基于中国上市公司样本的企业社会责任与企业市场价值关系的实证研究
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摘要
从投资者的视角研究企业社会责任与企业市场价值的关系,选取中国上市公司作为样本,采用事件研究和多元回归分析等实证方法进行研究。研究表明:整体而言投资者对企业社会责任持积极态度,尤其是自愿发布企业社会责任报告的企业,其履行社会责任的行为能够在事件窗口期产生显著为正的超额收益。此外,企业社会责任履行质量对上市公司市场价值有显著的正向影响,履行质量越好,公司市场价值越高。
Under this circumstance,the public is paying great attention to corporate social responsibility(CSR).More and more firms started to invest a lot on CSR.For companies,the ultimate goal of CSR is profit maximization.Would CSR help firms to increase their market value?By applying the event study and multivariate regression analysis,this study discusses the effect of CSR on China listed companies' market value.Empirical results show that investors evaluate CSR positively.Companies could obtain significantly positive abnormal return in the event window through CSR,especially for those companies voluntarily issuing CSR reports.Besides,CSR quality has shown significantly positive influence on market value of listed companies.
Under this circumstance,the public is paying great attention to corporate social responsibility(CSR).More and more firms started to invest a lot on CSR.For companies,the ultimate goal of CSR is profit maximization.Would CSR help firms to increase their market value?By applying the event study and multivariate regression analysis,this study discusses the effect of CSR on China listed companies' market value.Empirical results show that investors evaluate CSR positively.Companies could obtain significantly positive abnormal return in the event window through CSR,especially for those companies voluntarily issuing CSR reports.Besides,CSR quality has shown significantly positive influence on market value of listed companies.
引文
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[25]MISHRA S,SUAR D.Does Corporate Social Responsibility Influence Firm Performance of Indian Companies[J].Journal of Business Ethics,2010,95(4):571-601.
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[29]BéNABOU R,TIROLE J.Incentives and Prosocial Behavior[J].American Economic Review,2006,96(5):1 652-1 678.
[2]BHATTACHARYA C B,SEN S.Doing Better at Doing Good:When,Why,and How Consumers Respond to Corporate Social Initiatives[J].California Management Review,2004,47(1):9-24.
[3]LUO X M,BHATTACHARYA C B.The Debate over Doing Good:Corporate Social Performance,Strategic Marketing Levers,and Firm-Idiosyncratic Risk[J].Journal of Marketing,2009,73(6):198-213.
[4]SERVAES H,TAMAYO A.The Impact of Corporate Social Responsibility on Firm Value:The Role of Customer Awareness[J].Management Science,2013,59(5):1 045-1 061.
[5]邓新明,张婷,许洋,等.企业社会责任对消费者购买意向的影响研究[J].管理学报,2016,13(7):1 019-1 027.
[6]田敏,李纯青,萧庆龙.企业社会责任行为对消费者品牌评价的影响[J].南开管理评论,2014,17(6):19-29.
[7]MCWILLIAMS A,SIEGEL D.Corporate Social Responsibility:A Theory of the Firm Perspective[J].Academy of Management Review,2001,26:117-127.
[8]PORTER M E,KRAMER M R.Strategy and Society:The Link between Competitive Advantage and Corporate Social Responsibility[J].Harvard Business Review,2007,85:78-92.
[9]贾兴平,刘益,廖勇海.利益相关者压力、企业社会责任与企业价值[J].管理学报,2016,13(2):267-274.
[10]张建君.竞争-承诺-服从:中国企业慈善捐款的动机[J].管理世界,2013(9):118-129.
[11]MONEVA J M,ORTAS E.Corporate Environmental and Financial Performance:A Multivariate Approach[J].Industrial Management&Data Systems,2010,110(2):193-210.
[12]SIREGAR S V,BACHTIAR Y.Corporate Social Reporting:Empirical Evidence from Indonesia Stock Exchange[J].International Journal of Islamic Middle East Finance and Management,2010,3(3):241-252.
[13]WRIGHT P,FERRIS S P.Agency Conflict and Corporate Strategy:The Effect of Divestment on Corporate Value[J].Strategic Management Journal,1997,18(1):77-83.
[14]HILLMAN A J,KEIM G D.Shareholder Value,Stakeholder Management,and Social Issues:What’s the Bottom Line?[J]Strategic Management Journal,2001,22(1):125-136.
[15]DING D K,FERREIRA C,WONGCHOTI U.Does It Pay to Be Different?Relative CSR and Its Impact on Firm Value[J].Journal of Business Ethics,2016,47(1):86-98.
[16]CAMPBELL D,MOORE G,METZGER M.Corporate Philanthropy in the UK 1985-2000:Some Empirical Findings[J].Journal of Business Ethics,2002,39(1):29-41.
[17]ALEXANDER G J,BUCHHOLZ R A.Corporate Social Responsibility and Stock Market Performance[J].Academy of Management Journal,1978,21:479-486.
[18]KARAOSMANOGLU E,ALTINIGNE N,ISIK-SAL D G.CSR Motivation and Customer ExtraRole Behavior:Moderation of Ethical Corporate I-dentity[J].Journal of Business Research,2016,69(10):4161-4167.
[19]陈可,李善同.企业社会责任对财务绩效的影响:关键要素视角[J].统计研究,2010,27(7):105-111.
[20]KONAR S,COHEN M A.Does the Market Value Environmental Performance[J].The Review of Economics and Statistics,2011,83(2):281-289.
[21]KIM S,LEE Y.The Complex Attribution Process of CSR Motives[J].Public Relations Review,2011,38:168-170.
[22]钟马,徐光华.社会责任信息披露、财务信息质量与投资效率——基于“强制披露时代”中国上市公司的证据[J].管理评论,2017,29(2):234-244.
[23]李远慧,张洁.社会责任报告信息披露市场反应研究——来自沪深两市强制披露的经验证据[J].会计之友,2012,36(1):88-90.
[24]MORSING M,SCHULTZ M.Corporate Social Responsibility Communication:Stakeholder Information,Response and Involvement Strategies[J].Business Ethics:A European Review,2006,15(4):323-338.
[25]MISHRA S,SUAR D.Does Corporate Social Responsibility Influence Firm Performance of Indian Companies[J].Journal of Business Ethics,2010,95(4):571-601.
[26]FRYXELL G E,WANG J.The Fortune Corporate“Reputation”Index:Reputation for What?[J].Journal of Management,1994,20(1):1-14.
[27]MACKINLAY A C.Event Studies in Economics and Finance[J].Journal of Economic Literature,1997,35(1):13-39.
[28]何青.内部人交易与股票市场回报——来自中国市场的证据[J].经济理论与经济管理,2012,31(2):61-70.
[29]BéNABOU R,TIROLE J.Incentives and Prosocial Behavior[J].American Economic Review,2006,96(5):1 652-1 678.