| 刘惠好,冯永佳.经济政策不确定性与公司社会责任信息披露[J].北京工商大学社科版,2020,35(5):70-82 |
| 经济政策不确定性与公司社会责任信息披露 |
| Economic Policy Uncertainty and Information Disclosure of Corporate Social Responsibility |
| 投稿时间：2020-04-08 |
| DOI：10.12085/j.issn.1009-6116.2020.05.007 |
| 中文关键词: 经济政策不确定性 社会责任信息 公司销售 分析师关注 公司产权性质 市场制度环境 |
| 英文关键词:economic policy uncertainty social responsibility information corporate sales analysts tracking nature of firms market institutional environment |
| 基金项目:国家社会科学基金项目“健全我国多层次资本市场转板制度研究”(14BJY182)。 |
|
| 摘要点击次数: 356 |
| 全文下载次数: 231 |
| 中文摘要: |
| 基于2008—2017年我国A股上市公司样本和中国经济政策不确定性指数,考察了经济政策不确定性对公司社会责任信息披露的影响。研究表明,当经济政策不确定性上升时,公司自愿发布社会责任报告的积极性显著增加,社会责任信息披露质量也显著提高。进一步研究发现,公司销售存在中介效应,经济政策不确定性减少了公司销售业绩,促使公司自愿发布社会责任报告的意愿提高,社会责任信息披露质量提升；而分析师关注存在掩饰效应,经济政策不确定性削弱了分析师关注,导致公司自愿发布社会责任报告的意愿减少,社会责任信息披露质量降低。此外,在产权性质、市场制度环境不同的公司中,经济政策不确定性与公司社会责任信息披露的关系存在异质性。经济政策不确定性并非公司提高社会责任信息披露的内在驱动因素,该信息披露决策只是公司在销售业绩下滑时的相机决策。因此,监管部门制定可以从本质上促进上市公司社会责任信息披露的政策才是长久之计。 |
| 英文摘要: |
| Based on the sample of A-share listed companies during the years from 2008 to 2017 and China's economic policy uncertainty index, this paper examines the impact of economic policy uncertainty on the information disclosure of corporate social responsibility (CSR). The research shows that when the economic policy uncertainty gradually rise, the companies issue voluntarily the social responsibility reports more actively, and improve remarkably the quality of information disclosure of social responsibility at the same time. Further study finds that there is mediating effect in the corporate sales. Economic policy uncertainty reduces corporate sales, and promotes the corporates to increase the willingness of issuing voluntarily the social responsibility reports and the quality of information disclosure of social responsibility. There is masking effect in analysts tracking. Economic policy uncertainty reduces analysts tracking, and leads the companies to reduce the willingness of issuing voluntarily the social responsibility reports and the quality of information disclosure of social responsibility. Moreover, in the companies with different property nature and different market institutional environment, there is heterogeneous in the relationship between economic policy uncertainty and CSR information disclosure. The economic policy uncertainty is not the intrinsic driving factor for companies to improve the information disclosure of social responsibility, but the discretionary choice when corporate sales decline. Therefore, it is a long-term strategy for regulators to develop the policies that can promote essentially the information disclosure of social responsibility in the listed companies. |
| 查看全文 查看/发表评论 下载PDF阅读器 |
| 关闭 |
|
|
|
