央企社会责任履行与中小股东利益

Performance of Central State-Owned Enterprise Corporate Social Responsibility and Minor Shareholder’s Interest

文章以2008~2011年国资委直属中央企业的控股上市公司(以下简称央企)为研究样本,通过建立企业社会责任报告评分和企业市场价值之间的关系模型,尝试分析央企社会责任履行和央企中小股东利益之间的相关性。实证结果显示,央企的社会责任报告评分和企业市场价值之间负相关。鉴于央企的中小股东利益主要体现在企业股票市场价值方面,因此,央企现阶段的社会责任履行情况损害了中小股东利益。

Based on the data of listed Central State- Owned Enterprise( CSOE) from 2008 to 2011,through the establishment of the relation model of corporate social responsibility report grading and corporate market value,this paper analyses the relationship between CSOE’s corporate social responsibility and its minor shareholder interest. The result shows that CSOE’s corporate social responsibility score is negatively associated with its market value. Since the interest of CSOE’s minor shareholders mainly comes from stock price spread,the result implies that currently CSOE’s behavior of corporate social responsibility harms its minor shareholder interest.