企业社会责任:“真心”抑或“幌子”?——基于高管内幕交易视角的研究

企业承担社会责任究竟是“真心”还是“幌子”?与现有研究聚焦于考察社会责任对企业行为的影响不同,本文基于高管个体行为视角,实证检验企业社会责任对高管个体证券交易行为的影响。基于2008～2014年中国沪深A股上市公司高管10338个内幕交易样本的实证结果显示:(1)企业承担社会责任不仅能抑制高管内幕交易的规模,更能显著降低高管内幕交易获利性,这表明作为社会责任的谋划者,企业高管并未以社会责任为“幌子”牟取个人证券交易的私利,在一定程度上提供了企业“真心”承担社会责任的证据;(2)进一步从“信息模型”和“声誉模型”双重视角探究发现,在企业信息不透明和高管个人声誉较差的情况下,企业社会责任对高管内幕交易获利性的抑制作用更为显著;并且相较于高管个人声誉较差的情况,企业社会责任在信息不透明的情况下对高管内幕交易获利性的抑制作用更强。总之,本研究从高管个体行为视角提供了企业社会责任具有积极治理作用的证据,不仅丰富了企业承担社会责任经济后果的研究,同时,对利益相关者也具有实践指导意义。     

企业社会责任:“真心”抑或“幌子”?——基于高管内幕交易视角的研究

企业承担社会责任究竟是“真心”还是“幌子”?与现有研究聚焦于考察社会责任对企业行为的影响不同,本文基于高管个体行为视角,实证检验企业社会责任对高管个体证券交易行为的影响。基于2008～2014年中国沪深A股上市公司高管10338个内幕交易样本的实证结果显示:(1)企业承担社会责任不仅能抑制高管内幕交易的规模,更能显著降低高管内幕交易获利性,这表明作为社会责任的谋划者,企业高管并未以社会责任为“幌子”牟取个人证券交易的私利,在一定程度上提供了企业“真心”承担社会责任的证据;(2)进一步从“信息模型”和“声誉模型”双重视角探究发现,在企业信息不透明和高管个人声誉较差的情况下,企业社会责任对高管内幕交易获利性的抑制作用更为显著;并且相较于高管个人声誉较差的情况,企业社会责任在信息不透明的情况下对高管内幕交易获利性的抑制作用更强。总之,本研究从高管个体行为视角提供了企业社会责任具有积极治理作用的证据,不仅丰富了企业承担社会责任经济后果的研究,同时,对利益相关者也具有实践指导意义。     

企业社会责任、融资约束与企业金融化

企业承担社会责任能够通过与利益相关者进行资源交换获得战略资源,但是战略资源对企业绩效的影响取决于企业的投资方向。在实体企业金融化愈演愈烈的经济环境下,本文利用2010—2017年中国A股非金融上市公司数据重点探讨了企业社会责任对企业金融化的影响及其作用机制。研究结果表明:(1)企业社会责任提高了企业的金融资产配置水平,存在“金融化效应”;(2)融资约束在企业社会责任对企业金融化的影响中具有部分中介作用,企业社会责任通过缓解融资约束加剧了企业金融化;(3)企业社会责任的“金融化效应”仅在外部监管力度较弱的非国有企业、内部治理水平较低的低股权集中度企业中存在,行政外部监督和企业内部监督能够在“融资约束—企业金融化”过程中对管理层的机会主义行为发挥治理作用;(4)识别机制检验证实了中国企业金融化主要出于利润最大化的“投资替代”动机。以上结论为政策制定者规范企业社会责任报告披露方式、引导金融回归实体经济具有借鉴意义。     

The IPO corporate social responsibility information disclosure: Does the stock market care?

We create textual information indices using corporate social responsibility (CSR) information extracted from IPO prospectuses in China. We use the indices to measure the issuers’ corporate social performance (CSP) and corporate environmental performance (CEP) and assess how the stock market reacts. We find that CSP disclosure is significantly related to the post‐market performance of the firm. Specifically, better CSP disclosure is correlated with higher post‐IPO listing holding period returns among firms that do not disclose donations or environmental expenditures, although the association does not hold for firms that make donations and environmental expenditures. In addition, institutional investors seem to care more about the CEP information for a firm than the CSP information.     

