社会责任、绩效评价与市场反应

Corporate Social Responsibility, Performance Evaluation and Market Reaction

以发布公司社会责任报告的上市公司为研究对象,运用因子分析法将16个社会责任绩效评价指标降维至债权人因子、股东因子、员工消费者因子、供应商因子、公共关系因子及政府因子6个主因子,采用事件研究法检验社会责任绩效评价主因子和综合绩效对累计平均超额回报率的影响,尝试在公司社会责任绩效评价与市场反应之间构建联系。研究结果显示,资本市场对公司发布社会责任报告事件反应显著敏感,公司对供应商、政府和公共关系承担的社会责任绩效评价越高,引起的正面市场反应比债权人、股东和员工消费者因子越为灵敏。进一步研究发现,相对于配对样本公司,量化披露环境责任公司的社会责任绩效评价信息引起的市场反应更为敏感。

This paper studies on listed companies which released CSR reports. Using factor analysis to reduce 16 indicators of social responsibility performance to six factors, and examines how the main factors of CSR and overall performance affect CAR by the event study method, and try to build bridge between performance evaluation and market reaction of CSR. The result shows that the capital market reacts significantly sensitive to the events of CSR reporting. The higher performance e- valuation of company＇s suppliers, government and public relations social responsibility is, the positive reaction of market more sensitive than the othe rthree factors. Further, analysis shows that, compared to the paired samples, CSR performance evaluation information of quantitative disclosure group cause the capital market more sensitive.