企业社会责任信息披露与资本配置效率——基于强制性信息披露的准自然实验

Corporate Social Responsibility Information Disclosure and Capital Allocation Efficiency:A Quasi-natural Experiment Based on Mandatory Information Disclosure

通过“倾向得分匹配-双重差分”分析,以监管当局实施的强制性社会责任信息披露制度为准自然实验,识别这一政策的实施对我国上市公司资本配置效率的影响。表明实施强制性企业社会责任信息披露能够提高我国上市公司资本配置效率。基于这一结果,提出了社会责任信息披露的“沟通效应”假说。结果表明:社会责任信息披露能影响股价信息含量、增强与市场的沟通、降低上市公司与投资者之间的信息不对称、影响资本配置效率;在不同财务报告质量情况下,社会责任信息披露的作用存在异质性;在低财务报告质量组,强制性社会责任信息披露对资本配置效率的作用更大。

Regarding mandatory social responsibility information disclosure required by regulatory authorities as Quasi-natural experiment, this paper uses method of "propensity score matching–difference in difference" to identify the impact of corporate social responsibility information disclosure on the capital allocation efficiency. The results show that mandatory disclosure of corporate social responsibility can improve the capital allocation efficiency of Listed Companies in China. Further, this paper analyses the mechanism on how mandatory disclosure of corporate social responsibility affects capital allocation efficiency. The results show that corporate social responsibility information disclosure can reduce information asymmetry between listed companies and investors and affect capital allocation efficiency by influencing stock price informativeness and enhancing communication with the market. Under different financial reporting quality, the role of corporate social responsibility information disclosure is heterogeneous.