MD&A语调会影响企业履行社会责任吗?--基于信息增量与印象管理的视角

Does MD&A Tone Influence Enterprises,Fulfillment of Social Responsibility?From the Perspective of Information Increment and Impression Management

以2009-2017年A股上市公司作为研究对象,基于非结构化的文本信息,从信息增量和印象管理两个角度,考察上市公司年报中管理层讨论与分析的语调特征对企业社会责任的影响效应。研究发现:MD&A语调越积极,企业社会责任履行情况越好。分别使用Heckman两阶段、工具变量回归、倾向得分匹配和熵平衡克服内生性问题,并通过更换计量模型、变更数据来源和重新测度变量进行稳健性检验,MD&A语调对企业社会责任的促进作用稳健成立;企业社会责任细分维度检验表明,MD&A语调对股东责任、员工责任、环境责任和社会公众责任均有显著的正向影响;调节效应检验显示,分析师关注和产权性质均会强化MD&A语调对企业社会责任的影响。研究为文本信息语调经济后果和企业社会责任影响因素的研究提供了新的经验证据。

Taking A-share listed companies from 2009 to 2017 as the research object,and based on unstructured text information,this paper examines the impact of the tone characteristics of management discussion and analysis in the annual reports of listed companies on corporate performance of social responsibility from the perspectives of information increment and impression management.The results show that the more positive MD&A intonation is,the better the performance of corporate social responsibility is.Using Heckman two-stage,instrumental variables regression,propensity score matching and entropy balancing respectively to overcome endogeneity issues,and robustness tests by replacing the econometric model,changing the data source and re-measuring the variables,the paper finds the promotion effect of MD&A tone on corporate social responsibility robustly holds.The subdivision dimension test of corporate social responsibility shows that MD&A tone has a significant positive impact on shareholder responsibility,employee responsibility,environmental responsibility and social public responsibility.Moderating effect test shows that the influence of MD&A tone on corporate social responsibility will be strengthened by the test,analyst's concern and property rights.The research enriches the economic consequences of text information intonation and the influencing factors of corporate social responsibility,and provides practical enlightenment for stakeholders in capital market.