企业社会责任与上市公司违规

Corporate Social Responsibility and Corporate Fraud in China

企业社会责任(CSR)对公司治理问题存在两种不同的经济效应:“抑制效应”和“饰窗效应”。那么针对公司违规行为,企业社会责任会产生何种影响呢?本文试图通过理论分析和计量检验,探索在我国资本市场中,企业社会责任这一非商业行为与公司违规之间的经济关联。研究结果表明,企业社会责任与公司违规发生概率呈显著负相关,而对公司违规查处概率没有显著影响。企业社会责任主要表现出“抑制效应”,而尚未表现出“饰窗效应”。此外,企业社会责任对公司违规的抑制作用在小规模公司以及面临竞争压力的公司内表现更为显著。进一步中介检验结果证实,企业社会责任通过改善其盈利能力,缓解融资约束程度,进而降低公司违规发生的可能性。本文的研究结论为改善资本市场生态环境,提高上市公司质量提供了理论支持和政策依据。

In this paper,we examine the impact of publishing social responsibility information on corporate fraud in China’s capital market. We develop and test two competing hypotheses of "risk-reduction" and "window-dressing". Based on the listed company’s Social Responsibility Report(CSR),we analyze the effect of the listed company’s social responsibility report on the company’s fraud propensity,fraud detection and the severity of corporate fraud. The research results show that:corporate social responsibility is negatively and significantly related to fraud propensity after controlling for firm characteristics and other corporate governance factors. By publishing the social responsibility report,the company’s information transparency is improved,and the probability of concealing and concealing negative information is reduced. These findings support the risk-reduction hypothesis,but not the window-dressing hypothesis. Further research shows that taking on more social responsibilities reflects a higher corporate ethics culture within the company,affecting the company’s economic activities and executive decision-making processes,which will significantly decrease the probability of corporate fraud,reduce the type of convicted fraud and mitigate the severity of corporate fraud.