强制企业社会责任披露对同行企业价值的影响——基于股票市场反应的证据

The Impact of Mandatory Corporate Social Responsibility Disclosure on Peer Firm Value--Evidencefrom StockMarketReactions

利用2008年上交所与深交所强制要求部分企业披露企业社会责任(CSR)这一准自然实验,以相同分析师数量作为同行企业判定标准,从同行企业的视角研究强制CSR披露对企业价值的影响。研究发现:第一,强制CSR披露政策使得披露企业的同行企业相比于非同行企业具有更为正面的股票市场反应;第二,这一正面影响在行业竞争压力较大企业、跟随者企业、融资约束较低企业以及国有企业等对竞争压力变化更为敏感的企业中更为显著。研究结论表明,强制CSR披露政策削弱了披露企业的竞争优势,降低了同行企业的竞争压力,因此相比于非同行企业,披露企业的同行企业具有较高的企业价值。

Using a quasi-natural experiment of mandatory corporate social responsibility(CSR)disclosure for some firms on the SSE and SZSE in 2008,this paper investigates the impact of mandatory CSR disclosure on firm value from the perspective of peer effects,where the criterion for determining peer firms is the common analysts.The study finds that:first,the mandatory CSR disclosure policy leads to more positive stock market reactions among peer firms than non-peer firms;second,this positive effect is more pronounced among firms with higher competitive pressure in their industries,follower firms,i.e.,firms that are more sensitive to changes in competitive pressure,firms with lower financing constraints and state-owned firms.The results suggest that the mandatory CSR disclosure policy weakens the competitive advantage of the disclosing firms and reduces the competitive pressure of the peer firms.Therefore,compared with the non-peer firms,the peers of the disclosing firms have higher enterprise value.