企业集团、纵向关联与社会责任披露的关系研究

Business Group,Vertical Interlock and Corporate Social Responsibility Disclosure

利用2010~2014年中国上市公司社会责任披露数据,研究了企业集团中纵向关联对社会责任披露的影响,发现企业集团的形式促进社会责任的披露意愿和披露质量,但企业集团中纵向关联的存在会削减社会责任披露的意愿,降低其质量。然而,这一现象仅在国有企业集团中存在,并且国有企业集团中纵向关联兼任职位越高,披露社会责任信息的意愿越低。研究认为,纵向关联通过促进企业集团内部资源的可获得性进而阻碍社会责任信息的披露,国有企业集团内部资源的丰富性也支持了上述理论。

In this study, we use the corporate social responsibility disclosure （CSRD） data of listed companies in China from 2010 to 2014 to explore the relationship between vertical interlock and CSRD in the business group. We find that companies in business group tend to disclose CSR information but vertical interlock will hinder the disclosure of CSR and impact the quality of CSRD. Howev- er, the relationship mentioned above can only be observed in the state-owned companies and a higher position of interlocked director in stated-owned business group will lead to a lower desire to disclose CSR. We explain the phenomenon based on the capability of the interlocked director to access re- sources and the sufficiency of resources in the business group with different ownership.