商业银行社会责任、声誉溢出与市场效应——基于中国首家赤道银行的案例研究

Social Responsibility of Commercial Banks, Reputation Spillover and Market Response:A Case Study of the First Equator Bank in China

现代社会信息传播的便利性,使得公众时常受到企业社会责任事件的影响,同时也显著提升了股价的信息含量。商业银行履行社会责任不仅会对自身产生影响,也会对同类其他银行产生声誉溢出效应。本文以我国首家赤道银行作为案例,使用事件研究法,研究赤道原则的一系列事件对事件主体和同类其他银行的市场效应。研究结论表明,我国A股市场对商业银行社会责任事件做出了有效的市场反应,并且声誉溢出效应在资本市场中也得到了体现。商业银行在进行社会责任的相关决策时应当权衡长短期的不同影响,并且当其他商业银行发生社会责任事件时,应当考虑声誉溢出效应对自身的影响,及时采取措施应对负面声誉溢出效应,以免遭受损失。

In modern society, the public is often affected by the corporate social responsibility events due to the convenience of information dissemination, and the stock price informativeness is significantly increased. Commercial banks fulfilling social responsibility will not only have an impact on themselves, but also exert a reputation spillover effect on other banks. This paper chooses the case of the first Equator Bank in China, and analyzes the market response of series of the Equator Principles events to the event body and other congeneric banks. Empirical results show that A-share exhibited significantly reaction to social responsibility events of commercial Banks. What＇s more, the reputation spillover effect was reflected in the capital market. Therefore, when making decisions of corporate social responsibility, commercial banks should consider the different influences in the short term and long term. And when other commercial Banks are in the events of corporate social responsibility, we should watch for the negative reputation spillover effect and take measures in time to avoid the loss.