社会责任文本信息披露是否具有价值保护效应——基于企业违规处罚冲击的研究场景

Can CSR Text Information Disclosure Protect Firm Value under the Research Scenario of Enterprises Being Punished for Violations

基于企业受到违规处罚的外生研究场景,运用文本分析技术,通过构建双重差分等模型识别了负面冲击下企业社会责任文本信息披露的价值保护效应。研究发现,违规处罚后企业会显著提升社会责任文本信息披露质量;且社会责任文本信息披露质量的提升对企业价值产生了保护效应。机制检验发现,分析师盈余预测准确度的提高是社会责任文本信息披露实现企业价值保护的主要路径。进一步研究发现,在声誉风险管理动机较强、媒体关注度较高以及面临更严重处罚的样本中,违规处罚后企业提升社会责任文本信息披露质量的现象更为显著。

Taking enterprises being punished for violations as the exogenous shock,this paper identifies the value protection effect of corporate social responsibility(CSR)text information disclosure under the negative impacts by using text analysis technology,difference in difference(DID)model and other models.The results indicate that firms will significantly promote the disclosure quality of CSR text information after being punished,and this promotion has a protective effect on firm value.The mechanism test shows that the improvement of analysts’earnings forecast accuracy is the main path for CSR text information disclosure to achieve value protection.Further research finds that firms with stronger reputation risk management incentives,higher media attention and more serious punishment,the phenomenon that firms promote the disclosure quality of CSR text information after being punished is more obvious.