制度背景、公司价值与社会责任成本--来自沪深300指数上市公司的经验证据  

Institutional Background, Company Value and Social Responsibility Cost: The Evidence from Listed Companies of CSI300 Index

作　　者：万寿义[1,2] 刘正阳[3] 

机构地区：[1]东北财经大学会计学院 [2]中国内部控制研究中心 [3]财政部会计资格评价中心

出　　处：《南开管理评论》2013年第1期83-91,121,共10页Nankai Business Review

基　　金：教育部人文社会科学研究项目(12YJA630112);国家社会科学基金青年项目(12CGL027)资助

摘　　要：本文基于"内部控制应用指引第4号——社会责任",根据利益相关者理论和产权理论,将社会责任成本信息评价指标分为三个层次,构建了企业社会责任成本信息评价体系。以382家沪深300指数上市公司2008-2009年的数据为样本,从样本总体和分行业两个角度,研究了企业社会责任成本与公司价值的相关关系。结果表明,当期是否发生安全生产支出、销售费用支出率、纳税贡献率与公司价值显著正相关,当期是否发生环保支出、欠款未偿付率与公司价值显著负相关,而其它评价指标代表的企业社会责任成本对公司价值的影响并不显著;各行业回归差异较大,应充分考虑不同行业社会责任履行的差异。本文的研究发现为监管机构制定相关政策、上市公司完善社会责任报告和投资者优化投资决策提供了新的经验证据。Based on Application Guidelines for Enterprise Internal Control No.4---Social Responsibilities, according to stakeholder theory and property right theory, this article divides the evaluation in- dex of social responsibility cost into three levels, which constructs the evaluation index system of the enterprise social responsibility cost. With the data of 382 listed companies of CSI300 index in 2008-2009 as samples, we study the relationship between the company value and the enterprise social responsibility cost from the sample overall and all walks of life respectively. The result indicates that it has a positive correlation with safety production expenses, sales expenses ratio and tax contribution which have taken place this period, while it is negatively correlated with the environmental expenditure, arrears unpaid rate. In addition, other factors have insignificant impact on the company value. As the regression differences are significant in differ- ent industries, we should give full consideration to the differences in fulfilling their social responsibility among different industries. This study provides new empirical evidence for regulators to formulate relevant policy, for listed companies to perfect social responsibility report and for investors to improve their investment decision.

关 键 词：公司价值 社会责任成本 利益相关者 契约 评价指标 相关性 

分 类 号：F275.3[经济管理—企业管理] F832.51[经济管理—国民经济] F224