资本市场对公司社会责任事件的惩戒效应——基于富士康公司员工自杀事件的研究

发布时间：2018-08-13 17:27

【摘要】：本文以富士康公司员工连续自杀事件为案例,通过实证分析这一公司社会责任事件对富士康公司与控股公司、贷款银行以及客户企业的股票价格与交易量的影响,探讨了资本市场是否会因社会责任事件而对公司及利益相关方做出经济惩罚。研究结果表明:富士康公司及其控股公司、给予富士康公司贷款的中国大陆国有商业银行的股票价格与交易量均未受到富士康公司员工自杀事件的显著影响,这表明在新兴市场中,资本市场尚未发挥对公司社会责任事件的经济惩罚作用。相反,同样作为贷款银行并实施赤道原则的渣打银行以及富士康公司的客户企业苹果、戴尔、惠普等IT公司的股票对富士康公司员工自杀事件反应敏感。这意味着发达资本市场对公司社会责任事件的经济惩罚作用较为显著。
[Abstract]:Taking the continuous suicide of Foxconn employees as an example, this paper empirically analyzes the impact of this corporate social responsibility incident on the stock prices and trading volume of Foxconn and holding companies, loan banks and client enterprises. This paper discusses whether the capital market will punish companies and stakeholders for social responsibility. The results show that neither the stock prices nor the trading volumes of the state-owned commercial banks in mainland China that Foxconn and its holding companies have lent to Foxconn have been significantly affected by the suicides of Foxconn employees. This suggests that capital markets in emerging markets have yet to act as financial penalties for CSR incidents. Instead, Standard Chartered Bank, which also serves as a lending bank and applies equatorial principles, and Foxconn's client companies, Apple, Dell and Hewlett-Packard, are sensitive to suicides by Foxconn employees. This means that developed capital markets play a significant role in economic punishment of CSR events.
【作者单位】：中国社会科学院工业经济研究所;中央财经大学会计学院;南开大学商学院;
【基金】：国家科技支撑计划课题“企业社会责任综合评价研究”(批准号2006BAK04A24-6-3) 国家自然科学基金青年项目“税收的公司治理效应”(批准号70802066)
【分类号】：F270;F832.51;F426.6

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