企业社会责任与股价崩盘风险:“信息桥梁”或“信息误区”?

Corporate Social Responsibility and Stock Price Crash Risk:Information Bridge or Information

以我国2010—2022年A股上市公司社会责任报告为研究样本,利用LDA主题模型提取企业社会责任报告中的主题指标,基于机器学习中的集成学习模型探究社会责任报告文本信息与股价崩盘风险之间的关系。研究发现,企业社会责任报告主题指标相较于社会责任专业机构评级数据对股价崩盘的预测作用更显著;社会责任报告信息披露与股价崩盘风险之间呈现“U”型关系。监管机构应出台相关规章制度,规范企业责任报告的披露形式,根据提取的社会责任报告文本主题指标预测公司股价崩盘风险,维持公司的持续经营,进而保障相关者的利益,维护国家金融市场的稳定发展。

Taking the social responsibility report of China’s A-share listed companies from 2010 to 2022 as a research sample,the LDA theme model is used to extract the theme indicators in the corporate social responsibility report,and the relationship between the text information of the social responsibility report and the risk of stock price crash is explored based on the ensemble learning model in machine learning.Compared with the rating data of social responsibility professional institutions,the thematic indicators of CSR reports have a more significant role in predicting stock price crashes.There is a U-shaped relationship between the disclosure of information in social responsibility reporting and the risk of stock price crash.The regulatory authorities should issue relevant rules and regulations,standardize the disclosure form of corporate responsibility reports,predict the risk of the company’s stock price crash according to the thematic indicators of the extracted social responsibility report text,maintain the company’s continuous operation,and then protect the interests of relevant parties and maintain the stable development of the national financial market.