我国制造业上市公司履行社会责任的市场反应实证研究
发布时间：2018-07-17 04:13
【摘要】：当前我国正处于构建和谐社会阶段,随着这一过程的不断推进,要求企业承担社会责任的呼声越来越高。尤其是近年来诸如毒奶粉事件、跳楼事件、车间爆炸和环境污染等事件社会责任缺失事件时有发生,社会各界更加关注企业社会责任的履行。2006年深交所出具《上市公司社会责任指引》正式将上市公司披露社会责任信息纳入公司自愿性披露信息的行列。该《指引》要求上市公司发布社会责任报告,以独立报告的形式披露社会责任信息,但是并没有强制要求。《指引》颁布后,上市公司陆续开始发布社会责任报告,那么以发布社会责任报告的形式披露社会责任信息是否在资本市场上有所反应?即这种行为是否能够影响投资者的投资决策,影响公司股票价格呢?本文通过实证研究对这个问题进行解答。由于我国制造业企业数量大,其发展程度对我国工业化进程和经济水平影响重大,而且重污染企业密集,受政府关注度较高,因此本文以我国制造业上市公司为例进行实证研究。 本文选择2012年发布社会责任报告的制造业上市公司为研究样本,同时为作对比分析,随机抽取没有发布社会责任报告的上市公司为对比样本,建立平均股票价格和社会责任指数的多远回归模型进行研究,采用对比分析和回归分析相结合的方法。首先,本文对国内外社会责任信息的市场反应研究文献进行回顾,总结了前人研究方法和研究结论,以确定了本文的研究内容。其次,对社会责任相关基础理论进行阐述,包括社会责任理论的产生、发展、概念概述、评价方法,利益相关者理论,有效资本市场理论和决策有用性理论等资本市场相关理论。然后,根据所述相关理论,针对要解决的问题提出假设、建立模型、搜集数据和实证分析,并得出下列结论：第一,总体来看,独立发布社会责任报告的制造业上市公司履行的社会责任信息确实能引起市场反应。虽然该反应比较弱,但是确是事实。第二,目前制造业上市公司披露的不同利益相关者社会责任信息在资本市场的反应程度不同。企业履行的对职工的社会责任对股价有正向显著的影响；未偿还供应商货款率与股价显著负相关；对社区的责任信息与股价正向相关,但是显著性不明显；对政府和投资者的责任信息与股价呈微弱的正相关关系。第三,对没有发布社会责任报告的公司,投资者比较关注其履行的对社区的责任。第四,若公司属于重污染企业,会对股价产生不利影响。最后,本文根据研究结果提出建议。
[Abstract]:At present, our country is in the stage of constructing a harmonious society. With the development of this process, the demand for enterprises to bear social responsibility is getting higher and higher. In particular, in recent years, incidents such as tainted milk powder incidents, building hopping incidents, workshop explosions and environmental pollution have occurred from time to time in the absence of social responsibility. In 2006, the Shenzhen Stock Exchange issued the "guidelines on Social responsibility of listed companies" and formally incorporated the disclosure of social responsibility information of listed companies into the ranks of voluntary disclosure of information. The guidelines require listed companies to publish social responsibility reports and disclose social responsibility information in the form of independent reports, but there is no mandatory requirement. After the issuance of the guidelines, listed companies began to publish social responsibility reports one after another. Does disclosure of social responsibility information in the form of social responsibility reports respond to capital markets? That is whether this kind of behavior can affect investors' investment decision and affect the company's stock price. This paper answers this question through empirical research. Because of the large number of manufacturing enterprises in our country, the degree of their development has a great impact on the industrialization process and economic level of our country, and the heavy pollution enterprises are dense, so they are highly concerned by the government. Therefore, this paper takes China's manufacturing listed companies as an example to conduct empirical research. In this paper, the listed manufacturing companies that issued CSR reports in 2012 were selected as the research samples, and for comparative analysis, the listed companies without social responsibility reports were randomly selected as the comparative samples. The multidistance regression model of average stock price and social responsibility index is established, and the method of comparative analysis and regression analysis is adopted. First of all, this paper reviews the literature on the market response of social responsibility information at home and abroad, summarizes the previous research methods and conclusions, in order to determine the content of this paper. Secondly, it expounds the basic theories of social responsibility, including the emergence, development, concept overview, evaluation methods, stakeholder theory, The theory of effective capital market and the theory of decision-making usefulness are related theories of capital market. Then, according to the relevant theory, the hypothesis is put forward, the model is set up, the data is collected and the empirical analysis is made, and the following conclusions are drawn: first, overall, The social responsibility information of listed manufacturing companies that independently publish CSR reports can indeed cause market reaction. Although the reaction was weak, it was true. Secondly, the social responsibility information of different stakeholders disclosed by listed manufacturing companies is different in the capital market. The corporate social responsibility to the employees has a positive and significant impact on the stock price; the outstanding supplier loan rate is negatively correlated with the stock price; the community responsibility information is positively correlated with the stock price, but the significance is not obvious. There is a weak positive correlation between the information of responsibility to the government and investors and the stock price. Third, investors are more concerned about their community responsibilities for companies that do not publish social responsibility reports. Fourth, if the company is a heavy pollution enterprises, will have a negative impact on the stock price. Finally, according to the results of the study, the paper puts forward some suggestions.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F270;F425
