企业社会信息披露与环境信息披露对市场质量影响的实证分析

发布时间：2018-05-18 16:12

本文选题：社会信息披露 + 环境信息披露　；参考：《商业经济与管理》2014年10期

【摘要】：文章以2009-2011年中国上市公司披露的社会责任报告为研究样本,将企业披露的社会责任信息区分为环境信息与社会信息、定量的和经济相关的"硬"信息与定性的和经济无关的"软"信息,运用事件分析法,通过比较社会责任信息披露前后股票市场波动性与流动性的变化来检验不同类型的社会责任信息在我国资本市场中发挥的作用。研究表明:社会责任信息披露评级越高,股票的波动性下降越多,而流动性上升越大;环境信息与社会信息都是企业社会责任披露必须同时涵盖的内容,在降低信息不对称中的作用是相互补充的;相较于"软"社会责任信息,"硬"社会责任信息更有助于提升市场的透明度。
[Abstract]:The article takes the social responsibility report disclosed by Chinese listed companies for 2009-2011 years as the research sample, and distinguishes the social responsibility information disclosed by the enterprise into the environmental information and the social information, the quantitative and economic "hard" information and the qualitative and economic "soft" information, using the event analysis method, to compare the social responsibility information before and after the disclosure of the information. The change of the volatility and liquidity of the stock market to test the role of different types of social responsibility information in China's capital market. The study shows that the higher the rating of the information disclosure of social responsibility, the more volatility of the stock, and the greater the increase in liquidity; the environmental information and social information are both necessary for the disclosure of corporate social responsibility. The content covered is complementary in reducing information asymmetry; compared to "soft" social responsibility information, "hard" social responsibility information is more conducive to improving the transparency of the market.
【作者单位】：华南理工大学工商管理学院;中南大学商学院;
【基金】：国家自然科学基金项目(71373287) 教育部人文社会科学研究青年基金项目(13YJCZH204)
【分类号】：F270;F832.51

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