强化社会责任信息披露能提升企业价值么?——基于违约风险和同群效应的实证研究

Can Strengthening Social Responsibility Information Disclosure Enhance Corporate Value?——Empirical Research Based on Default Risk and Peer Effect

本文实证检验了我国A股上市公司社会责任信息披露对企业价值的影响效应;探究了其传导机制,发现通过强化社会责任信息披露、降低违约风险是提升企业价值的关键一环;进行异质性分析,研究了企业性质差异、时间差异、环保差异等情况下的不一致性;进一步分析发现企业社会责任信息披露存在行业同群效应,该效应对企业发展有明显作用。本文丰富了企业社会责任披露的经济后果,为规范上市企业信息披露以及防范化解违约风险提供了有益的论据。

This paper empirically examines the impact of social responsibility information disclosure on corporate value of Ashare listed companies in China. The transmission mechanism is explored, and it is found that strengthening the disclosure of social responsibility information and reducing the risk of default is a key link to enhance corporate value. Heterogeneity analysis is carried out to study the inconsistencies of enterprise nature difference, time difference and pollution difference. Further analysis found that corporate social responsibility information disclosure has industry peer group effect, which has a significant effect on the development of enterprises. This paper enriched the economic consequences of corporate social responsibility disclosure and provided useful arguments for standardizing information disclosure of listed companies and preventing and resolving default risks.