企业社会责任的公关危机与股东价值--基于上证上市公司的实证研究

The Relationship Between Corporate Social Responsibility and Shareholder Value

媒体报道企业的社会责任问题,会影响企业内部利益相关者和外部利益相关者的企业社会责任行为,从而为企业在将来应对因未履行社会责任引发的公关危机提供有价值的帮助。媒体报道和上市公司公告中分别涉及企业内部利益相关者和外部利益相关者的负面信息及其相对应的企业,将事件发生之后涉及企业的股价与该企业股价的长期回归值(即期望值)之间的差异进行统计分析,得出企业对于不同类型的利益相关者履行的社会责任,对于股东价值有负面影响。尤其是当涉及内部利益相关者时,企业社会责任的未履行将对企业股东价值产生不小的负面影响,容易引发企业公关危机,因此值得企业为此设计一套预案以应对突如其来的危机。

By classifying the media reports into two parts, this paper discusses the relationship betweenCSR(corporate social responsibility) activities, which affect either internal or external stakeholders, andshareholder value, so as to provide valuable advices for response to failure to fulfill a public relationscrisis caused by CSR in the future. And this paper selects SSE listed companies as a sample, choosesthe media reports and announcements, which relate to internal and external stakeholders, of involvedlisted companies, and uses statistical methods to analyze the differences between the stock price afterincident and long-term return value(expected value). The result indicates that failure to fulfill CSR bydifferent types of stakeholders will affect shareholder value significantly. Especially when it comes tointernal stakeholders, failure to fulfill CSR will bring companies big impacts, therefore, it worth a set ofplans to cope with the sudden crisis.