企业社会责任对公司绩效和风险的影响效应——来自中国A股上市公司的证据

The Effect of Corporate Social Responsibility on Corporate Performance and Risk:Evidence from Chinese A-share Listed Companies

基于2010-2017年A股上市公司数据及第三方企业社会责任数据,本文实证检验企业社会责任履行对公司绩效和风险的影响。研究发现:(1)企业社会责任履行与公司绩效正相关,与风险负相关;(2)非国有企业社会责任履行对绩效和风险的积极效应更显著;(3)低市场化程度地区企业社会责任履行有效减轻财务风险和违约风险;(4)社会责任履行表现的评价越高,公司股票市场表现更好,但现有融券卖空机制对企业社会责任履行无反应。

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2017,and combined with the network data of corporate social responsibility evaluation from the third-party organization,the impact of corporate social responsibility performance on corporate performance and risk were tested. Empirical results are as follows. The better the company’s performance of social responsibility evaluation,the more it can significantly improve the performance of the company and reduce the company’s risk in the future. It is found that the fulfillment of corporate social responsibility has a more significant positive impact on the financial performance and corporate risk of non-state-owned enterprises. The fulfillment of corporate social responsibility can more effectively reduce the financial risk and debt default risk of companies in regions with low marketization degree. Further research shows that companies with higher CSR evaluation have better stock market performance. In addition,our research shows that short selling mechanism of securities lending has not considered or reflected the fulfillment of corporate social responsibility.