本文選題：企業(yè)社會(huì)責(zé)任 + 特質(zhì)風(fēng)險(xiǎn)　； 參考：《哈爾濱工業(yè)大學(xué)》2014年碩士論文

【摘要】：從2008年開(kāi)始,我國(guó)相關(guān)監(jiān)管部門(mén)政策上要求部分上市公司披露企業(yè)社會(huì)責(zé)任報(bào)告,因此研究企業(yè)社會(huì)責(zé)任的影響作用成為近年來(lái)的研究熱點(diǎn),現(xiàn)有的研究大都直接研究企業(yè)社會(huì)責(zé)任披露與企業(yè)財(cái)務(wù)績(jī)效或股票收益的關(guān)系,并沒(méi)有達(dá)成具有說(shuō)服性的結(jié)論。本文從企業(yè)社會(huì)責(zé)任與特質(zhì)風(fēng)險(xiǎn)關(guān)系研究的角度出發(fā),探討企業(yè)社會(huì)責(zé)任披露能否通過(guò)降低特質(zhì)風(fēng)險(xiǎn)而最終達(dá)到提升股東價(jià)值的目的。本文選取了313家A股上市公司,以2009年至2011年做為樣本區(qū)間。依據(jù)利益相關(guān)者理論,說(shuō)明企業(yè)社會(huì)責(zé)任是通過(guò)利益相關(guān)者影響到企業(yè)特質(zhì)風(fēng)險(xiǎn)的波動(dòng),從風(fēng)險(xiǎn)管理理論說(shuō)明企業(yè)管理者可以通過(guò)企業(yè)社會(huì)責(zé)任的披露來(lái)達(dá)到風(fēng)險(xiǎn)管理的目標(biāo),并討論了能影響企業(yè)社會(huì)責(zé)任與特質(zhì)風(fēng)險(xiǎn)相關(guān)關(guān)系的調(diào)節(jié)變量,建立了本文的理論框架。本文企業(yè)社會(huì)責(zé)任披露的數(shù)據(jù)來(lái)源于潤(rùn)靈環(huán)球責(zé)任評(píng)級(jí)數(shù)據(jù)庫(kù),使用Fama-French三因子模型構(gòu)建特質(zhì)風(fēng)險(xiǎn)指標(biāo),根據(jù)這兩大指標(biāo)的衡量結(jié)果和其他控制變量做面板數(shù)據(jù)的多元線性回歸,研究企業(yè)社會(huì)責(zé)任與特質(zhì)風(fēng)險(xiǎn)的相關(guān)關(guān)系,并探討了財(cái)務(wù)杠桿、廣告支出和研發(fā)支出三個(gè)關(guān)鍵變量對(duì)二者相關(guān)性的影響程度。實(shí)證結(jié)果發(fā)現(xiàn)企業(yè)社會(huì)責(zé)任披露的狀況越好面臨的特質(zhì)風(fēng)險(xiǎn)越低,即企業(yè)社會(huì)責(zé)任與特質(zhì)風(fēng)險(xiǎn)呈現(xiàn)負(fù)相關(guān)關(guān)系。同時(shí)當(dāng)企業(yè)面臨高財(cái)務(wù)杠桿時(shí),這二者的相關(guān)性減弱,而高的廣告支出卻能增強(qiáng)二者的負(fù)相關(guān)關(guān)系,研發(fā)支出對(duì)二者相關(guān)性無(wú)顯著影響。本文基于以上發(fā)現(xiàn),對(duì)企業(yè)管理者提出了相應(yīng)的建議。本文基于中國(guó)A股上市公司對(duì)企業(yè)社會(huì)責(zé)任和特質(zhì)風(fēng)險(xiǎn)的關(guān)系進(jìn)行研究,國(guó)內(nèi)尚無(wú)相關(guān)研究,本文的結(jié)論具有一定的理論和現(xiàn)實(shí)意義。
[Abstract]:Since 2008, some listed companies are required to disclose corporate social responsibility reports by the relevant regulatory authorities in China, so the research on the impact of corporate social responsibility has become a hot topic in recent years. Most of the existing studies directly study the relationship between corporate social responsibility disclosure and corporate financial performance or stock returns, and have not reached a persuasive conclusion. From the point of view of the relationship between corporate social responsibility and trait risk, this paper discusses whether corporate social responsibility disclosure can improve shareholder value by reducing trait risk. This paper selects 313 A-share listed companies, from 2009 to 2011 as a sample interval. According to stakeholder theory, corporate social responsibility (CSR) is the fluctuation of enterprise characteristic risk which is influenced by stakeholders. From the risk management theory, it shows that enterprise managers can achieve the goal of risk management through the disclosure of corporate social responsibility (CSR). The regulating variables which can influence the relationship between corporate social responsibility and idiosyncratic risk are discussed and the theoretical framework of this paper is established. The data of corporate social responsibility disclosure in this paper come from Runling Global liability rating Database. We use Fama-French three-factor model to construct trait risk indicators. According to the measurement results of these two indicators and other control variables, we make multiple linear regression of panel data. This paper studies the relationship between corporate social responsibility and trait risk, and discusses the influence of three key variables, namely financial leverage, advertising expenditure and R & D expenditure, on their correlation. The empirical results show that the better the situation of corporate social responsibility disclosure, the lower the trait risk, that is, the negative correlation between corporate social responsibility and idiosyncratic risk. At the same time, when enterprises face high financial leverage, the correlation between the two is weakened, while the high advertising expenditure can enhance the negative correlation between the two, R & D expenditure has no significant impact on the correlation between the two. Based on the above findings, this paper puts forward corresponding suggestions to enterprise managers. Based on the research of the relationship between corporate social responsibility and trait risk of A share listed companies in China, there is no related research in China. The conclusion of this paper has some theoretical and practical significance.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F270

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相關(guān)期刊論文 前1條

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本文編號(hào)：1938522