本文编号：2128965
[Abstract]:At present, our country is in the stage of constructing a harmonious society. With the development of this process, the demand for enterprises to bear social responsibility is getting higher and higher. In particular, in recent years, incidents such as tainted milk powder incidents, building hopping incidents, workshop explosions and environmental pollution have occurred from time to time in the absence of social responsibility. In 2006, the Shenzhen Stock Exchange issued the "guidelines on Social responsibility of listed companies" and formally incorporated the disclosure of social responsibility information of listed companies into the ranks of voluntary disclosure of information. The guidelines require listed companies to publish social responsibility reports and disclose social responsibility information in the form of independent reports, but there is no mandatory requirement. After the issuance of the guidelines, listed companies began to publish social responsibility reports one after another. Does disclosure of social responsibility information in the form of social responsibility reports respond to capital markets? That is whether this kind of behavior can affect investors' investment decision and affect the company's stock price. This paper answers this question through empirical research. Because of the large number of manufacturing enterprises in our country, the degree of their development has a great impact on the industrialization process and economic level of our country, and the heavy pollution enterprises are dense, so they are highly concerned by the government. Therefore, this paper takes China's manufacturing listed companies as an example to conduct empirical research. In this paper, the listed manufacturing companies that issued CSR reports in 2012 were selected as the research samples, and for comparative analysis, the listed companies without social responsibility reports were randomly selected as the comparative samples. The multidistance regression model of average stock price and social responsibility index is established, and the method of comparative analysis and regression analysis is adopted. First of all, this paper reviews the literature on the market response of social responsibility information at home and abroad, summarizes the previous research methods and conclusions, in order to determine the content of this paper. Secondly, it expounds the basic theories of social responsibility, including the emergence, development, concept overview, evaluation methods, stakeholder theory, The theory of effective capital market and the theory of decision-making usefulness are related theories of capital market. Then, according to the relevant theory, the hypothesis is put forward, the model is set up, the data is collected and the empirical analysis is made, and the following conclusions are drawn: first, overall, The social responsibility information of listed manufacturing companies that independently publish CSR reports can indeed cause market reaction. Although the reaction was weak, it was true. Secondly, the social responsibility information of different stakeholders disclosed by listed manufacturing companies is different in the capital market. The corporate social responsibility to the employees has a positive and significant impact on the stock price; the outstanding supplier loan rate is negatively correlated with the stock price; the community responsibility information is positively correlated with the stock price, but the significance is not obvious. There is a weak positive correlation between the information of responsibility to the government and investors and the stock price. Third, investors are more concerned about their community responsibilities for companies that do not publish social responsibility reports. Fourth, if the company is a heavy pollution enterprises, will have a negative impact on the stock price. Finally, according to the results of the study, the paper puts forward some suggestions.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F270;F425
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