我國制造業(yè)上市公司履行社會責任的市場反應實證研究
發(fā)布時間：2018-07-17 04:13
【摘要】：當前我國正處于構建和諧社會階段,隨著這一過程的不斷推進,要求企業(yè)承擔社會責任的呼聲越來越高。尤其是近年來諸如毒奶粉事件、跳樓事件、車間爆炸和環(huán)境污染等事件社會責任缺失事件時有發(fā)生,社會各界更加關注企業(yè)社會責任的履行。2006年深交所出具《上市公司社會責任指引》正式將上市公司披露社會責任信息納入公司自愿性披露信息的行列。該《指引》要求上市公司發(fā)布社會責任報告,以獨立報告的形式披露社會責任信息,但是并沒有強制要求�！吨敢奉C布后,上市公司陸續(xù)開始發(fā)布社會責任報告,那么以發(fā)布社會責任報告的形式披露社會責任信息是否在資本市場上有所反應?即這種行為是否能夠影響投資者的投資決策,影響公司股票價格呢?本文通過實證研究對這個問題進行解答。由于我國制造業(yè)企業(yè)數量大,其發(fā)展程度對我國工業(yè)化進程和經濟水平影響重大,而且重污染企業(yè)密集,受政府關注度較高,因此本文以我國制造業(yè)上市公司為例進行實證研究。 本文選擇2012年發(fā)布社會責任報告的制造業(yè)上市公司為研究樣本,同時為作對比分析,隨機抽取沒有發(fā)布社會責任報告的上市公司為對比樣本,建立平均股票價格和社會責任指數的多遠回歸模型進行研究,采用對比分析和回歸分析相結合的方法。首先,本文對國內外社會責任信息的市場反應研究文獻進行回顧,總結了前人研究方法和研究結論,以確定了本文的研究內容。其次,對社會責任相關基礎理論進行闡述,包括社會責任理論的產生、發(fā)展、概念概述、評價方法,利益相關者理論,有效資本市場理論和決策有用性理論等資本市場相關理論。然后,根據所述相關理論,針對要解決的問題提出假設、建立模型、搜集數據和實證分析,并得出下列結論：第一,總體來看,獨立發(fā)布社會責任報告的制造業(yè)上市公司履行的社會責任信息確實能引起市場反應。雖然該反應比較弱,但是確是事實。第二,目前制造業(yè)上市公司披露的不同利益相關者社會責任信息在資本市場的反應程度不同。企業(yè)履行的對職工的社會責任對股價有正向顯著的影響；未償還供應商貨款率與股價顯著負相關；對社區(qū)的責任信息與股價正向相關,但是顯著性不明顯；對政府和投資者的責任信息與股價呈微弱的正相關關系。第三,對沒有發(fā)布社會責任報告的公司,投資者比較關注其履行的對社區(qū)的責任。第四,若公司屬于重污染企業(yè),會對股價產生不利影響。最后,本文根據研究結果提出建議。
[Abstract]:At present, our country is in the stage of constructing a harmonious society. With the development of this process, the demand for enterprises to bear social responsibility is getting higher and higher. In particular, in recent years, incidents such as tainted milk powder incidents, building hopping incidents, workshop explosions and environmental pollution have occurred from time to time in the absence of social responsibility. In 2006, the Shenzhen Stock Exchange issued the "guidelines on Social responsibility of listed companies" and formally incorporated the disclosure of social responsibility information of listed companies into the ranks of voluntary disclosure of information. The guidelines require listed companies to publish social responsibility reports and disclose social responsibility information in the form of independent reports, but there is no mandatory requirement. After the issuance of the guidelines, listed companies began to publish social responsibility reports one after another. Does disclosure of social responsibility information in the form of social responsibility reports respond to capital markets? That is whether this kind of behavior can affect investors' investment decision and affect the company's stock price. This paper answers this question through empirical research. Because of the large number of manufacturing enterprises in our country, the degree of their development has a great impact on the industrialization process and economic level of our country, and the heavy pollution enterprises are dense, so they are highly concerned by the government. Therefore, this paper takes China's manufacturing listed companies as an example to conduct empirical research. In this paper, the listed manufacturing companies that issued CSR reports in 2012 were selected as the research samples, and for comparative analysis, the listed companies without social responsibility reports were randomly selected as the comparative samples. The multidistance regression model of average stock price and social responsibility index is established, and the method of comparative analysis and regression analysis is adopted. First of all, this paper reviews the literature on the market response of social responsibility information at home and abroad, summarizes the previous research methods and conclusions, in order to determine the content of this paper. Secondly, it expounds the basic theories of social responsibility, including the emergence, development, concept overview, evaluation methods, stakeholder theory, The theory of effective capital market and the theory of decision-making usefulness are related theories of capital market. Then, according to the relevant theory, the hypothesis is put forward, the model is set up, the data is collected and the empirical analysis is made, and the following conclusions are drawn: first, overall, The social responsibility information of listed manufacturing companies that independently publish CSR reports can indeed cause market reaction. Although the reaction was weak, it was true. Secondly, the social responsibility information of different stakeholders disclosed by listed manufacturing companies is different in the capital market. The corporate social responsibility to the employees has a positive and significant impact on the stock price; the outstanding supplier loan rate is negatively correlated with the stock price; the community responsibility information is positively correlated with the stock price, but the significance is not obvious. There is a weak positive correlation between the information of responsibility to the government and investors and the stock price. Third, investors are more concerned about their community responsibilities for companies that do not publish social responsibility reports. Fourth, if the company is a heavy pollution enterprises, will have a negative impact on the stock price. Finally, according to the results of the study, the paper puts forward some suggestions.
