公众对企业社会责任的评价研究——基于交易成本的视角

Public Evaluation on Corporate Social Responsibility

企业伪社会责任现象在全球范围的蔓延,引发了公众对企业履行社会责任"真诚性"的广泛关注与质疑。本文采用中国上市公司并购事件作为研究样本,设立股票市场的公众评价、企业社会责任等关键变量,在基于交易成本理论分析的基础上,构建模型检验转让方企业社会责任表现对公众评价的影响。研究结果发现,转让方企业社会责任表现能显著正向影响公众评价;研究还进一步发现,控制权转移情形能削弱转让方企业社会责任与公众评价之间的关系,而转让方属国有企业时,能增强转让方企业社会责任与公众评价之间的关系。研究结论表明,公众对企业真诚履行社会责任的行为给予激励,而对于投机的社会责任表现持消极态度。因此,论文提出了企业社会责任公众评价的并购交易视角,以丰富企业社会责任公众评价的情境化研究。

Corporate pseudo social responsibility appears widely all over the world, which attracts much attention and doubt about corporates＇ sincerity in taking responsibility. Hence, using Chinese listed company M＆A events as the study sample, this paper establishes the key indicators such as public evaluation in stock market and seller corporate social responsibility （CSR）. With the analysis of transaction cost theory, this paper builds model to check seller corporate social responsibility＇s influence to public evaluation towards M＆A events. Results show that seller corporate social responsibility exerts significant positive effect on public evaluation. Furthermore, corporate control right transferring can impair the above-mentioned relationship, while seller＇s state-owned character could enhance that. The study reveals that public could award the sincere CSR behavior, on the other hand, public have passive attitude towards the opportunistic CSR behavior. The paper raises M＆A transactional perspective and extends contextualization study about public evaluation towards CSR.