物流企业社会责任信息质量对投资者的影响效应

The Influence of Information Quality of Social Responsibility of Logistics Enterprises on Investors

文章以2011~2018年沪深两市发布社会责任报告的上市物流企业为研究样本,采用事件研究法,探讨物流企业社会责任信息质量对投资者的影响效应。实证结果显示:物流企业的社会责任信息质量与投资者累计超额收益率呈显著正相关,研究还发现资本市场投资者对社会责任具体内容关注度的不同对投资者累计超额收益率存在差异性的影响,其更加注重于反应物流企业长期战略的整体性。同时发现我国现阶段物流企业社会责任报告整体质量仍较低,希望监管部门与企业规范和完善社会责任信息披露,进一步加强对投资者利益的保护。

This paper takes listed logistics companies that have disclosed social responsibility reports in Shanghai and Shenzhen stock markets from 2011 to 2018 as research samples,and adopts the event research method to discuss the impact of social responsibility information quality on investors.The empirical results show that the social responsibility of the logistics enterprise information quality and investors accumulated excess yield was significantly positively related to,the study also found that capital market investors to social responsibility specific content popularity differences between different accumulated excess returns for investors,the influence of its pay more attention to in the reaction the integrity of the logistics enterprise long-term strategy.At the same time,this paper finds that the overall quality of social responsibility reports of logistics enterprises in China is still low.Therefore,this paper hopes that the regulatory authorities and enterprises can standardize and improve the disclosure of social responsibility information to further strengthen the protection of investors'interests.