食品类上市公司社会责任投入的股市效应研究
发布时间：2018-08-30 14:55
【摘要】：随着我国国内生产总值的增长和城市化水平的提高,居民可支配收入大幅增加,拉动居民消费增长,推动需求结构升级,带动食品行业规模稳步增长。然而我国的食品安全现状一直令人担忧,自2008年三鹿乳业三聚氰胺事件曝光以来,食品安全事件频发,食品安全问题已然成为食品行业发展面临的重大瓶颈,因此保证食品安全是食品企业社会责任投入的重中之重。食品安全事件频发的根本原因是生产商无视企业社会责任单纯追求盈利润而故意非法地把有毒元素注入到食物链中。食品类上市公司漠视企业社会责任不仅损害消费者、政府和社会的利益,同时也会对公司的股价带来不利的影响,影响公司的市场价值以及公众对行业的信心。基于上述背景,本文将着重研究食品类上市公司社会责任投入的股市效应,期望为食品行业的健康发展和建设和谐社会做出贡献。 本文正文部分包括五章内容,第一章为引言部分,主要介绍本文的研究背景、研究意义和研究方法,概括总结国内外学者关于企业社会责任的概念界定以及社会责任对企业绩效的影响的研究观点。第二章为相关基础理论和概念界定部分,在介绍利益相关者理论、委托代理理论、投入产出理论、战略管理理论和社会责任会计理论这些相关理论的基础上阐述了企业社会责任及其他相关概念,对食品类上市公司和股市效应进行了概念界定与说明,并对我国关于食品企业社会责任的政策法规进行论述。第三章以利益相关者理论为基础,按社会责任维度对我国食品类上市公司社会责任投入进行了划分,对食品类上市公司社会责任投入的股市效应进行理论说明,阐述了我国食品类上市公司社会责任投入的现状。第四章是实证分析部分,通过样本数据的选择和变量指标的选取,运用SPSS软件对解释变量进行描述性统计,对食品类上市公司社会责任投入指标与股市效应指标进行相关性分析并构建多元线性回归模型进行回归检验。实证研究结果表明,食品类上市公司社会责任投入与股票收益之间存在正相关关系,各项解释变量对累计超额收益率的影响程度存在差异。第五章概括了研究结论,提出政策建议,并展望了未来研究方向。 本文的创新及特色之处在于,在理论分析时不仅应用经济学、现代管理会计理论知识对企业社会责任投入的概念以及食品类上市公司社会责任投入的内涵进行较为全面、系统地论述,并且对我国近年来关于食品领域颁布的政策法规进行深刻的阐述与评价。在实证分析中,我国现有研究成果主要集中在企业社会责任信息的披露、企业社会责任与财务绩效的关系等方面,而本文着重分析食品类上市公司社会责任投入对公司市场价值的影响,在理论基础上结合沪深两市食品类上市公司的数据资料,运用多元线性回归分析方法重点研究社会责任投入各组成部分对公司市场价值的影响程度,并对食品行业的发展提出了建议。
[Abstract]:With the increase of China's GDP and the level of urbanization, the disposable income of residents has increased substantially, driving the growth of consumption, upgrading the demand structure, and driving the steady growth of the scale of the food industry. Safety incidents occur frequently, and food safety has become a major bottleneck for the development of the food industry. Therefore, ensuring food safety is the top priority for food enterprises to invest in social responsibility. In the food chain, the neglect of corporate social responsibility by food listed companies not only damages the interests of consumers, government and society, but also has a negative impact on the company's stock price, affects the company's market value and public confidence in the industry. The stock market effect is expected to contribute to the healthy development of the food industry and the building of a harmonious society.
