交叉上市与企业社会责任

Cross-listing and Corporate Social Responsibility

文章以2010~2017年中国A股上市公司为样本,实证检验了交叉上市对企业社会责任的影响。研究发现,交叉上市能显著提高企业社会责任。按行业特征进行分组后发现,当公司所属行业的集中度较低、公司属于环境敏感型行业时,交叉上市对企业社会责任的影响更加显著。进一步研究发现,海外业务收入占比较高的公司,交叉上市对企业社会责任的影响更为显著;正向交叉上市和逆向交叉上市都能提高企业的社会责任;交叉上市能显著提高企业的ESG表现。文章探究了交叉上市对企业社会责任的影响,为交叉上市在新兴市场发挥治理作用提供了新的证据,深化了对企业社会责任和企业ESG表现的理解。

This paper investigates the impact of cross-listing on corporate social responsibility based on the data from 2010 to 2017 of Chinese A-share listed companies.The research finds that cross-listing increases corporate social responsibility significantly.Group tests by industry characteristics suggest that the impact of cross-listing on corporate social responsibility is more significant for firms in low-concentration and environment-sensitive industries.Further analysis demonstrates that the effect of cross-listing on corporate social responsibility is stronger when the company has a higher proportion of overseas revenue.Both obverse and reverse cross-listing can increase corporate social responsibility significantly.Cross-listing also increases corporate ESG performance significantly.This paper investigates the impact of cross-listing on corporate social responsibility.Our findings provide empirical evidence to the notion that cross-listing plays a governance role in emerging markets and has implications for our understanding of corporate social responsibility and ESG performance as well.