社会责任报告语调与股价崩盘风险

以2006—2017年披露社会责任报告的所有A股上市公司为研究对象,实证检验了社会责任报告的语调对股价崩盘风险的影响。实证结果显示,社会责任报告的净正面语调与股价崩盘风险呈显著正相关关系,具体表现为通过正面语调离差策略来隐匿企业的负面信息。进一步分析发现,当企业的信息不对称程度较高,企业自愿披露社会责任报告时,其社会责任报告净正面语调与未来股价崩盘风险呈显著正相关关系,而管理层隐匿坏消息的动机是出于缓解企业的融资约束问题。研究在丰富社会责任信息披露和股价崩盘风险相关领域研究的同时,对上市公司、投资者和监管部门也有重要的启示作用。

CSR Report Tone and Stock Price Crash Risk

The research object of this paper is all A-share listed companies that disclose social responsibility reports from 2006 to 2017,and it empirically tests the impact of the tone of social responsibility reports on the stock price crash risk.The empirical results of this paper show that the net positive tone of social responsibility report has a significant positive correlation with the stock price crash risk.Further analysis shows that when enterprises voluntarily disclose social responsibility reports due to a high degree of information asymmetry,the net positive tone of their social responsibility reports is significantly positively correlated with the risk of future stock price collapse,while the motivation of management to conceal bad news is to alleviate the financing constraints of enterprises.This paper not only enriches the research on social responsibility information disclosure and stock price crash risk,but also has important implications for listed companies,investors and regulatory authorities.