企业社会责任与企业经营风险、个股系统风险的关系研究

发布时间：2018-01-01 19:29

本文关键词：企业社会责任与企业经营风险、个股系统风险的关系研究　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：自我国上市公司开始披露社会责任报告以来,企业社会责任即在国内成为近年来学术研究的热点话题。有关社会责任的研究主要集中在研究企业社会责任是否影响企业的财务绩效、企业价值。基于利益相关者理论,企业的社会责任行为其实是兼顾了各利益相关者的利益,但是这些行为能否得到企业各利益相关方的关注和认同,从而产生良好的利益循环回馈效应,降低企业面临的各种风险,这一问题还少有关注。而对上市公司而言,其面临各种各样的风险,但这些风险所形成的综合风险主要体现在财务绩效的波动上；另外,由于上市公司受资本市场投资者的关注,其个股系统风险也是公司风险的一部分,但其并不导致公司财务绩效的波动。本文选取了2010-2012年我国A股上市公司样本1230家,通过选取各责任维度指标,采用因子分析法计算出样本公司各年的企业社会责任得分,以此衡量企业社会责任表现,采用资产收益率的标准差及资产收益率预测模型的残差绝对值作为经营风险的衡量,以综合市场年化贝塔值作为个股系统风险的衡量,基于利益相关者理论和资源基础理论研究了企业社会责任对跨期经营风险、公司-年度层面经营风险以及个股系统风险的影响。研究发现,企业社会责任对企业跨期经营风险、公司-年度层面经营风险都具有显著的正向影响,这与国外已有研究结论不一致；而企业社会责任对上市公司个股面临的系统风险的影响却显著为负,这与已有研究结论一致；另外,研究结果还发现企业社会责任的滞后效应,即滞后一期和滞后二期的企业社会责任表现会对当期经营风险产生显著的正向影响。不同企业性质,企业社会责任对风险的影响程度是不同的。在跨期经营风险影响方面,国有性质企业的跨期经营风险低于非国有性质企业,但是在公司-年度层面风险影响以及个股系统风险影响方面,企业性质的影响则不显著。本文从风险这个角度研究企业社会责任对企业绩效稳定性的影响,拓展了企业社会责任的研究内容,丰富了企业相应风险的影响因素研究；也在研究结论的基础上提出了相应的政策建议,为促进上市公司稳健经营,资本市场健康发展提供了一定的参考价值。
[Abstract]:China's listed companies began to disclose social responsibility report, corporate social responsibility is to become a hot topic of academic research in recent years in China. The research on social responsibility mainly focuses on whether the research on corporate social responsibility affects corporate financial performance, enterprise value. Based on the stakeholder theory, the social responsibility behavior of enterprises is both the the interests of stakeholders, but these actions can get enterprise stakeholders attention and recognition, resulting in the interests of good circulation feedback effect, reduce the various risks faced by enterprises, there is little attention. And the listed companies, which face various risks, but the risk of the formation of these comprehensive the risk is mainly reflected in the financial performance fluctuations; in addition, due to the listed company by the capital market investors, the stock system risk is A part of the company's risk, but it does not cause the volatility of the company's financial performance.
This paper selects the 2010-2012 A listed company in China by selecting 1230 samples, each dimension of the responsibility index, using the factor analysis method to calculate the Sample Firms each year corporate social responsibility score as a measure of corporate social responsibility, the standard deviation of asset returns and asset yield prediction model of residual absolute value as a measure of operating with the market risk, comprehensive annual beta value as a measure of the stock system risk, stakeholder theory and resource based theory of corporate social responsibility on intertemporal risk management based on the annual level affect the company management risk and stock system risk. The study found that corporate social responsibility of the enterprise intertemporal business risk that company has significantly positive effects of the annual level of business risk, and the existing research conclusions are not consistent; and the corporate social responsibility of the listed company a Influence of system risk shares face is significantly negative, which is consistent with existing research; in addition, the research results also show that the lag effect of corporate social responsibility, namely the lag period and the lag of corporate social responsibility performance two period will have a significant positive impact on the current operating risk. The nature of different enterprises, the influence degree of enterprises the social responsibility of the risk is different. In terms of the influence of intertemporal risk management, the nature of state-owned enterprises across the stage of business risk is lower than the nature of state-owned enterprises, but the company annual level risk influence and stock system risk, influence the nature of enterprises is not significant.
This paper from the angle of risk on the impact of CSR on corporate performance stability, the research expands the content of corporate social responsibility, to enrich the research of the influence factors of enterprise risk; also put forward the corresponding policy recommendations based on the conclusion of the study, in order to promote the sound operation of listed companies, to provide a certain reference value of healthy development the capital market.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F270;F272.3;F832.51

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