企业社会责任效率与生产前沿面研究

从战略、投资、资源的角度对企业社会责任活动与企业绩效之间的关系进行了阐述,认为战略性的企业社会责任能够使企业获得最优绩效.并以制造业和信息传输、软件和信息技术服务业2010～2014年财务数据为基础,根据DEA理论,采用C2R模型对两个行业进行企业社会责任效率与企业社会责任生产前沿面分析.实证结果表明:两个行业履行企业社会责任平均效率不高,主要是由于技术效率较低导致;不同的行业存在不同的企业社会责任生产前沿面.     

Social Concentration on Boards,Corporate Information Environment and Cost of Capital

Prior evidence on the relationship between demographic diversity in corporate boards and firm performance is mixed. Some studies have found that the relationship between board attributes and firm performance is driven by a firm's information environment. This study examines whether corporate transparency also impacts the relationship between gender and ethnic diversity of directors and firm performance. To test this hypothesis, I use a Herfindahl Index based on directors’ gender and ethnicity to measure board diversity, and an opacity index based on analyst following, analyst forecast error, bid‐ask spread, and share turnover to measure corporate transparency. I find that the cost of capital is positively associated with social concentration on corporate boards and that this premium is larger for highly opaque firms. In further analysis, I find that the interaction of corporate information environment and social concentration on boards is more important for operationally complex firms. Compared with simple firms, operationally complex firms pay a greater premium on their capital if they have a socially concentrated board and an opaque information environment.     

Climate Change and Asset Prices: Are Corporate Carbon Disclosure and Performance Priced Appropriately?

This paper empirically assesses the relevance of information on corporate climate change disclosure and performance to asset prices, and discusses whether this information is priced appropriately. Findings indicate that corporate disclosures of quantitative greenhouse gas (GHG) emissions and, to a lesser extent, carbon performance are value relevant. We use hand‐collected information on quantitative GHG emissions for 433 European companies and build portfolios based on GHG disclosure and performance. We regress portfolios on a standard four factor model extended for industry effects over the years 2005 to 2009. Results show that investors achieved abnormal risk‐adjusted returns of up to 13.05% annually by exploiting inefficiently priced positive effects of (complete) GHG emissions disclosure and good corporate climate change performance in terms of GHG efficiency. Results imply that, firstly, information costs involved in carbon disclosure and management do not present a burden on corporate financial resources. Secondly, investors should not neglect carbon disclosure and performance when making investment decisions. Thirdly, during the period analysed, financial markets were inefficient in pricing publicly available information on carbon disclosure and performance. Mandatory and standardised information on carbon performance would consequently not only increase market efficiency but result in better allocation of capital within the real economy.     

The social,environmental and ethical performance of Chinese companies: Evidence from the Shanghai Stock Exchange

We investigate the social performance of Chinese listed non-financial companies in the Shanghai Stock Exchange. We design a comprehensive social, environment and ethics disclosure index (CSPDI) and assess the bi-directional relationship between corporate social performance and financial performance using the three-stage least squares (3SLS). We find that the mean value of CSPDI is 53% and high social disclosure is associated more with environmentally sensitive industries. Moreover, the index results show that little attention has been paid to ethical issues. Interestingly, we find that the better the financial performance, the worse the corporate social performance disclosure. This result is consistent with the managerial opportunism hypothesis. Finally, the results of the 3SLS estimation show that the causality between the two endogenous variables runs from financial performance to the corporate social performance. This suggests that the corporate social performance is determined by financial performance.     

