企业社会责任与盈余质量——来自财务重述的证据

The Effect of Corporate Social Responsibility on Earning Quality——On Evidence From Corporate Financial Restatement

文章使用2010到2016年全部A股上市公司的企业社会责任、财务重述及相关财务数据,实证检验了企业履行社会责任对企业盈余质量的影响。文章使用和讯网的企业的社会责任评分作为企业社会责任的衡量指标,使用财务重述来反映上市公司的盈余质量。利用probit回归模型估计了企业社会责任与企业盈余质量之间的关系。结果表明,社会责任表现越好的企业,发生财务重述的可能性越低,盈余质量越好;进一步,在大企业中,这种负相关关系更加显著;为解决内生性问题,文章使用上市公司所在地级市的宗教活动场所数量作为企业社会责任的工具变量,证明了企业社会责任与财务重述之间的因果关系。

Using a firm-level data set from 2010 to 2016 in China,this paper examines the effect of corporate social responsibility on earning quality.This research uses a firm＇s corporate social responsibility score from Hexun to measure its corporate social responsibility performance,and uses a firm＇s corporate financial restatement as a good proxy for its earning quality.To assess the effect of corporate social responsibility on earning quality,this paper adopts prohibit regression model.The result suggest that the better corporate social responsibility performance,the lower the probability of corporate financial restatement and the better earning quality.Further,in large companies,this negative correlation is even more pronounced.In order to solve the endogenous problem,the article uses the number of religious activity sites in the cities of the listed company as an instrumental variable of corporate social responsibility,and proves that the above conclusion still holds robust.