股价高估与企业社会责任的关系研究

A Study on the Relationship between Stock Price Overvaluation and Corporate Social Responsibility

相关研究成果认为,股票价格高估的影响总是消极的。基于2010—2017年中国A股上市公司的经验数据,结合升值动机与防御动机视角,本文提出并验证了股价高估与企业社会责任的U型曲线关系以及媒体关注度调节效应的假设。具体而言,股价高估从低水平上升至中等水平过程中,对高媒体关注度的企业社会责任行为的负向影响更强烈,而从中等水平升至最高水平过程中,股价高估对高媒体关注度的企业社会责任行为的正向影响更强烈。同时,经济后果的检验结果表明,由股价高估导致的企业社会责任投入的增加将会引起企业经营绩效的正向变动,从而提高企业的资本配置效率。进一步研究则发现,股价高估的主效应和媒体关注度的调节效应均在国有企业中更为显著。所以,股价高估并非总是不利的,重视并利用股价高估的积极作用,引导媒体关注发挥外部治理机制,对于中国转轨经济背景下资本市场的稳定发展具有一定的启示意义。

Stock price overvaluation means that the stock price of a firm is higher than its intrinsic value.Compared with stock price underestimation,stock price overestimation is the most common phenomenon of mispricing in the capital market.And the existing literature have proved that stock price overestimation will distort the resource allocation function from various aspects,such as earnings manipulation,over investment and premium mergers and acquisitions.But unfortunately,the research on whether and how can stock price overvaluation promote the efficiency of capital allocation is still scarce.In view of the universality of stock price overestimation and the importance of its impact,identifying how stock price overvaluation affects the efficiency of capital allocation from the perspective of corporate social responsibility is important to provide policy advice to relevant government departments.Except for accidental factors,it is impossible for firms to create the performances that can keep market prices overvalued.From the existing empirical results,managers usually choose to take certain measures to maintain short term high market expectations or prepare in advance to reduce the negative effects caused by subsequent stock price crashes.And taking more social responsibility activities is an effective way in this case.Since the 18th National Congress of Chinese Communist Party,our national leaders have emphasized the importance of building a corporate social responsibility system on several important occasions.It can be conjectured that the current focus of China s economic development is no longer“whether firms should take their social responsibilities”,but how much that firms should take social responsibilities and how to promote firms to do.Therefore,this paper focus on the mechanism of the impact of stock price overvaluation on corporate social responsibilities,and we explore the sources of willingness of managers to undertake social responsibility.In this study,using the data of Chinese firms from 2010 to 2017,we test the relationship between stock price overvaluation and corporate social responsibility.Further we explore the impact of stock price overvaluation on corporate social responsibility under different media attention.The results show that:(1)The impact of stock price overestimation on corporate social responsibility shows a U shaped curve relationship that decreases first and then increases.(2)Media attention has a moderating effect on the relationship between stock price overestimation and corporate social responsibility.When the stock price overestimation is negatively related to corporate social responsibility,media attention weakens this negative impact;when stock price overvaluation is positively related to corporate social responsibility,media attention strengthens this positive impact.(3)The increase in corporate social responsibility investment caused by stock price overvaluation will lead to positive changes in corporate performance,thereby improving the efficiency of firms capital allocation.(4)Last,after distinguishing the types of ultimate controllers,the impact of stock price overestimation on corporate social responsibility and the moderating effect of media attention are all stronger in state owned enterprises.The main contributions of this paper are as following:First,it provides a new perspective on the study of the economic consequences of stock price overvaluation.The identification of the U curve relationship between stock price overvaluation and corporate social responsibility and its roles in improving the efficiency of market resource allocation illustrate the positive role boundary of stock price overvaluation,which breaks through the previous literature which is based on a negative framework to study the impact of stock price overestimation.Second,it supplements the literature which focuses on the factors that affect corporate social responsibility.The actual performance and growth opportunity will be reflected to the asset price,which in turn will also affect the company s next business decision.Thirdly,with the unique setting of Chinese capital market,the finding of the moderating effect of media attention provides some reference on how to play a better role on guiding the governance effects of informal institutions.