企业社会责任透明度、法律环境与企业价值--来自中国上市公司的经验证据

Corporate Social Responsibility Transparency,Legal System and Corporate Value:Evidence from Chinese Listed Companies

依据信息经济学,本文探究了企业社会责任透明度对企业价值的影响机制,法律环境在企业社会责任透明度与企业价值间的调节机制。以2012-2016年的A股上市公司为样本,结果表明,企业社会责任透明度对企业价值有显著正向影响;其次,弱法律环境正向调节企业社会责任透明度对企业价值的影响,强法律环境负向调节企业社会责任透明度对企业价值的影响;最后,研究还发现企业异质性影响企业社会责任透明度对公司价值的影响。

Based on information economics theory,the mechanism of corporate social responsibility transparency affecting firm value,the moderation effect of legal system between corporate social responsibility transparency and corporate value are explored.Taking the 2012-2016 A-share listed company as a sample,the results show as follows.The social responsibility transparency and legal environment have a significant positive impact on corporate value.Weak legal system enhances the positive impact of corporate social responsibility transparency on corporate value,and strong legal system negatively moderate the impact of corporate social responsibility transparency on corporate value.Finally,the enterprise heterogeneity influence corporate social responsibility transparency influence on corporate value.