企业社会责任披露对股价波动性的影响研究

发布时间：2018-04-17 13:30

本文选题：企业社会责任 + 社会责任披露　；参考：《广西大学》2017年硕士论文

【摘要】：企业社会责任是各界关注的热点领域和热门话题。在理论界,已经有大量的文献研究关注并证实了企业社会责任的积极作用,理论成果极为丰富多样,形成了较为完善和成熟的理论体系。在实务界,环境问题、安全生产问题、食品安全和商品质量问题近年来频频发生、屡禁不止,社会公众不断重视和呼吁企业履行社会责任,政府和监管部门相继出台法律法规督促企业承担社会责任,企业或出于道德或出于战略或出于形象考虑,也开始加强社会责任方面的管理和建设,同时将相关信息公开披露。但是纵观已有研究,仅有极少量文献将企业社会责任披露与股价波动的长期趋势相联系。目前资本市场存在明显的股价波动性过高的异常因素,甚至经常出现持续性下跌、非理性上涨下跌、暴涨暴跌的不正常现象。剧烈的股价波动带来多种危害和不利影响,严重阻碍资本市场的稳健发展和市场化改革的纵深推进。因此,有必要探讨企业社会责任披露与股价波动性之间的关系,试图从企业社会责任和信息披露的角度为缓解股价波动性开辟新的途径。本文以有效市场理论、信息不对称理论、利益相关者理论、信号传递理论和企业声誉理论作为理论基础,以2010—2014年我国沪深两市A股上市公司为研究对象,以其社会责任披露表现、财务表现和股票表现作为研究数据,对社会责任披露与股价波动性的关系进行了论证,并且区分机构投资者持股比例进一步分析。通过一系列理论分析和实证检验后发现企业社会责任披露与股价波动性显著负相关,具体来说包括以下三个结论:第一,披露社会责任报告能够降低股价波动性;第二,社会责任报告披露质量越高,股价波动性就越小;第三,机构投资者持股比例更高的企业,社会责任披露质量对股价波动性的负向影响更大;在进行多次稳健性检验之后,上述结论仍然全部成立,全面证实了企业社会责任披露能够有效抑制股价波动,具有股市稳定作用。本文的结论为企业、投资者和政府监管部门的行为提供了指导和建议。
[Abstract]:Corporate social responsibility (CSR) is a hot area and hot topic concerned by all walks of life.In the theoretical circle, a large number of literatures have paid attention to and confirmed the positive role of corporate social responsibility, and the theoretical results are extremely rich and diverse, forming a relatively perfect and mature theoretical system.In practice, environmental issues, production safety issues, food safety and commodity quality issues have occurred frequently in recent years, and they have been banned repeatedly. The public has constantly attached importance to and appealed to enterprises to fulfill their social responsibilities.The government and the regulatory department have issued laws and regulations to urge enterprises to bear social responsibility, and enterprises have begun to strengthen the management and construction of social responsibility out of moral or strategic or image considerations, and at the same time to disclose relevant information publicly.However, there is only a small amount of literature linking CSR disclosure to the long-term trend of stock price volatility.At present, there are obvious abnormal factors of excessive volatility of stock price in the capital market, and even the abnormal phenomenon of persistent decline, irrational rise and fall, soaring and plummeting.The sharp fluctuation of stock price brings a variety of harm and adverse effects, which seriously hinders the steady development of capital market and the deepening of market-oriented reform.Therefore, it is necessary to explore the relationship between corporate social responsibility disclosure and stock price volatility, and try to open a new way to alleviate stock price volatility from the angle of corporate social responsibility and information disclosure.Based on the efficient market theory, information asymmetry theory, stakeholder theory, signal transmission theory and corporate reputation theory, this paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2010-2014 as the research object.Taking the performance of social responsibility disclosure, financial performance and stock performance as the research data, the relationship between social responsibility disclosure and stock price volatility is demonstrated, and the proportion of institutional investors' shareholding is further analyzed.Through a series of theoretical analysis and empirical tests, we find that CSR disclosure has a significant negative correlation with stock price volatility. Specifically, it includes the following three conclusions: first, disclosure of CSR report can reduce stock price volatility; second,The higher the disclosure quality of social responsibility report, the less volatility of stock price; third, the negative impact of the quality of social responsibility disclosure on stock price volatility is greater for enterprises with a higher proportion of institutional investors.All these conclusions are still valid, which fully proves that CSR disclosure can effectively restrain stock price volatility and has a stabilizing effect on stock market.The conclusion of this paper provides guidance and advice for the behavior of enterprises, investors and government regulators.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F832.51;F275

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