财务业绩、股权集中度与社会责任信息披露——来自中国农业类上市公司的经验证据

Financial Performance,Ownership Concentration and Social Responsibility Information Disclosure——Evidence from the agriculture listed companies in China

通过选取中国沪深两市发布社会责任报告的农业类上市公司在2009—2011年间的样本数据进行实证研究,检验企业财务业绩对社会责任信息披露的影响。研究结果表明,企业财务业绩与社会责任信息披露之间呈显著的倒"U"型关系,进一步研究发现这种关系仅在股权集中度较低的企业中显著存在。文章对现有文献中社会责任信息披露机理的研究进行了拓展和综合,同时对于政府规范企业社会责任履行及信息披露具有政策指导意义。

Using a sample of agriculture listed companies＇ social responsibility report data from 2009 to 2011 of Shanghai and Shenzhen Stock Exchange in China, this paper examines the relationship between the financial performance and social responsibility in- formation disclosure. The empirical results show that： there was significantly inverted ＂U＂ shaped relationship between enterprise＇s fi- nancial performance and level of corporate social responsibility information disclosure. Further study found that, the relationship is only significant in the enterprise which has the lower ownership concentration. The conclusions of this study could give governments some guidance to regulate the corporations to fulfill their social responsibilities and information disclosure.