社会责任报告及鉴证能否传递有效信号?——基于企业声誉理论的分析

本文依托企业声誉理论,以我国2008—2009年间沪深两市非ST上市公司为样本,通过检验企业社会责任报告及鉴证对社会责任表现与企业声誉两者关系的影响,分析我国企业社会责任报告及鉴证的信号传递作用。研究发现:企业社会责任表现能提升企业声誉;企业社会责任报告能有效传递社会责任表现的信息,增强社会责任表现与企业声誉之间的正向关系;企业社会责任报告鉴证并没有显著促进社会责任表现对企业声誉的作用。本文的研究结果显示,我国现有的企业社会责任报告鉴证尚无法提高企业社会责任表现和社会责任报告的可信度。本文最后对改善我国企业社会责任报告鉴证的质量提出了建议。     

Environmental,social and governance disclosure,integrated reporting,and the accuracy of analyst forecasts

The International Integrated Reporting Council advocates that integrated reporting (IR) should become the worldwide norm for corporate reporting aimed at serving the needs of investors. Nonetheless, only in South Africa has IR been mandated. We study the impact of the reporting regime change in South Africa on analyst forecast accuracy over the period 2008 to 2012, as a way of evaluating users’ perceptions of the usefulness of IR. We theorise that any effects of IR will be greater the greater is the level of disclosures of environmental, social and governance performance. We find results consistent with those who support IR and our theory that the level of environmental, social and governance disclosures is a mediating variable in determining the effectiveness of IR. The results are driven by the levels of environmental disclosure and, to a lesser extent, governance disclosure. Our results provide some support for those who advocate the virtues of integrated reporting.     

The economic rationale for the nature and extent of corporate financial disclosure regulation: A critical assessment

The regulatory framework for corporate financial disclosure has been the subject of a large literature, most of which has focused on the economic rationale for disclosure requirements. This extant economic analysis has not led to any definitive conclusions regarding the necessity for disclosure regulation nor has it provided public policy guidance as to the nature and extent of required corporate financial disclosure. It is evident that broader-based analysis and research incorporating relevant social and political (as well as economic) factors is necessary to gauge appropriate public policy for financial information disclosure.     

论公司社会责任强制性的规范体系建构

公司社会责任的立法模式设计首先应从哲学理论基础上明晰其行为法基本定位,肯定其法律化意义以及弹性化设计机理。公司社会责任一般性条款当然应具有行为法的属性,而非仅具有宣示性的作用。从社会整体性、多元性、动态性视角来看,公司社会责任立法设计应采综合立法模式,一方面应当规定一般性条款,另一方面需要设计多层结构以满足社会复杂多元需求等。相应地,《民法典》第86条（《公司法》第5条）作为一般条款,发挥裁判法功能的方式既有借助现有条文进行说理论证,同时也当为行政规章、规范性政策文件乃至行业规则等提供效力支撑。尤为重要的是,公司社会责任的立法内容完善应不断凸显组织法特点,加强公司内部治理,进一步明确责任主体。     

The use of Web sites as a disclosure platform for corporate performance

Adopting a stockholders' interests' perspective, we explore three related questions: (1) What are the scope and patterns of corporate performance disclosure on the Internet? (2) What are the determinants of the extent and scope of corporate performance disclosure on the Internet? (3) Is corporate performance disclosure on the Internet relevant for valuation of a firm's earnings? Corporate performance disclosure relates to corporate actions and initiatives that directly affect society and, ultimately, stockholders' wealth. We focus on Web (HTML) disclosure. Our sample comprises Canada's largest publicly-traded firms, many of which are also SEC registrants. The extent and scope of web disclosure by these firms is rated using a coding grid. Regarding the first question, three disclosure patterns emerge: (1) firms providing disclosure about innovation, development and growth also tend to report about customer value as well as maintaining a Web site with good capabilities (business-related disclosure), (2) disclosure about human/intellectual capital is linked to social responsibility disclosure (social-related disclosure) and, (3) the disclosure of financial performance and corporate governance practices are both closely linked together (financial-related disclosure). Regarding the second question, firms apparently take into account variables proxying for information costs and benefits accruing to stockholders when determining the extent of their Web disclosure. Finally, regarding the third question, a firm's web-based performance disclosure appears to affect its earnings valuation multiple, although in a differential manner according to the nature of the information being conveyed.     

