企业社会责任信息披露的市场反应研究

发布时间：2018-04-16 22:12

本文选题：企业社会责任 + 企业盈利能力　；参考：《湖北工业大学》2017年硕士论文

【摘要】：随着资本市场的不断发展,财务信息不再作为投资者评价资本市场的唯一标准,企业社会责任报告数量的飞跃式发展使得投资者逐渐认识到企业社会责任的重要性。企业在社会责任整体战略、履行绩效、信息披露格式和规范性以及行业性评价都将影响市场对企业的反应;同时具有良好社会责任表现的企业,可以给企业带来良好的声誉效应,给投资者一个乐观的、稳定的未来盈利预期,其盈利能力在未来更加能够维持,从而财务信息的价值也就越高。因此,对企业社会责任信息披露的市场反应进行研究具有一定的理论意义和实际意义。本文分为五个部分:第一章引言概述企业社会责任信息披露的市场反应研究依据的的背景和研究意义,梳理全文思路;第二章文献综述通过梳理国内外学者有关企业社会责任与市场反应关系、企业社会责任与企业盈利能力或者财务业绩关系、企业盈利能力或者财务业绩与市场反应关系的研究成果,明确各变量之间的相互关系;第三章理论分析对企业社会责任起源与发展及逻辑论证所需要的相关理论进行阐述;第四章实证分析,通过逻辑推理提出研究假设,选取样本和研究模型进行描述性统计分析和多元回归分析,从而验证假设;第五章研究结论与展望总结研究结论,突出创新点,为后续研究提供新思路。本文研究结论如下:(1)企业社会责任信息披露具有显著的市场反应;(2)企业社会责任信息披露质量越好的企业,市场评价也就越好;(3)企业社会责任信息披露质量越高,越能给企业带来良好的声誉效应,企业盈利能力的决策有用性越强,市场反应越好;(4)充分验证了润灵环球(RKS)社会责任评级体系的合理性以及应该提升和规范指标的部分。本文创新点如下:(1)考虑了企业社会责任信息披露对企业盈利能力市场评价的影响,从而验证企业社会责任信息披露的声誉效应。国内外学者大多只就财务信息的市场反应或者某类社会责任信息(如捐赠、员工权益、环境污染等)的市场反应研究且对两者同时披露的市场反应研究较少;(2)选取系统化的润灵环球社会责任评级体系从整体(评级总分及赋值)到部分(整体性评价M、内容性评价C、技术性评价T及行业性评价i)验证社会责任信息披露的市场反应,同时验证了第三方机构评级体系的合理性以及应该提升和规范的部分。
[Abstract]:With the development of capital market, financial information is no longer the only standard for investors to evaluate capital market. The rapid development of CSR reports makes investors realize the importance of CSR.Corporate social responsibility overall strategy, performance performance, information disclosure format and standardization, as well as industry evaluation will affect the market response to enterprises; at the same time, enterprises with good social responsibility performance,It can bring good reputation effect to the enterprise, give investors an optimistic, stable future profit expectation, its profitability can be maintained in the future, so the value of financial information will be higher.Therefore, it has certain theoretical and practical significance to study the market reaction of corporate social responsibility information disclosure.This paper is divided into five parts: the first chapter introduces the background and significance of the research basis of the market response to corporate social responsibility information disclosure, combing the ideas of the full text;The second chapter reviews the relationship between corporate social responsibility (CSR) and market response, corporate social responsibility (CSR) and corporate profitability or financial performance.The research results of the relationship between corporate profitability or financial performance and market reaction clarify the interrelation among variables. Chapter III theoretical analysis of the origin and development of corporate social responsibility and the relevant theory needed to demonstrate the logic of corporate social responsibility.Chapter IV empirical analysis, through logical reasoning proposed research assumptions, selected samples and research models for descriptive statistical analysis and multiple regression analysis to verify the hypothesis;To provide a new idea for the follow-up study.The conclusion of this paper is as follows: 1) Corporate social responsibility information disclosure has significant market response. 2) the better the quality of corporate social responsibility information disclosure, the better the market evaluation will be.) the higher the quality of corporate social responsibility information disclosure, the higher the quality of corporate social responsibility information disclosure.The more good reputation effect can be brought to the enterprise, the stronger the decision usefulness of profitability and the better the market response.) the rationality of RKS) social responsibility rating system and the part that should be promoted and standardized are fully verified.The innovation of this paper is as follows: (1) considering the influence of corporate social responsibility information disclosure on the market evaluation of corporate profitability, so as to verify the reputation effect of corporate social responsibility information disclosure.Most scholars at home and abroad only deal with the market reaction of financial information or some kind of social responsibility information (such as donation, employee rights and interests).Research on market response of environmental pollution, etc., and less research on market response disclosed at the same time) selection of a systematic global social responsibility rating system for Runling from the whole (rating total score and assignment) to part (holistic evaluation)M, content evaluation C, technical evaluation T and industry evaluation I) to verify the market response of social responsibility information disclosure,At the same time, it verifies the rationality of the third party agency rating system and the part that should be promoted and standardized.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275

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