基于中国上市公司样本的企业社会责任与企业市场价值关系的实证研究

How Investors Evaluate Corporate Social Responsibility? An Empirical Research on China Listed Companies

从投资者的视角研究企业社会责任与企业市场价值的关系,选取中国上市公司作为样本,采用事件研究和多元回归分析等实证方法进行研究。研究表明:整体而言投资者对企业社会责任持积极态度,尤其是自愿发布企业社会责任报告的企业,其履行社会责任的行为能够在事件窗口期产生显著为正的超额收益。此外,企业社会责任履行质量对上市公司市场价值有显著的正向影响,履行质量越好,公司市场价值越高。

Under this circumstance,the public is paying great attention to corporate social responsibility(CSR).More and more firms started to invest a lot on CSR.For companies,the ultimate goal of CSR is profit maximization.Would CSR help firms to increase their market value?By applying the event study and multivariate regression analysis,this study discusses the effect of CSR on China listed companies’market value.Empirical results show that investors evaluate CSR positively.Companies could obtain significantly positive abnormal return in the event window through CSR,especially for those companies voluntarily issuing CSR reports.Besides,CSR quality has shown significantly positive influence on market value of listed companies.