企业社会责任信息披露与资本市场信息不对称关系的实证研究

An Empirical Study on the Relationship of Corporate Social Responsibility Information Disclosure and Information Asymmetry of Capital market

本文试图从社会责任信息披露的经济后果——投资决策的有效性进行分析。笔者以128家上市公司的年度报告以及年报披露期内发布企业社会责任报告作为研究对象,检验了企业社会责任信息披露对股价波动率的影响后发现:企业社会责任信息披露程度与股价波动率幅度存在显著的负相关关系,认为投资者可以利用上市公司披露的企业社会责任信息,降低自身与企业内部人的信息不对称,从而影响投资决策。

The economic consequences of social responsibility information disclosure—the effectiveness of the investment decision-making are studied in this paper.128 listed company which issue annul reports and social responsibility reports during the annual report disclosure period in 2010 are used as samples to examine corporate social responsibility information disclosure's effect on stock price volatility.The result shows there is a significant negative correlation between them.The investors can take advantage of corporate social responsibility information disclosure of the listed companies to reduce the asymmetric information with internal staff,so as to affect the investment decisions.