中国上市公司CSR指数的开发及实证研究

发布时间：2018-11-05 18:36

【摘要】：自二十世纪九十年代以来,经济的全球化对国内外政治经济的迅速发展产生了重大的影响,各国也因经济的一体化而紧密的联系在一起。面对当前一系列的环境、贸易和能源等问题,可持续发展的理念得到了世界各国的广泛认可,企业社会责任问题也应运而生。本文根据中国上市公司年报和企业社会责任报告,设置了中国上市公司企业社会责任评价指标体系,并建立公司CSRCSU评价指数。在对评价体系的稳定性与可靠性检验的基础上,对中国上市公司企业社会责任履行状况进行了描述性统计,结果表明：样本公司CSR指数水平整体不高,一半多的企业尚处于启蒙阶段,企业承担社会责任的意识不强。不同的行业和地区经济发展水平对企业社会责任的履行也产生不同的影响,地区经济发展水平越高,CSR指数相对越高；政府控制的上市公司社会责任的履行要好于非政府控制的上市公司,并且层级越高,上市公司社会责任表现就相对越好。实证分析表明企业社会责任与公司股票市场表现正相关,企业积极履行CSR,有利于降低公司股价波动性和风险性,但与公司股票的流动性的影响不显著。这说明中国的资本市场正逐渐发挥对企业社会责任的激励作用。为了保持企业的公众形象,企业更倾向于披露与社会责任有关的信息,降低资本市场的信息不对称性,有利于为投资者提供决策,其公司的股票市场表现也更容易受到社会责任履行状况的影响。
[Abstract]:Since the 1990s, economic globalization has had a great impact on the rapid development of political economy at home and abroad, and countries have been closely linked by economic integration. In the face of a series of environmental, trade and energy issues, the concept of sustainable development has been widely recognized in the world, and corporate social responsibility has emerged as the times require. According to the annual report and corporate social responsibility report of listed companies in China, this paper sets up the evaluation index system of corporate social responsibility of listed companies in China, and establishes the CSRCSU evaluation index of companies. On the basis of testing the stability and reliability of the evaluation system, this paper makes descriptive statistics on the performance of corporate social responsibility of listed companies in China. The results show that the CSR index level of the sample companies is not high as a whole. More than half of the enterprises are still in the enlightenment stage, and their sense of social responsibility is not strong. Different levels of economic development in different industries and regions have different effects on the performance of corporate social responsibility. The higher the level of regional economic development, the higher the CSR index. The performance of social responsibility of government-controlled listed companies is better than that of non-government-controlled listed companies, and the higher the level, the better the performance of social responsibility of listed companies. The empirical analysis shows that corporate social responsibility is positively correlated with corporate stock market performance. The positive performance of CSR, helps to reduce the volatility and risk of the company's stock price, but it has no significant effect on the liquidity of the company's stock. This shows that China's capital market is gradually playing an encouraging role in corporate social responsibility. In order to maintain the public image of enterprises, enterprises tend to disclose information related to social responsibility, reduce the asymmetry of information in the capital market, and help investors to make decisions. Its stock market performance is also more vulnerable to social responsibility performance.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F270

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