社会责任披露对股价崩盘风险的影响研究:基于会计稳健性的中介机理  

Study on the Effect of Corporate Social Responsibility Disclosure on Stock Price Crash Risk Based on Mediation Mechanism of Accounting Conservatism

作　　者：权小锋[1,2] 肖红军[3] 

机构地区：[1]苏州大学东吴商学院,江苏苏州215021 [2]北京大学光华管理学院,北京100871 [3]中国社会科学院工业经济研究所,北京100836

出　　处：《中国软科学》2016年第6期80-97,共18页China Soft Science

基　　金：国家自然科学基金重点项目(71132004);国家自然科学基金青年项目(71302121);国家社会科学基金青年项目(12CGL039);教育部人文社会科学研究基金青年项目(12YJC630158);江苏高校哲学社会科学研究重点项目(2012ZDIXM039);财政部全国会计领军(后备)人才(学术类)培养项目;江苏省首届青年社科英才项目

摘　　要：企业社会责任信息披露到底体现了股东"价值主义"还是管理层"机会主义",这个问题成为近年来财务学和社会学交叉研究的热点问题。本文切入会计稳健性的中介效应检验视角,系统分析了社会责任信息披露与股价崩盘风险之间的内在关系及其形成机理。研究发现:社会责任信息披露水平与条件性会计稳健性存在显著负向关系,且这种负向关系仅在强制披露和未进行第三方信息鉴证的社会责任报告公司存在;而条件性会计稳健性会负面影响未来期股价的崩盘风险。进一步的机理分析证实会计稳健性是社会责任信息披露与股价崩盘风险之间的部分中介因子,表明在我国资本市场,非财务信息的披露会影响管理层的会计政策选择进而对资本市场产生极端影响。总体结论证实我国企业社会责任信息披露体现了"机会推动"而非"价值驱动"的假说。Does the behavior of corporate social responsibility disclosure reflect ＂values strategy of shareholder＂ or ＂opportunism tool of management＂ ？ This question has become a hot issue in the interdisciplinary research of finance and sociology in recent years. This paper, from the perspective of the mediating analysis of accounting conservatism, made a systematic analysis on the internal relation and its formation mechanism between the corporate social responsibility disclosure and the stock price crash risk. The research indicated the following. First, the corporate social disclosure level is negative correlated with conditional accounting conservatism and this kind of negative correlation only exists in those corporate social responsibility reports which are mandatorily disclosed and have no third-party information assurance. Second,conditional accounting conservatism has a negative impact on future stock price crash risk. Last,path test revealed that accounting conservatism is part mediating factor in the formation of corporate social disclosure crash effect. This indicated that in Chinese capital market, the conductive path way of ＂corporate social disclosure--accounting conservatism--stock price crash risk＂ is partly true. The general conclusion revealed that the corporate social disclosure in our country reflects the ＂opportunistic motivation＂ hypothesis rather than the ＂value-added motivation＂ hypothesis.

关 键 词：社会责任信息披露 会计稳健性 股价崩盘风险 

分 类 号：F275.5[经济管理—企业管理]