比较视野中的商业银行公司治理模式及其借鉴

建立良好的公司治理结构是一个国家及其企业树立市场信心、吸引更多投资的重要手段。现代商业银行作为资金运营的企业特别是投融资的中介,其公司治理科学与否、运行是否有效,是商业银行构造合理的内部制衡机制和有效的内控制度,进而强化外部监管和信息披露,建立完善的产权制度的关键。本文在借鉴国外具有代表性的商业银行公司治理模式的基础上,提出了所有权分散化、推行问责制、完善信息披露制度、完善激励机制、加强风险防范及通过上市完善公司治理等进一步优化我国商业银行公司治理的对策和建议。     

社会保障绩效评估指标体系思考

本文主要研究了社会管理创新中的关于社会保障方面的绩效评估体系.本文认为,社会管理的主体应该包括政府和其他社会主体,如社会组织、私人和企业等,因而在绩效评估方面,不仅要对政府在社会保障方面的绩效进行评估,也应该对社会主体在社会保障方面的行为进行评估,建立起客观的和主观的绩效评估指标体系.     

Corporate philanthropy: Insights from the 2008 Wenchuan Earthquake in China

We explore the equity market impact of board announcements of corporate donations made in response to the May 12th 2008 Wenchuan earthquake in China. Our event study uses a sample of board announcements of corporate donations from Chinese A-share listed companies. We find that donor companies providing products and/or services directly to end-consumers tend to enjoy higher abnormal stock returns, thereby documenting a link between corporate social responsibility and corporate financial performance at least for some corporate citizens. In light of the empirical results, the study suggests that corporate philanthropic involvement should be treated as a differentiated type of marketing tool to obtain social reputation and publicity, as well as a relationship cultivation mechanism with local government authorities.     

国企高管薪酬影响企业社会绩效的实证研究

基于利益相关者理论,将社会绩效引入高管薪酬显性契约缔约过程,构建了高管薪酬与企业社会绩效关系模型,并以137家国有上市公司为实证样本,采用因子分析、回归分析方法检验了模型的假设关系。研究发现:年薪与企业强社会绩效和企业总体社会绩效显著正相关,与企业弱社会绩效负相关;高管持股与企业社会绩效没有显著相关性。     

Accounting towards sustainability in production and supply chains

Growing interest in sustainability and corporate supply chains accompanies increased globalisation across developed and developing countries, a stronger focus on the logistics of procurement behind international trade, and information flows between parties about corporate economic, social and environmental performance. Accounting provides information to oil the wheels of supply chain relationships. The purpose of this paper is to consider what an accounting for sustainability of production and supply chains might look like. An overview is provided of the issues associated with a broadening of accounting needed for sustainable supply chains. The paper highlights: ongoing problems of scope and terminology, lack of a broad sustainability focus because of complexity which stunts the impact on decision makers, and the need for transdisciplinary teams to increase connectedness and performance of the supply chain. The need for further research relating to three issues is identified. First, who undertakes the accounting for supply chains; second, why should a business function account for supply chain involvement; and, third, what information is relevant to different functional managers?     

Tax impact in corporate social responsibility decisions and reporting

Tax effects of corporate social responsibility decisions should be incorporated into the various approaches for performing social audits or accounting for social performance. This paper identifies some special U.S. tax provisions which encourage corporate participations in social responsibilities. The Linowes' socio-economic accounting model is revised to show tax costs.     

Your Governance or Mine?

In response to criticism directed at the resource sector's corporate governance, this paper examines the corporate governance and underlying firm characteristics of resource development stage entities (DSEs) relative to a size‐matched sample of non‐resource firms. We find that resource DSEs have different governance characteristics in the measures of board independence, chair/CEO duality and CEO cash bonuses. Furthermore, there are differences in the information environment measures of analyst following, debt levels, stock market return and stock turnover. Considering we document substantial differences in underlying firm characteristics, corporate governance differences are likely appropriate to the mining industry and should not be uniformly labelled as ‘bad’. Our results suggest that media rankings based on corporate governance scores may not accurately portray the resource sector. Overall, our results are of interest to Australian investors and regulators and contribute to a broader understanding of contextually contingent corporate governance.