政治关联、高管薪酬与企业社会责任信息披露

Political Connections,Executives' Compensation and Corporate Social Responsibility Information Disclosure

以2011-2015年沪深两市自愿披露社会责任报告的A股重污染行业上市公司为样本,运用多变量回归模型实证检验了政治关联、高管薪酬与企业社会责任信息披露关系,研究结果表明:高管薪酬对提高社会责任信息披露水平起显著的促进作用;有政治关联的企业比没有政治关联的企业,社会责任信息披露水平高;高管政治关联显著增强高管薪酬对企业社会责任信息披露的正向影响;在高管政治关联的企业中,非国有企业相比国有企业社会责任信息披露水平高;在政府监管较强的地区,政治关联的企业社会责任信息披露质量高。

Taking a sample of A-share heavy pollution industry listed companies which disclosed CSR report voluntarily in Shanghai and Shenzhen Stock Exchanges from 2011 to 2015,and using the multivariate regression model to empirically test the relation among political connections,executives＇ compensation and corporate social responsibility information disclosure（ CSD）,the results show that： executives＇ compensation is positively related to corporate social responsibility information disclosure level; the social responsibility information disclosure level of enterprises with political connections is higher than those without; top executives＇ political connections positively enhance the effect of executives＇ compensation on corporate social responsibility information disclosure.Further research shows that： in the enterprise with political connections among executives,social responsibility information disclosure level of non-state-owned enterprises is higher than state-owned enterprises; in the strong government regulation area,corporate with political connections social responsibility information disclosure quality is high.