CEO薪酬、公司市场表现与企业社会责任——基于制造业上市公司的实证研究
发布时间：2018-11-09 14:48
【摘要】：CEO在整个高管团队对最终决策的形成至关重要,直接关系到企业价值创造和市场表现。将公司CEO薪酬作为一个独立的变量来分析,并检验其对企业社会责任披露施加怎样的作用,以及如何影响公司市场绩效的波动,可以为监管层进一步完善中国上市公司社会责任信息披露制度提供参考。从检验CEO薪酬、企业市场价值与社会责任信息披露之间的内在关联可知,越来越多的上市公司开始重视对外披露企业社会责任,并积极主动地扩充具体内容;总体上社会责任信息披露质量较好的公司其CEO薪酬较高,企业市场价值令人满意;不同所有制性质的公司在披露社会责任方面的表现差异性未能消除,沪市的制造业企业更倾向于积极的社会责任信息披露。
[Abstract]:CEO in the entire executive team is crucial to the formation of final decisions, directly related to enterprise value creation and market performance. This paper analyzes the CEO compensation as an independent variable, and tests its effect on corporate social responsibility disclosure and how it affects the volatility of corporate market performance. It can provide a reference for regulators to further improve the social responsibility information disclosure system of listed companies in China. From the test of CEO compensation, the relationship between corporate market value and social responsibility information disclosure, we can see that more and more listed companies begin to attach importance to the disclosure of corporate social responsibility, and actively expand the specific content; On the whole, the companies with good quality of social responsibility information disclosure have higher CEO compensation and satisfactory market value. The differences in the disclosure of social responsibility of different ownership companies can not be eliminated, and manufacturing enterprises in Shanghai stock market are more inclined to actively disclose social responsibility information.
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本文编号：2320723
[Abstract]:CEO in the entire executive team is crucial to the formation of final decisions, directly related to enterprise value creation and market performance. This paper analyzes the CEO compensation as an independent variable, and tests its effect on corporate social responsibility disclosure and how it affects the volatility of corporate market performance. It can provide a reference for regulators to further improve the social responsibility information disclosure system of listed companies in China. From the test of CEO compensation, the relationship between corporate market value and social responsibility information disclosure, we can see that more and more listed companies begin to attach importance to the disclosure of corporate social responsibility, and actively expand the specific content; On the whole, the companies with good quality of social responsibility information disclosure have higher CEO compensation and satisfactory market value. The differences in the disclosure of social responsibility of different ownership companies can not be eliminated, and manufacturing enterprises in Shanghai stock market are more inclined to actively disclose social responsibility information.
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本文编号：2320723
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