企业社会责任、公司治理与管理层风险承担

发布时间：2018-03-07 22:38

本文选题：企业社会责任　切入点：管理层风险承担　出处：《扬州大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来随着金融危机的后续影响,我国实体经济能否在外部环境不确定因素的影响下平稳健康发展越来越重要。在我国经济转型升级、产业结构调整的背景下,可以将管理层风险承担作为一个契机,以此促进企业的价值增值、行业的蓬勃发展。在传统的代理理论下,管理层与股东对风险的不同偏好,引发了学者对管理层风险承担问题的兴趣。管理层较高的风险承担,有助于企业获得更高的投资回报,提升未来财务绩效,增强长期竞争优势,加快整个社会的资本积累,实现经济的长期增长。此外,随着政府出台各项有关企业社会责任的政策和指导性文件,将企业社会责任的问题提升到国家层面,引起了社会各界的广泛讨论。基于此,本文围绕企业社会责任对管理层风险承担的具体作用,为推进企业社会责任披露提供数据支持,丰富企业风险承担影响因素的相关文献,进而对我国推进企业社会责任披露、规范公司风险承担提供参考建议。本文采用理论分析与实证研究相结合的方法,对相关概念进行界定后,以委托代理理论、利益相关者理论和信号传递理论为基础,对国内外文献研究进行回顾和整理,发现已有学者对企业社会责任和风险承担两方面的研究已分别有不少成果,但鲜有文献直接探讨企业社会责任对管理层风险承担的影响。因此本文构建了企业社会责任与管理层风险承担之间的模型,并纳入公司治理这一调节变量,检验其对二者关系的调节作用。实证方面,本文以2009-2015年我国沪深两市A股上市公司为样本,运用描述性统计、相关性分析、回归分析等方法,实证检验本文的研究假设。研究结果表明,上市公司企业社会责任对管理层风险承担有显著的正向影响,不同的公司治理机制对二者关系的影响不同。本文的大部分假设得到验证,第一,企业社会责任披露得分越高,管理层风险承担越高;第二,独立董事比例、董事会规模、前三名高管薪酬、高级管理者持股比例等公司治理指标,能够促进企业社会责任对管理层风险承担的正向影响作用;第三,第一大股东持股比例会削弱社会责任提高管理层风险承担的作用,而两职合一指标的回归结果不显著。
[Abstract]:In recent years, with the subsequent impact of the financial crisis, it is more and more important for the real economy of our country to develop smoothly and healthily under the influence of the uncertain external environment. We can take the risk assumption of management as an opportunity to promote the value increment of enterprises and the flourishing development of the industry. Under the traditional agency theory, the managers and shareholders have different preferences for risk. It has aroused scholars' interest in the risk assumption of management. Higher risk taking by management can help enterprises to obtain higher return on investment, improve future financial performance, enhance long-term competitive advantage, and accelerate the capital accumulation of the whole society. Achieving long-term economic growth. In addition, with the adoption of various policies and guidance documents on corporate social responsibility by the Government, the issue of corporate social responsibility has been raised to the national level, which has aroused widespread discussion in all sectors of society. This paper focuses on the specific role of corporate social responsibility (CSR) on management risk, provides data support for the promotion of CSR disclosure, enriches the relevant literature on the influencing factors of corporate social responsibility, and then promotes CSR disclosure in China. This paper uses the method of combining theoretical analysis and empirical research to define the relevant concepts, based on the principal-agent theory, stakeholder theory and signaling theory. Reviewing and sorting out the domestic and foreign literature, it is found that there have been many achievements in the research of corporate social responsibility and risk bearing. However, there are few literatures directly discussing the influence of corporate social responsibility on the risk assumption of management. Therefore, this paper constructs a model between corporate social responsibility and risk assumption of management, and brings into account the regulatory variable of corporate governance. In the empirical aspect, taking the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2009-2015 as a sample, using descriptive statistics, correlation analysis, regression analysis and so on, The results show that corporate social responsibility (CSR) has a significant positive impact on the risk assumption of the management. Most of the assumptions in this paper are verified. First, the higher the score of corporate social responsibility disclosure, the higher the risk of management; second, the proportion of independent directors, the size of the board of directors. The top three executive compensation, the proportion of senior managers holding shares and other corporate governance indicators can promote the positive impact of corporate social responsibility on management risks; third, The proportion of the first largest shareholder will weaken the role of social responsibility to increase the risk assumption of management, but the regression result of the two-in-one index is not significant.
【学位授予单位】：扬州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F271;F272.3

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