基于董事关联网络的上市企业社会责任信息披露研究

On Board Interlock and Corporate Social Responsibility Reporting of Chinese Listed Companies

基于2010—2012年中国沪深A股市场的上市公司为样本构建了关联董事网络,探讨了企业在该网络中的中心位置和结构洞位置与社会责任信息披露水平之间的关系。实证结果表明:企业所处的网络中心位置和结构洞位置对企业的信息披露水平的影响并不相同,越处于中心位置的企业信息披露水平越低,而越处于结构洞位置的企业信息披露水平越高。另外,研究发现,企业盈利能力对上述关系具有一定的调节作用,盈利能力会负向调节企业的网络中心度与社会责任信息披露水平之间的关系,而对结构洞丰富度与社会责任信息披露水平之间的关系则起到了正向调节作用。该研究不仅在一定程度上拓宽了前人的研究成果,同时对中国解决上市企业的信息披露问题提供了重要的指导意义。

Based on samples of the Chinese listed companies from 2010 to 2012, we construct the network of board interlock, and discuss the relationship between firm network positions and corporate social responsibility （ CSR） reporting behaviors. The empirical analysis shows that firms occupying a central position are more likely to engage in CSR reporting behaviors. In contrast, firms occupying a structural- hole-abundant network position are less likely to engage in CSR reporting behaviors. Moreover, we also explore the moderating effect of firm＇s fi-nancial performance. We find that the negative relationship between firm centrality and CSR reporting behaviors increases with the level of the firm＇s financial performance,while the positive relationship between firm abun-dance of structural holes and CSR reporting behaviors increases with the level of the firm＇s financial performance. Our findings not only expand previous studies of firm CSR reporting behaviors, but also provide crucial reference for the government to solve the CSR reporting problems of Chinese listed firms.