企业社会责任、财务报告质量与投资效率——基于沪深上市制造业公司的实证研究

Corporate Social Responsibility,Financial Reporting Quality and Investment Efficiency——Empirical Study on Listed Manufacturing Companies in Shanghai and Shenzhen

投资效率一直是公司治理关注的重点,好的投资效率可以为公司带来更高的利益流入。但是近年来公司经营违反道德与法律的事件频频发生,政府、公司及社会大众越来越重视企业社会责任水平和财务报告质量对投资效率带来的影响。本研究基于2012年至2017年期间238家中国沪深上市制造业公司,共1428个年度观察值,分析了企业社会责任和财务报告质量对投资效率的影响。研究发现:企业社会责任水平、财务报告质量均对投资效率有显着正向影响;就企业社会责任的子项评分指标而言,技术性指标对投资效率有显着正向影响;整体性指标和财务报告质量交叉项对投资效率有显着负向影响;内容性指标和财务报告质量交叉项对投资效率有显着正向影响。

Companies focus on investment efficiency,because it can bring profits.In recent years,as the violation of ethics and laws in corporate operations has occurred frequently,the government,companies and the public have paid more attention to the impact of corporate social responsibility and the quality of financial reports on investment efficiency.238 manufacturing companies,listed in Shanghai and Shenzhen from 2012 to 2017 are selected in the paper,with a total of 1,428 annual observations,to examine the impact of corporate social responsibility and financial reporting quality on enterprise investment efficiency.The empirical results show that corporate social responsibility level and financial reporting quality have a significantly positive impact on investment efficiency.In addition,as for the sub-indices of corporate social responsibility,technique index has positive impact on investment efficiency;interaction of macrocosm index and financial reporting quality has negative impact on investment efficiency;the interaction of content index and financial reporting quality has positive impact on investment efficiency.