企业社会责任、年报披露及时性与信息解读效率  

Corporate Social Responsibility, Timelines of Annual Reports and Effi ciency of Information Processing

作　　者：王磊[1] 季思颖 施恬[2] 

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]中国人民银行上海总部,上海200120

出　　处：《证券市场导报》2016年第1期33-41,共9页Securities Market Herald

基　　金：国家自然科学基金(71203139);教育部人文社科基金(12YJC630203);上海市教委"晨光计划"(12CG64);上海对外经贸大学"085"工程建设项目的资助

摘　　要：已有相关研究对企业社会责任与公司绩效之间的关系做了深入探讨，但少有文献涉及信息披露及时性问题。本文以2009～2013年间披露社会责任报告的A股公司为样本，考察企业社会责任对年报披露及时性以及信息解读效率的影响。结果表明，社会责任表现好的企业，年报披露日期较上一年有明显的提前，说明企业社会责任对年报披露及时性存在正向影响；社会责任履行越好的企业，年报披露引起的市场反应越大，反映投资者对信息解读的效率越高。上述结果验证了企业社会责任的商业伦理观点，研究结论对于促进上市公司提高社会责任意识，完善信息披露具有一定的启示。A large amount of previous study has explored the relationship between corporate social responsibility （CSR） and firm performance while few focuses on the timeliness of annual reports. Using a sample of Chinese listed companies which disclosed their CSR reports from 2010 to 2013, this paper investigates the effects of CSR on timeliness of annual reports and efficiency of information processing. The results show the socially responsible firms have earlier dates of reporting in the following year, which means CSR has positive effect on the timeliness of reporting. Furthermore, the price reaction to earnings surprise is much stronger for these firms, indicating that investors process information more efficiently. These findings support the business ethical view of CSR, and are significant for promoting CSR activities and improving the information disclosure quality.

关 键 词：企业社会责任 年报披露及时性 商业伦理 道德风险 

分 类 号：F830.9[经济管理—金融学]