企业社会责任“类保险”作用情境及机制——基于新环保法发布的事件研究

The Insurance-like Effect of Corporate Social Responsibility:An Event Study on the Promulgation of the New Environmental Protection Law

随着生态文明建设的推进,作为政府宏观环境规制重要组成部分的新环保法应运而生。通过事件研究检验并分析新环保法发布时金属类上市公司的市场反应及其影响因素,探究强环境规制冲击下,企业社会责任的"类保险"作用及其机制。研究发现:(1)金属类上市公司对新环保法发布的市场反应显著为负;(2)企业社会责任与累计异常报酬率显著正相关,即公司履行社会责任具有"类保险"作用,能有效缓解强环境规制的冲击;(3)企业社会责任的"类保险"作用在国有与非国有公司间、机构投资者持股比例不同的公司间均没有显著差别,但媒体关注度更高的公司,其社会责任的"类保险"作用更弱。

With the development of ecological civilization,the new environmental protection law came into being,constituting an important part of government macro-environmental policies. This paper uses the event-study method to examine the market response and influencing factors of metal firms responding to the new environmental protection law,and the insurance-like effect of Corporate Social Responsibility(CSR） under the impact of strong environmental regulation. Results show that：(1） The capital market of metal industry reacts significantly negative to the new environmental protection law;(2） CSR performance is positively related to Cumulative Abnormal Returns(CAR）,which means CSR has an insurance-like effect to reduce the negative market response and alleviate the impact of strong environmental regulation;(3） There is no significant difference of CSR insurance-like effect between firms state-owned or not,and firms with institutional investors or without,but the insurance-like effect of CSR is weaker for firms with more media coverage.