The main body of this paper includes five chapters. The first chapter is the introduction. It mainly introduces the research background, significance and research methods of this paper. It summarizes the research viewpoints of domestic and foreign scholars on the definition of corporate social responsibility and the impact of social responsibility on corporate performance. The second chapter is the related basic theory and concept definition. On the basis of introducing stakeholder theory, principal-agent theory, input-output theory, strategic management theory and social responsibility accounting theory, this paper expounds the corporate social responsibility and other related concepts, defines and explains the concepts of food listed companies and stock market effect, and discusses the food enterprise society in China. Chapter 3 is based on the stakeholder theory, divides the social responsibility input of listed food companies in China according to the social responsibility dimension, explains the stock market effect of social responsibility input of listed food companies, and expounds the social responsibility input of listed food companies in China. The fourth chapter is the empirical analysis part, through the selection of sample data and variable indicators, using SPSS software for descriptive statistics of explanatory variables, the correlation between the social responsibility input indicators and the stock market effect indicators of food listed companies is analyzed and a multiple linear regression model is constructed for regression test. The results show that there is a positive correlation between social responsibility input and stock returns of food listed companies, and the influence of various explanatory variables on cumulative excess returns is different.
The innovation and characteristic of this paper is that it not only applies economics, but also modern management accounting theory knowledge to the concept of corporate social responsibility investment and the connotation of food listed companies'social responsibility investment. It also discusses systematically and comprehensively, and introduces the policies and regulations promulgated in recent years in the field of food in China. In the empirical analysis, the existing research results mainly focus on the disclosure of corporate social responsibility information, the relationship between corporate social responsibility and financial performance, and so on. This paper focuses on the analysis of the impact of social responsibility input of food listed companies on the market value of the company, based on the theoretical basis combined with Shanghai and Shenzhen stock markets. Based on the data of listed food companies, this paper uses multiple linear regression analysis method to study the impact of social responsibility input on the market value of listed companies, and puts forward some suggestions for the development of the food industry.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F270;F426.82
本文编号：2213411
[Abstract]:With the increase of China's GDP and the level of urbanization, the disposable income of residents has increased substantially, driving the growth of consumption, upgrading the demand structure, and driving the steady growth of the scale of the food industry. Safety incidents occur frequently, and food safety has become a major bottleneck for the development of the food industry. Therefore, ensuring food safety is the top priority for food enterprises to invest in social responsibility. In the food chain, the neglect of corporate social responsibility by food listed companies not only damages the interests of consumers, government and society, but also has a negative impact on the company's stock price, affects the company's market value and public confidence in the industry. The stock market effect is expected to contribute to the healthy development of the food industry and the building of a harmonious society.
The main body of this paper includes five chapters. The first chapter is the introduction. It mainly introduces the research background, significance and research methods of this paper. It summarizes the research viewpoints of domestic and foreign scholars on the definition of corporate social responsibility and the impact of social responsibility on corporate performance. The second chapter is the related basic theory and concept definition. On the basis of introducing stakeholder theory, principal-agent theory, input-output theory, strategic management theory and social responsibility accounting theory, this paper expounds the corporate social responsibility and other related concepts, defines and explains the concepts of food listed companies and stock market effect, and discusses the food enterprise society in China. Chapter 3 is based on the stakeholder theory, divides the social responsibility input of listed food companies in China according to the social responsibility dimension, explains the stock market effect of social responsibility input of listed food companies, and expounds the social responsibility input of listed food companies in China. The fourth chapter is the empirical analysis part, through the selection of sample data and variable indicators, using SPSS software for descriptive statistics of explanatory variables, the correlation between the social responsibility input indicators and the stock market effect indicators of food listed companies is analyzed and a multiple linear regression model is constructed for regression test. The results show that there is a positive correlation between social responsibility input and stock returns of food listed companies, and the influence of various explanatory variables on cumulative excess returns is different.
The innovation and characteristic of this paper is that it not only applies economics, but also modern management accounting theory knowledge to the concept of corporate social responsibility investment and the connotation of food listed companies'social responsibility investment. It also discusses systematically and comprehensively, and introduces the policies and regulations promulgated in recent years in the field of food in China. In the empirical analysis, the existing research results mainly focus on the disclosure of corporate social responsibility information, the relationship between corporate social responsibility and financial performance, and so on. This paper focuses on the analysis of the impact of social responsibility input of food listed companies on the market value of the company, based on the theoretical basis combined with Shanghai and Shenzhen stock markets. Based on the data of listed food companies, this paper uses multiple linear regression analysis method to study the impact of social responsibility input on the market value of listed companies, and puts forward some suggestions for the development of the food industry.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F270;F426.82
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