基于公共事件社会负面效应测度的企业社会责任问题研究  

A Study on Corporate Social Responsibility Based on Measurement of Negative Social Effects of Public Events

作　　者：陈莉莎[1,2] 李昆[2] 薛娟[1] 

机构地区：[1]河海大学商学院,江苏南京210098 [2]南京审计学院管理学院,江苏南京211815

出　　处：《华东经济管理》2014年第6期35-41,共7页East China Economic Management

基　　金：国家自然科学基金项目(71072039);国家自然科学基金青年项目(71302177);教育部人文社会科学研究项目(12YJC630064);江苏高校优势学科(审计科学与技术)建设工程资助项目

摘　　要：文章运用事件研究法分析铬超标胶囊事件本身及事件后的多次曝光对相关涉事企业及同行业公司股价的影响,以探讨不同类型社会责任事件产生的不同市场效应。实证结果表明,投资者的投资决策一定程度上受到上市公司社会责任履行绩效的影响。对重大事故尤其是行业性事故A股市场能够做出显著负面反应;但是对政府处罚、责任诉讼等负面事件A股市场则基本不能做出有效反应;投资者能够识别不同类型事件的信息含量,与企业的社会责任相比,他们更多关注与企业经营业绩相关的信息,而不是与企业治理和企业价值相关的责任信息。总之,在此次事件中,我国新兴资本市场尚未发挥出对企业社会责任事件的经济惩罚作用。在市场负面效应测度的基础上,文章将利益相关者理论引入到药企社会责任研究中,指出只有企业内部和外部利益相关者共同作用,才能促进医药企业社会责任良性循环发展。The paper makes an analysis on the chromium exceeded capsule event itself and impacts of subsequent multiple exposures on the related businesses and the share prices of other pharmaceutical corporations by applying event study method, in order to explore different market effects generated by different types of social responsibility events. The empirical results show that social responsibility performance can affect investment decisions of investors to some extent. A-share market can make significant negative reactions to serious social responsibility accidents, especially industrial accidents; however, A-share market can hardly react to government penalties or lawsuits and other negative events ; investors can identify information content of different types of events and pay more attention to information related to business performance rather than responsibility information about corporate governance and enterprise value, compared with corporate social responsibility. In short, China＇ s emerging capital market has not yet played a role in the economic punishment of corporate social responsibility events in this incident. On the basis of the measurement of negative social effects, the paper introduces stakeholder theory to the study of the social responsibility of pharmaceutical enterprises, and points out that only the combination effect of internal and external stakeholders can promote the virtuous cycle of development of social responsibility of pharmaceutical enterprises.

关 键 词：企业社会责任 公共事件 负面效应 关键利益相关者 

分 类 号：F272-05[经济管理—企业管理]