企业社会责任履行、媒体监督与财务绩效研究——基于A股重污染行业的经验数据

Corporate Social Responsibility( CSR),Media Supervision,and Financial Performance——Empirical Data Based on A Share Heavy Pollution Industry

本文以2009-2016年A股重污染行业为样本,研究了污染型企业社会责任(CSR)履行对财务绩效的影响,媒体监督对污染型企业CSR履行的影响以及媒体监督的调节作用。结果显示,污染型企业CSR履行具有时滞性,CSR对污染型企业当期和近期财务绩效无显著影响,但会显著提高数期后的长期财务绩效;而在与媒体监督相关的研究中,发现媒体监督与污染型企业CSR履行显著正相关,媒体监督越强,污染型企业CSR履行越好。且与负面报道相比,正面报道对污染型企业CSR履行具有更显著的促进作用。然而,媒体监督并不会通过调整CSR履行情况改善污染型企业的财务绩效,反而削弱了CSR对污染型企业财务绩效的促进作用。这说明,虽然纯粹的CSR履行可以为污染型企业带来未来收益,媒体监督也能够制约了这些企业的不正当行为。但如果污染型企业CSR履行只是处于舆论压力下的被迫行为,缺乏主动性,则企业非但不能从中受益,还要付出单方面的补偿性损失,最终媒体监督只会成为企业无形的负担,限制企业的发展。

This paper takes the A-share heavy pollution industry from 2009 to 2016 as a sample to study the impact of polluting Corporates＇ Social Responsibility （CSR） on financial performance, the impact of Media Supervision on CSR and the mediating function of Media Supervision. The results show that the polluting enterprises＇ CSR has a character of time lag, CSR has no significant impact on the current or recent financial performance, but it will significantly improve the long-term financial performance after several years. In the study about Media Supervision it was found that Media Supervision is significantly and positively related to the polluting enterprises＇ CSR. The media pay more attention to one enterprise, the better CSR which has. And compared with negative reports, the positive reports have a more significant function in promoting CSR. However, the Media Supervision won＇t improve the financial performance of polluting enterprises by adjusting CSR directly, but weakens the function of CSR in promoting the financial performance of polluting enterprises finally. This shows that while the pure CSR can bring future benefits to polluting enterprises, and Media Supervision can restrict the improper behavior of these enterprises. But if the CSR of polluting enterprises is only forced behavior under the public pressure, which lacks initiative, the enterprise will not only benefit from it but will also have to pay unilateral compensatory loss. Eventually, Media Supervision will only become potential burdens which limit companies＇ development.