企业社会责任报告语调、可读性与投资者判断

The Effect of Disclosure Tone and Readability of Corporate Social Responsibility Report on Investors’ Judgment

近年来,企业发布的社会责任报告受到更多的关注。由于社会责任报告披露形式和内容尚未有明确的要求,各公司发布社会责任报告时存在着不同的语调和表现形式,而这些可能最终会影响投资者判断。本文结合心理学相关理论,进行了2×2的组间实验设计,就社会责任报告的语调和可读性对投资者判断的具体影响进行了分析和检验。研究发现:1.与中立的语调相比,使用积极的语调披露社会责任报告,投资者判断更正面;2.与低可读性相比,高可读性的社会责任报告,投资者判断更正面;3.社会责任报告语调和可读性对投资者判断影响的交互作用显著;4.投资者感知社会责任表现在社会责任报告语调和投资者判断之间起到部分中介作用;5.信息的加工流畅性在社会责任报告可读性和投资者判断之间起到部分中介的作用。

In recent years,more attention has been paid to the social responsibility reports issued by enterprises.As there is no clear requirement for the form and content of disclosure of social responsibility reports,there are different tones and forms of expression when companies issue social responsibility reports,which may ultimately affect investors'judgment.In this paper,a 2*2 inter-group experiment was designed based on psychological theory.The specific effects of tone and readability of social responsibility reports on investors'judgment was analyzed and tested.The research finds that:1.compared with neutral tone,investors'judgment is better when social responsibility reports are presented in positive tone;2.compared with low readability,investors'judgment of high readability social responsibility reports is better;3.the interaction of tone and readability of social responsibility reports on investors'judgment is significant;4.the perception of social responsibility plays an intermediary role between the tone of social responsibility reports and investors'judgment;5.the fluency of information processing plays an intermediary role between readability of social responsibility reports and investors'judgment.