社会责任信息披露、媒体报道与个体投资者的投资决策——一项实验证据

发布时间：2018-06-10 18:19

  本文选题：社会责任信息披露 + 媒体报道　； 参考：《经济管理》2017年04期

【摘要】：本文采用实验研究方法,以国内某重点大学管理学院MBA学生为投资行为被试对象,设定不同情境,旨在检验企业将履行社会责任作为"持续健康发展的战略举措"或"弥补负面影响的机会主义行为"时,社会责任信息披露的投资决策相关性影响,并通过三步回归方法构建中介模型进一步探讨媒体报道性质对企业社会责任信息披露水平与个体投资者投资决策调节作用的具体路径。实验结果表明,企业社会责任信息披露水平本身并没有过多的信息含量,不会对个体投资者投资的可能性产生显著的作用;企业社会责任信息披露水平对投资可能性的作用取决于媒体报道的性质,当媒体报道为正面时,企业社会责任信息披露越详细,投资者的投资可能性越高;当媒体报道为负面时,企业社会责任信息披露越详细,投资者的投资可能性反而越低。进一步研究发现,投资者感知的管理层信任度在媒体报道性质对投资可能性之间起到中介作用。上述结果表明,企业推行社会责任可能存在"两面性",如果企业的可持续战略涵盖了社会责任的履行,则企业这类信息的披露能够提升市场上的个体投资者对该公司未来价值的判断水平,进而增加他们投资的可能性;但如果企业管理层为了私利而机会主义地利用社会责任,那么最终无疑会损害企业的利益。该研究结论不仅深化和拓展了企业社会责任领域和媒体报道领域的研究成果,而且也为相关监管制度的建设和规范提供了重要的经验证据。
[Abstract]:In this paper, using the experimental research method, taking the MBA students of a key university in China as the subjects of investment behavior, we set up different situations. The purpose of this study is to test the relevance of investment decisions in the disclosure of social responsibility information when companies consider fulfilling social responsibility as a "strategic measure of sustainable and healthy development" or "opportunistic behavior to compensate for negative impacts." And through the three-step regression method to construct the intermediary model to further discuss the media report nature to the corporate social responsibility information disclosure level and individual investor investment decision adjustment function concrete path. The experimental results show that the level of corporate social responsibility information disclosure itself does not have too much information content and will not have a significant effect on the possibility of individual investors' investment. The effect of corporate social responsibility information disclosure level on investment possibility depends on the nature of media report. When the media report is positive, the more detailed the corporate social responsibility information disclosure, the higher the investment possibility of investors; When media reports are negative, the more detailed disclosure of CSR information, the less likely investors are to invest. Further studies show that investor perceived management trust plays an intermediary role between media coverage and investment possibilities. The above results suggest that there may be "two sides" in corporate social responsibility, if the corporate sustainable strategy covers the implementation of social responsibility, The disclosure of such information in a business can enhance the judgment of individual investors in the market on the future value of the company, thereby increasing the likelihood of their investment; but if the management of the company opportunistically takes advantage of social responsibility for the sake of self-interest, Then ultimately will undoubtedly harm the interests of the enterprise. This conclusion not only deepens and expands the research results in the field of corporate social responsibility and media reporting, but also provides important empirical evidence for the construction and standardization of relevant regulatory systems.
【作者单位】： 厦门大学管理学院;罗瑞尔大学商学院;
【基金】：国家自然科学基金项目“眼动跟踪技术在会计信息系统设计中的应用”(71672162) 厦门大学中央高校基本科研业务费项目“社会规范、财务报告质量与公司资本配置效率”(20720161007)
【分类号】：F270;F275;G206

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