【學位授予單位】：東北財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F270;F425
本文編號：2128965
[Abstract]:At present, our country is in the stage of constructing a harmonious society. With the development of this process, the demand for enterprises to bear social responsibility is getting higher and higher. In particular, in recent years, incidents such as tainted milk powder incidents, building hopping incidents, workshop explosions and environmental pollution have occurred from time to time in the absence of social responsibility. In 2006, the Shenzhen Stock Exchange issued the "guidelines on Social responsibility of listed companies" and formally incorporated the disclosure of social responsibility information of listed companies into the ranks of voluntary disclosure of information. The guidelines require listed companies to publish social responsibility reports and disclose social responsibility information in the form of independent reports, but there is no mandatory requirement. After the issuance of the guidelines, listed companies began to publish social responsibility reports one after another. Does disclosure of social responsibility information in the form of social responsibility reports respond to capital markets? That is whether this kind of behavior can affect investors' investment decision and affect the company's stock price. This paper answers this question through empirical research. Because of the large number of manufacturing enterprises in our country, the degree of their development has a great impact on the industrialization process and economic level of our country, and the heavy pollution enterprises are dense, so they are highly concerned by the government. Therefore, this paper takes China's manufacturing listed companies as an example to conduct empirical research. In this paper, the listed manufacturing companies that issued CSR reports in 2012 were selected as the research samples, and for comparative analysis, the listed companies without social responsibility reports were randomly selected as the comparative samples. The multidistance regression model of average stock price and social responsibility index is established, and the method of comparative analysis and regression analysis is adopted. First of all, this paper reviews the literature on the market response of social responsibility information at home and abroad, summarizes the previous research methods and conclusions, in order to determine the content of this paper. Secondly, it expounds the basic theories of social responsibility, including the emergence, development, concept overview, evaluation methods, stakeholder theory, The theory of effective capital market and the theory of decision-making usefulness are related theories of capital market. Then, according to the relevant theory, the hypothesis is put forward, the model is set up, the data is collected and the empirical analysis is made, and the following conclusions are drawn: first, overall, The social responsibility information of listed manufacturing companies that independently publish CSR reports can indeed cause market reaction. Although the reaction was weak, it was true. Secondly, the social responsibility information of different stakeholders disclosed by listed manufacturing companies is different in the capital market. The corporate social responsibility to the employees has a positive and significant impact on the stock price; the outstanding supplier loan rate is negatively correlated with the stock price; the community responsibility information is positively correlated with the stock price, but the significance is not obvious. There is a weak positive correlation between the information of responsibility to the government and investors and the stock price. Third, investors are more concerned about their community responsibilities for companies that do not publish social responsibility reports. Fourth, if the company is a heavy pollution enterprises, will have a negative impact on the stock price. Finally, according to the results of the study, the paper puts forward some suggestions.
【學位授予單位】：東北財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F270;F425
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