企业社会责任披露与特质风险关系研究

发布时间：2018-05-26 19:03

本文选题：企业社会责任 + 特质风险　；参考：《哈尔滨工业大学》2014年硕士论文

【摘要】：从2008年开始,我国相关监管部门政策上要求部分上市公司披露企业社会责任报告,因此研究企业社会责任的影响作用成为近年来的研究热点,现有的研究大都直接研究企业社会责任披露与企业财务绩效或股票收益的关系,并没有达成具有说服性的结论。本文从企业社会责任与特质风险关系研究的角度出发,探讨企业社会责任披露能否通过降低特质风险而最终达到提升股东价值的目的。本文选取了313家A股上市公司,以2009年至2011年做为样本区间。依据利益相关者理论,说明企业社会责任是通过利益相关者影响到企业特质风险的波动,从风险管理理论说明企业管理者可以通过企业社会责任的披露来达到风险管理的目标,并讨论了能影响企业社会责任与特质风险相关关系的调节变量,建立了本文的理论框架。本文企业社会责任披露的数据来源于润灵环球责任评级数据库,使用Fama-French三因子模型构建特质风险指标,根据这两大指标的衡量结果和其他控制变量做面板数据的多元线性回归,研究企业社会责任与特质风险的相关关系,并探讨了财务杠杆、广告支出和研发支出三个关键变量对二者相关性的影响程度。实证结果发现企业社会责任披露的状况越好面临的特质风险越低,即企业社会责任与特质风险呈现负相关关系。同时当企业面临高财务杠杆时,这二者的相关性减弱,而高的广告支出却能增强二者的负相关关系,研发支出对二者相关性无显著影响。本文基于以上发现,对企业管理者提出了相应的建议。本文基于中国A股上市公司对企业社会责任和特质风险的关系进行研究,国内尚无相关研究,本文的结论具有一定的理论和现实意义。
[Abstract]:Since 2008, some listed companies are required to disclose corporate social responsibility reports by the relevant regulatory authorities in China, so the research on the impact of corporate social responsibility has become a hot topic in recent years. Most of the existing studies directly study the relationship between corporate social responsibility disclosure and corporate financial performance or stock returns, and have not reached a persuasive conclusion. From the point of view of the relationship between corporate social responsibility and trait risk, this paper discusses whether corporate social responsibility disclosure can improve shareholder value by reducing trait risk. This paper selects 313 A-share listed companies, from 2009 to 2011 as a sample interval. According to stakeholder theory, corporate social responsibility (CSR) is the fluctuation of enterprise characteristic risk which is influenced by stakeholders. From the risk management theory, it shows that enterprise managers can achieve the goal of risk management through the disclosure of corporate social responsibility (CSR). The regulating variables which can influence the relationship between corporate social responsibility and idiosyncratic risk are discussed and the theoretical framework of this paper is established. The data of corporate social responsibility disclosure in this paper come from Runling Global liability rating Database. We use Fama-French three-factor model to construct trait risk indicators. According to the measurement results of these two indicators and other control variables, we make multiple linear regression of panel data. This paper studies the relationship between corporate social responsibility and trait risk, and discusses the influence of three key variables, namely financial leverage, advertising expenditure and R & D expenditure, on their correlation. The empirical results show that the better the situation of corporate social responsibility disclosure, the lower the trait risk, that is, the negative correlation between corporate social responsibility and idiosyncratic risk. At the same time, when enterprises face high financial leverage, the correlation between the two is weakened, while the high advertising expenditure can enhance the negative correlation between the two, R & D expenditure has no significant impact on the correlation between the two. Based on the above findings, this paper puts forward corresponding suggestions to enterprise managers. Based on the research of the relationship between corporate social responsibility and trait risk of A share listed companies in China, there is no related research in China. The conclusion of this paper has some theoretical and practical significance.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F270

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