我国上市公司社会责任会计信息市场反应的实证研究

发布时间：2018-03-10 09:36

本文选题：社会责任会计　切入点：信息披露　出处：《南京财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：改革开放30多年以来，我国的经济发展取得了巨大的成就。然而，在经济建设捷报频传的同时，社会责任领域却频频传出令人发指的行为，从山西大同煤矿开采造成的土地塌陷事件到广东北江镉污染事件，再到富士康员工频繁跳楼事件、河南双汇瘦肉精事件，这些事件的发生接连不断地拷问着企业的社会责任，并引发社会各界对企业社会责任的问责与思考。毫无疑问，企业作为市场的主体在市场中扮演着重要的角色，然而企业在为社会创造财富的同时也带来许多负面影响。这不仅与可持续发展战略背道而驰，还在一定程度上制约着我国经济的发展。另一方面，经济全球化为我国企业参与国际市场竞争提供了重要机遇，，国外经济发达地区日益重视企业社会责任问题，因而加强我国企业的社会责任建设也是参与国际市场竞争的必然要求。因此，对我国上市公司社会责任会计信息的披露状况进行研究并提出相关的改进建议具有较强的现实意义。然而，基于我国资本市场的现状，社会上不同的利益相关群体对社会责任会计信息的需求怎样？上市公司对社会责任会计信息的披露现状如何？社会责任会计信息的披露在股票市场上又会有怎样的反应？带着这些问题，本文以利益相关者理论为基础，把企业的相关利益群体分为员工、消费者、政府、投资者、社会大众等五个部分，分别根据企业对这些利益群体所承担的责任进行分析，研究这些利益群体的会计信息在市场中产生的反应以及对企业的影响。在以往关于社会责任会计信息市场反应的研究中，很多人选用股价的平均值作为社会责任会计信息市场反应的衡量指标，但是股价的平均值在应用时有很大的局限性。因此，本文在以往研究的基础之上选用股票的超额累计收益率（CAR）作为市场反应的衡量指标。在实证研究中选取2010年沪、深两市A股市场928家上市公司为研究样本，选择财务报告公布日前后5天作为时间窗口，对上市公司其利益相关者承担社会责任与公司股票价格的超额累积收益之间的相关性进行研究,以衡量市场对企业社会责任会计信息披露的反应情况。实证结果表明：在我国现有的资本市场条件下，企业社会责任会计信息反应的灵敏度不高，并且行业之间灵敏度反应不同。最后，针对我国社会责任会计信息在市场上灵敏度不高的的现象给予解释，并对提高我国企业社会责任会计信息披露提出了几点建议。
[Abstract]:Since the reform and opening up more than 30 years ago, China's economic development has made great achievements. However, while the economic construction has spread quickly and frequently, the social responsibility field has frequently spread heinous behavior. From the land collapse incident caused by mining in Datong Coal Mine in Shanxi Province to the cadmium pollution incident in Beijiang, Guangdong Province, to the frequent jumping incident of Foxconn employees, and the lean meatine incident in Shuanghui, Henan, these incidents continue to torture the social responsibility of enterprises. And lead to the accountability and reflection of corporate social responsibility from all walks of life. There is no doubt that enterprises, as the main body of the market, play an important role in the market. However, enterprises not only create wealth for the society, but also bring many negative effects. This not only runs counter to the sustainable development strategy, but also restricts the economic development of our country to a certain extent. Economic globalization provides an important opportunity for Chinese enterprises to participate in international market competition. Therefore, strengthening the construction of corporate social responsibility in our country is also an inevitable requirement for participating in the international market competition. It is of great practical significance to study the disclosure of social responsibility accounting information of listed companies in China and put forward some suggestions for improvement. However, based on the current situation of our country's capital market, what is the demand for social responsibility accounting information from different stakeholders in society? What is the current situation of the disclosure of social responsibility accounting information by listed companies? How will the disclosure of social responsibility accounting information react in the stock market? With these problems, this paper, based on stakeholder theory, divides the relevant interest groups into five parts: employees, consumers, government, investors, and the general public. According to the responsibility of the enterprise to these interest groups, the paper studies the response of accounting information of these interest groups in the market and its influence on the enterprise. In the past researches on the reaction of social responsibility accounting information market, many people choose the average of stock price as the measure of social responsibility accounting information market reaction, but the average price of stock price has great limitation when it is applied. On the basis of previous studies, this paper selects the excess cumulative return rate of stock as a measure of market response. In the empirical study, 928 listed companies in Shanghai and Shenzhen A-share markets in 2010 are selected as the study samples. The relationship between the social responsibility of the stakeholders and the excess cumulative return of the stock price of the listed company is studied by choosing the financial report as the time window 5 days before and after the publication of the financial report. In order to measure the market response to the disclosure of corporate social responsibility accounting information, the empirical results show that the sensitivity of corporate social responsibility accounting information response is not high under the existing capital market conditions in China. Finally, this paper explains the phenomenon that the social responsibility accounting information is not sensitive in the market, and puts forward some suggestions to improve the disclosure of corporate social responsibility accounting information in our country.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F270;F832.51;F224

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