每股社会贡献值与公司价值的关系——基于上证A股公司的实证研究  

Social Contribution Per Share and Corporate Value——an Empirical Study on A-share Listed Companies

作　　者：潘妙丽[1] 

机构地区：[1]上海证券交易所博士后工作站,上海200120

出　　处：《证券市场导报》2011年第6期29-33,47,共6页Securities Market Herald

摘　　要：本文以2008、2009年自愿披露每股社会贡献值的上市公司为样本,实证检验了影响该指标披露的因素以及每股社会贡献值与公司价值的关系。在考察每股社会贡献值与公司价值的关系时,本文采用Ohlson(1995)股票价格模型,检验其与股票价格之间的关系。研究表明,股权集中度和净资产回报率是影响上市公司披露每股社会贡献值的主要因素;但每股社会贡献值指标不具有显著的价值相关性。本文的研究结论启示我们:每股社会贡献值的计算不能简单地重复已有的财务信息,如何真正有效地促进上市公司披露更加本质的社会责任问题,如环境污染,产品安全等信息才是今后的重点。This paper empirically analyzes what affects the disclosure of social contribution per share and the relation between social contribution per share and corporate value based on the data from social responsibility report in 2008 and 2009.We use the Ohlson（1995） pricing model while testing the relation between CSR and corporate value.The results show that,ownership concentration and ROE are the main variables affect companies to disclose CSR,and the CSR variable can not provide useful information significantly.The results indicate the regulation department that,the current social contribution per share simply just repeat the financial information,therefore,we should consider mandatory disclose more useful social information,such as environment pollution and food safety.

关 键 词：社会责任 每股社会贡献值 公司价值 

分 类 号：F830.91[经济管理—金融学]