资本市场对公司社会责任事件的惩戒效应——基于富士康公司员工自杀事件的研究  

The Punishment Effects Made by Capital Markets during CSR Events——Evidence from the Successive Employee Suicide Event of Foxconn Ltd.

作　　者：肖红军[1] 张俊生[2] 曾亚敏[3] 

机构地区：[1]中国社会科学院工业经济研究所,北京100836 [2]中央财经大学会计学院,北京100081 [3]南开大学商学院,天津300071

出　　处：《中国工业经济》2010年第8期118-128,共11页China Industrial Economics

基　　金：国家科技支撑计划课题"企业社会责任综合评价研究"(批准号2006BAK04A24-6-3);国家自然科学基金青年项目"税收的公司治理效应"(批准号70802066)

摘　　要：本文以富士康公司员工连续自杀事件为案例,通过实证分析这一公司社会责任事件对富士康公司与控股公司、贷款银行以及客户企业的股票价格与交易量的影响,探讨了资本市场是否会因社会责任事件而对公司及利益相关方做出经济惩罚。研究结果表明:富士康公司及其控股公司、给予富士康公司贷款的中国大陆国有商业银行的股票价格与交易量均未受到富士康公司员工自杀事件的显著影响,这表明在新兴市场中,资本市场尚未发挥对公司社会责任事件的经济惩罚作用。相反,同样作为贷款银行并实施赤道原则的渣打银行以及富士康公司的客户企业苹果、戴尔、惠普等IT公司的股票对富士康公司员工自杀事件反应敏感。这意味着发达资本市场对公司社会责任事件的经济惩罚作用较为显著。This paper chooses the corporate social responsibility event of successive employee suicide of Foxconn,and examines its effects on stock prices and trading volumes of Foxconn and its controlling shareholder,lending banks,and clients.The results will indicate whether capital markets punish CSR events.Our data show that during the event window neither Foxconn nor its controlling shareholder experienced significant change in stock return or trading volume.Also,those mainland commercial banks lending money to Foxconn were not significantly affected by this event.These results indicate that capital market plays no role in punishing CSR events in emerging market.On the other hand,we observe that Standard Chartered Bank,also a lending bank of Foxconn but one of Equator Banks,suffered great loss and large trading volume during the same event.The clients including Apple,DELL,and HP,which have excellent social responsibility images,reacted negatively to this suicide event.These results suggest that developed capital market assumes the role of punishing CSR events.

关 键 词：公司社会责任 事件研究 员工自杀 

分 类 号：F270[经济管理—企业管理]