本文選題：社會責任信息披露 + 媒體報道��； 參考：《經(jīng)濟管理》2017年04期

【摘要】：本文采用實驗研究方法,以國內(nèi)某重點大學管理學院MBA學生為投資行為被試對象,設定不同情境,旨在檢驗企業(yè)將履行社會責任作為"持續(xù)健康發(fā)展的戰(zhàn)略舉措"或"彌補負面影響的機會主義行為"時,社會責任信息披露的投資決策相關性影響,并通過三步回歸方法構建中介模型進一步探討媒體報道性質(zhì)對企業(yè)社會責任信息披露水平與個體投資者投資決策調(diào)節(jié)作用的具體路徑。實驗結果表明,企業(yè)社會責任信息披露水平本身并沒有過多的信息含量,不會對個體投資者投資的可能性產(chǎn)生顯著的作用;企業(yè)社會責任信息披露水平對投資可能性的作用取決于媒體報道的性質(zhì),當媒體報道為正面時,企業(yè)社會責任信息披露越詳細,投資者的投資可能性越高;當媒體報道為負面時,企業(yè)社會責任信息披露越詳細,投資者的投資可能性反而越低。進一步研究發(fā)現(xiàn),投資者感知的管理層信任度在媒體報道性質(zhì)對投資可能性之間起到中介作用。上述結果表明,企業(yè)推行社會責任可能存在"兩面性",如果企業(yè)的可持續(xù)戰(zhàn)略涵蓋了社會責任的履行,則企業(yè)這類信息的披露能夠提升市場上的個體投資者對該公司未來價值的判斷水平,進而增加他們投資的可能性;但如果企業(yè)管理層為了私利而機會主義地利用社會責任,那么最終無疑會損害企業(yè)的利益。該研究結論不僅深化和拓展了企業(yè)社會責任領域和媒體報道領域的研究成果,而且也為相關監(jiān)管制度的建設和規(guī)范提供了重要的經(jīng)驗證據(jù)。
[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.
【作者單位】： 廈門大學管理學院;羅瑞爾大學商學院;
【基金】：國家自然科學基金項目“眼動跟蹤技術在會計信息系統(tǒng)設計中的應用”(71672162) 廈門大學中央高�；究蒲袠I(yè)務費項目“社會規(guī)范、財務報告質(zhì)量與公司資本配置效率”(20720161007)
【分類號】：F270;F275;G206

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本文編號：2004155