企业社会责任的“类保险”作用情境——基于“疫苗门”事件的研究

The Insurance-like Effects of Corporate Social Responsibility:An Empirical Analysis Based on the Vaccine Case

近年企业社会责任行为缺失等负面事件频繁发生,再度引发学界对企业社会责任行为的外部效应研究。但负面事件中企业社会责任本身的"类保险"作用的情境机理有待进一步验证。本文基于2018年7月15日发生的长生生物"疫苗门"事件,采用事件研究法并构建相关模型,研究企业履行社会责任对社会责任负面事件发生时股东财富减损的"类保险"作用。研究结论发现:"疫苗门"事件给整个医药行业带来了显著的负面市场反应;但企业消费者责任绩效与上市公司的累计异常报酬率显著正相关,企业对消费者履行的社会责任可以发挥对"与利益相关者相关"的社会责任负面事件的"类保险"作用。本文研究有助于厘清企业社会责任"类保险"作用的情境机理,推动企业重视社会责任实践,进而改善我国企业社会责任缺失现象频发的现状。

In recent years, the corporate social irresponsibil ity (CSIR) behavior and other negative events have repeatedly triggered the academia to study the external effects of corporate social responsibility behavior. However, the situational mechanism of the insurance-like effects of CSR itself under negative events needs further verification. Based on the vaccine case of Changsheng Biology on July 15, 2018, this paper uses event study and builds relevant models to study the insurance-like effects of shareholders' wealth loss when negative events of corporate social responsibility occur. The results show that the vaccine case has brought a significant negative market reaction to the whole pharmaceutical industry. However, the performance of corporate consumer responsibility is significantly positively correlated with the cumulative abnormal return rate of listed companies, and the social responsibility of enterprises to consumers can play the insurance-like role in the negative events of u stakeholder-relatedsocial responsibility. This study helps to clarify the scenario mechanism of the insurance-like effects of CSR and to promote enterprises to attach importance to the practice of corporate social responsibility, thereby improving the current situation of the frequent absence of corporate social responsibility in China.