媒体关注、产权性质与社会责任信息披露——来自社会责任报告自愿披露的经验证据

The Attention Given by the Media,the Ownership Property and Social Responsibility Voluntary Disclosure

本文以2009—2012年A股上市公司在CSR报告自愿披露中的表现为分析对象,以产权性质为背景,考察媒体关注对CSR自愿披露行为的影响,以及其与产品市场竞争、再融资动机、顾客远近度和行业敏感度之间对CSR披露影响的互动关系。研究结果表明,媒体关注的压力与企业自愿披露CSR报告的程度具有显著的正相关关系,考虑到产品市场竞争、顾客远近度等经济动机,这种影响在民营企业中更加显著。但是,针对自愿披露样本回归分析发现,上述考察变量都不再显著。可见,媒体关注仅对企业自愿披露CSR报告具有正向的促进作用,但对于提高企业CSR信息披露质量并未起到显著的正向影响。研究结果的启示意义在于,在研究CSR信息披露动机时,必须考虑到产权性质差异。同时,本文的研究对政府及相关监管机构完善企业社会责任制定相关政策具有一定的参考价值。

Taking as the object of our analysis the behavior of China＇s listed companies＇voluntary disclose in the corporate responsibility reports （CSRR） during 2009--2012, this paper mainly explored the impact of the close attention given by the media on listed companies＇ behavior of the CSRR voluntary disclose and the correlation between their voluntary disclose, the product market competition, the equity refinance, the customer distance, and the effect of the industry sensitive. We have dis- covered that the close attention given by the media has noticeable positive effect on listed companies＇ behavior of voluntary dis- close, showing that the possible pressure from the public opinion has obviously increased the possibility of listed companies＇ vol- untary disclose, that, owning to the consideration of the economic motives such as the product market competition and customer distance, this positive impact has been expressed more markedly in non-state owned listed companies. However, by the regres- sion analysis of the voluntary disclose samples, we have found that the above-mentioned various noticeable impacts of the moti- vation of the CSRR voluntary disclose have not existed any longer, therefore, the results of the impact of the legitimacy manage- ment or economics motives are confined to whether listed companies voluntary disclose, and those results have had no noticea- ble inflect the disclose level when company has decide to voluntary disclose. The significance of this paper is that it has provid- ed the new perspective which the ownership property must be taken into account, when the corporate social responsibility infor- mation disclosure is considered. Meanwhile, this paper will help us better understand the motives of the CSRR between SOEs and private firms, and have a significance of establishing the proper standards of CSR information disclose in China for govern- ment.