects. First, existing research on the information disclosure of corporate social responsibility didn＇t take different property rights into account. But state-owned enterprises may be subject to government intervention in the information disclosure of corporate social responsibility, so they may have different market reaction with non-state-owned enterprises. To consider this prob- lem, we study the market reaction from different property rights. Second, about the factors of market reaction on the information disclosure of corporate social responsibility, existing literature have studied from multiple angles, but there is no literature to study it from the perspective of political connections. So in this paper, we study from this perspective to make up the deficiency of existing lecture, and to enrich the literature of this area.