本文選題：企業(yè)社會(huì)責(zé)任 + 社會(huì)責(zé)任披露�。� 參考：《廣西大學(xué)》2017年碩士論文

【摘要】：企業(yè)社會(huì)責(zé)任是各界關(guān)注的熱點(diǎn)領(lǐng)域和熱門話題。在理論界,已經(jīng)有大量的文獻(xiàn)研究關(guān)注并證實(shí)了企業(yè)社會(huì)責(zé)任的積極作用,理論成果極為豐富多樣,形成了較為完善和成熟的理論體系。在實(shí)務(wù)界,環(huán)境問(wèn)題、安全生產(chǎn)問(wèn)題、食品安全和商品質(zhì)量問(wèn)題近年來(lái)頻頻發(fā)生、屢禁不止,社會(huì)公眾不斷重視和呼吁企業(yè)履行社會(huì)責(zé)任,政府和監(jiān)管部門相繼出臺(tái)法律法規(guī)督促企業(yè)承擔(dān)社會(huì)責(zé)任,企業(yè)或出于道德或出于戰(zhàn)略或出于形象考慮,也開始加強(qiáng)社會(huì)責(zé)任方面的管理和建設(shè),同時(shí)將相關(guān)信息公開披露。但是縱觀已有研究,僅有極少量文獻(xiàn)將企業(yè)社會(huì)責(zé)任披露與股價(jià)波動(dòng)的長(zhǎng)期趨勢(shì)相聯(lián)系。目前資本市場(chǎng)存在明顯的股價(jià)波動(dòng)性過(guò)高的異常因素,甚至經(jīng)常出現(xiàn)持續(xù)性下跌、非理性上漲下跌、暴漲暴跌的不正常現(xiàn)象。劇烈的股價(jià)波動(dòng)帶來(lái)多種危害和不利影響,嚴(yán)重阻礙資本市場(chǎng)的穩(wěn)健發(fā)展和市場(chǎng)化改革的縱深推進(jìn)。因此,有必要探討企業(yè)社會(huì)責(zé)任披露與股價(jià)波動(dòng)性之間的關(guān)系,試圖從企業(yè)社會(huì)責(zé)任和信息披露的角度為緩解股價(jià)波動(dòng)性開辟新的途徑。本文以有效市場(chǎng)理論、信息不對(duì)稱理論、利益相關(guān)者理論、信號(hào)傳遞理論和企業(yè)聲譽(yù)理論作為理論基礎(chǔ),以2010—2014年我國(guó)滬深兩市A股上市公司為研究對(duì)象,以其社會(huì)責(zé)任披露表現(xiàn)、財(cái)務(wù)表現(xiàn)和股票表現(xiàn)作為研究數(shù)據(jù),對(duì)社會(huì)責(zé)任披露與股價(jià)波動(dòng)性的關(guān)系進(jìn)行了論證,并且區(qū)分機(jī)構(gòu)投資者持股比例進(jìn)一步分析。通過(guò)一系列理論分析和實(shí)證檢驗(yàn)后發(fā)現(xiàn)企業(yè)社會(huì)責(zé)任披露與股價(jià)波動(dòng)性顯著負(fù)相關(guān),具體來(lái)說(shuō)包括以下三個(gè)結(jié)論:第一,披露社會(huì)責(zé)任報(bào)告能夠降低股價(jià)波動(dòng)性;第二,社會(huì)責(zé)任報(bào)告披露質(zhì)量越高,股價(jià)波動(dòng)性就越小;第三,機(jī)構(gòu)投資者持股比例更高的企業(yè),社會(huì)責(zé)任披露質(zhì)量對(duì)股價(jià)波動(dòng)性的負(fù)向影響更大;在進(jìn)行多次穩(wěn)健性檢驗(yàn)之后,上述結(jié)論仍然全部成立,全面證實(shí)了企業(yè)社會(huì)責(zé)任披露能夠有效抑制股價(jià)波動(dòng),具有股市穩(wěn)定作用。本文的結(jié)論為企業(yè)、投資者和政府監(jiān)管部門的行為提供了指導(dǎo)和建議。
[Abstract]:Corporate social responsibility (CSR) is a hot area and hot topic concerned by all walks of life.In the theoretical circle, a large number of literatures have paid attention to and confirmed the positive role of corporate social responsibility, and the theoretical results are extremely rich and diverse, forming a relatively perfect and mature theoretical system.In practice, environmental issues, production safety issues, food safety and commodity quality issues have occurred frequently in recent years, and they have been banned repeatedly. The public has constantly attached importance to and appealed to enterprises to fulfill their social responsibilities.The government and the regulatory department have issued laws and regulations to urge enterprises to bear social responsibility, and enterprises have begun to strengthen the management and construction of social responsibility out of moral or strategic or image considerations, and at the same time to disclose relevant information publicly.However, there is only a small amount of literature linking CSR disclosure to the long-term trend of stock price volatility.At present, there are obvious abnormal factors of excessive volatility of stock price in the capital market, and even the abnormal phenomenon of persistent decline, irrational rise and fall, soaring and plummeting.The sharp fluctuation of stock price brings a variety of harm and adverse effects, which seriously hinders the steady development of capital market and the deepening of market-oriented reform.Therefore, it is necessary to explore the relationship between corporate social responsibility disclosure and stock price volatility, and try to open a new way to alleviate stock price volatility from the angle of corporate social responsibility and information disclosure.Based on the efficient market theory, information asymmetry theory, stakeholder theory, signal transmission theory and corporate reputation theory, this paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2010-2014 as the research object.Taking the performance of social responsibility disclosure, financial performance and stock performance as the research data, the relationship between social responsibility disclosure and stock price volatility is demonstrated, and the proportion of institutional investors' shareholding is further analyzed.Through a series of theoretical analysis and empirical tests, we find that CSR disclosure has a significant negative correlation with stock price volatility. Specifically, it includes the following three conclusions: first, disclosure of CSR report can reduce stock price volatility; second,The higher the disclosure quality of social responsibility report, the less volatility of stock price; third, the negative impact of the quality of social responsibility disclosure on stock price volatility is greater for enterprises with a higher proportion of institutional investors.All these conclusions are still valid, which fully proves that CSR disclosure can effectively restrain stock price volatility and has a stabilizing effect on stock market.The conclusion of this paper provides guidance and advice for the behavior of enterprises, investors and government regulators.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F270;F832.51;F275

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