上市公司社会责任信息披露与其股价的相关性分析
发布时间：2018-10-19 06:52
【摘要】：科学发展观及社会和谐发展目标的提出,要求社会各阶层在实现经济效益的同时,要注重提高社会效益、承担社会责任。因此国家在大力提高经济发展和完善资本市场时,也要求企业加大对环境保护、能源节约、产品质量的提高、社区发展等的关注,以实现人与社会的和谐发展。2006年1月1日,我国新颁布的《公司法》中首次明确提出公司要“承担社会责任”。 企业作为社会的主要成员,在社会效益目标中起着举足轻重的作用。我国上市公司对社会责任信息的披露状况如何呢?公司披露的社会责任信息会对股价产生影响吗?我国学者关于公司披露的社会责任信息与股价变动关系方面的研究较少,因此本文将通过建立社会责任贡献指标,对企业所承担的社会责任内容进行量化,运用实证研究方法,验证我国上市公司投资者的决策是否会受到企业履行社会责任的影响,以了解我国企业承担社会责任的现状,并希望对各企业的利益相关者的决策有所帮助,同时提高社会各界对企业社会责任的关注及重视。 本文主要采用了统计分析法和实证研究方法,通过对上市公司2006年、2007年和2008年连续三年的数据进行抽样分析,以研究上市公司披露的社会责任信息与其股价之间的相关性。文章首先介绍了利益相关者理论,并以此理论为基础对上市公司所承担的社会责任对象进行了划分;然后根据2008年5月13日上交所发布的《通知》中提到的“每股社会贡献值”,设计出能体现上市公司承担相关利益者的社会责任指标,并对抽样公司披露的会计年报中的数据进行挖潜,以量化上市公司对相关利益者的社会责任贡献信息;最后通过统计分析和回归分析方法,了解上市公司披露社会责任信息的现状,分析研究上市公司披露的社会责任信息与其股价之间的相关性。研究结果表明:上市公司的社会责任信息披露表现不好,我国投资者对企业披露的社会责任信息不关注,现阶段我国上市公司披露的社会责任信息与其股价间的相关性不显著,社会各阶层的社会责任意识有待加强。就以上得出的结论对我国上市公司社会责任信息披露提出几点建议,为公司社会责任信息披露的完善提供些许参考。
[Abstract]:The scientific concept of development and the goal of harmonious social development require all social strata to pay attention to the improvement of social benefits and undertake social responsibility while realizing economic benefits. Therefore, in order to achieve harmonious development between human beings and society, the state, while vigorously improving economic development and perfecting capital markets, also requires enterprises to pay more attention to environmental protection, energy conservation, improvement of product quality, community development, etc. On January 1, 2006, In the newly promulgated Company Law of our country, the company should bear social responsibility for the first time. As the main members of the society, enterprises play an important role in the goal of social benefits. How about the disclosure of social responsibility information by listed companies in China? Will corporate social responsibility information affect share prices? There are few researches on the relationship between corporate social responsibility information and stock price change, so this paper will quantify the content of corporate social responsibility by establishing social responsibility contribution index, and use empirical research method. In order to understand the current situation of corporate social responsibility in our country, the investors' decision of listed companies in China will be influenced by the corporate social responsibility, and it is hoped that it will be helpful to the decision of the stakeholders of each enterprise. At the same time, we should pay more attention to corporate social responsibility. This paper mainly adopts the statistical analysis method and the empirical research method to study the correlation between the social responsibility information disclosed by listed companies and their stock prices by sampling and analyzing the data of listed companies for three consecutive years in 2006, 2007 and 2008. Firstly, this paper introduces the stakeholder theory, and divides the social responsibility objects of listed companies on the basis of the theory. Then according to the "value of social contribution per share" mentioned in the notice issued by the Shanghai Stock Exchange on May 13, 2008, the author designs a social responsibility index that can reflect the relevant interests of listed companies. In order to quantify the social responsibility contribution information of listed companies to relevant stakeholders, the data in the accounting annual report disclosed by sampling companies are explored. Finally, through statistical analysis and regression analysis, To understand the current situation of social responsibility information disclosed by listed companies, and to analyze the correlation between the social responsibility information disclosed by listed companies and their stock prices. The results show that the performance of social responsibility information disclosure of listed companies is not good, the investors in our country do not pay attention to the social responsibility information disclosed by enterprises, and the correlation between the social responsibility information disclosed by listed companies and their stock prices is not significant at present. The consciousness of social responsibility of all social strata needs to be strengthened. Based on the above conclusions, some suggestions are put forward for the disclosure of social responsibility information of listed companies in China, which provides some references for the perfection of the disclosure of corporate social responsibility information.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275;F270;F832.51
本文编号：2280461
[Abstract]:The scientific concept of development and the goal of harmonious social development require all social strata to pay attention to the improvement of social benefits and undertake social responsibility while realizing economic benefits. Therefore, in order to achieve harmonious development between human beings and society, the state, while vigorously improving economic development and perfecting capital markets, also requires enterprises to pay more attention to environmental protection, energy conservation, improvement of product quality, community development, etc. On January 1, 2006, In the newly promulgated Company Law of our country, the company should bear social responsibility for the first time. As the main members of the society, enterprises play an important role in the goal of social benefits. How about the disclosure of social responsibility information by listed companies in China? Will corporate social responsibility information affect share prices? There are few researches on the relationship between corporate social responsibility information and stock price change, so this paper will quantify the content of corporate social responsibility by establishing social responsibility contribution index, and use empirical research method. In order to understand the current situation of corporate social responsibility in our country, the investors' decision of listed companies in China will be influenced by the corporate social responsibility, and it is hoped that it will be helpful to the decision of the stakeholders of each enterprise. At the same time, we should pay more attention to corporate social responsibility. This paper mainly adopts the statistical analysis method and the empirical research method to study the correlation between the social responsibility information disclosed by listed companies and their stock prices by sampling and analyzing the data of listed companies for three consecutive years in 2006, 2007 and 2008. Firstly, this paper introduces the stakeholder theory, and divides the social responsibility objects of listed companies on the basis of the theory. Then according to the "value of social contribution per share" mentioned in the notice issued by the Shanghai Stock Exchange on May 13, 2008, the author designs a social responsibility index that can reflect the relevant interests of listed companies. In order to quantify the social responsibility contribution information of listed companies to relevant stakeholders, the data in the accounting annual report disclosed by sampling companies are explored. Finally, through statistical analysis and regression analysis, To understand the current situation of social responsibility information disclosed by listed companies, and to analyze the correlation between the social responsibility information disclosed by listed companies and their stock prices. The results show that the performance of social responsibility information disclosure of listed companies is not good, the investors in our country do not pay attention to the social responsibility information disclosed by enterprises, and the correlation between the social responsibility information disclosed by listed companies and their stock prices is not significant at present. The consciousness of social responsibility of all social strata needs to be strengthened. Based on the above conclusions, some suggestions are put forward for the disclosure of social responsibility information of listed companies in China, which provides some references for the perfection of the disclosure of corporate social responsibility information.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275;F270;F832.51
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