社会责任信息披露、媒体报道与个体投资者的投资决策——一项实验证据  

Corporate Social Responsibility Disclosure,Media Coverage and Individual Investors' Decision Making: An Experimental Study

作　　者：郑培培[1] 任春艳[1] 郭兰 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]罗瑞尔大学商学院

出　　处：《经济管理》2017年第4期37-50,共14页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"眼动跟踪技术在会计信息系统设计中的应用"(71672162);厦门大学中央高校基本科研业务费项目"社会规范;财务报告质量与公司资本配置效率"(20720161007)

摘　　要：本文采用实验研究方法,以国内某重点大学管理学院MBA学生为投资行为被试对象,设定不同情境,旨在检验企业将履行社会责任作为"持续健康发展的战略举措"或"弥补负面影响的机会主义行为"时,社会责任信息披露的投资决策相关性影响,并通过三步回归方法构建中介模型进一步探讨媒体报道性质对企业社会责任信息披露水平与个体投资者投资决策调节作用的具体路径。实验结果表明,企业社会责任信息披露水平本身并没有过多的信息含量,不会对个体投资者投资的可能性产生显著的作用;企业社会责任信息披露水平对投资可能性的作用取决于媒体报道的性质,当媒体报道为正面时,企业社会责任信息披露越详细,投资者的投资可能性越高;当媒体报道为负面时,企业社会责任信息披露越详细,投资者的投资可能性反而越低。进一步研究发现,投资者感知的管理层信任度在媒体报道性质对投资可能性之间起到中介作用。上述结果表明,企业推行社会责任可能存在"两面性",如果企业的可持续战略涵盖了社会责任的履行,则企业这类信息的披露能够提升市场上的个体投资者对该公司未来价值的判断水平,进而增加他们投资的可能性;但如果企业管理层为了私利而机会主义地利用社会责任,那么最终无疑会损害企业的利益。该研究结论不仅深化和拓展了企业社会责任领域和媒体报道领域的研究成果,而且也为相关监管制度的建设和规范提供了重要的经验证据。With the development of the concept of harmony society, the public has paid more and more atten- tion on corporate social responsibility （CSR） ,and the disclosure of the CSR has become more and more important. Although more and more companies provide CSR, the practical level of CSR is still mixed. Some companies reveal them in detail, while others reveal them simply. As non-financial information, the aim of revealing the information of social responsibility is to make up for the limitations to some extent, that exist when only using financial informa- tion to reflect corporate value, to reduce the extent of asymmetric information so that investors can make better deci- sions. In information time, with the development of financial market and increasing of media influence, the atten- tions that social public pay to media information and role of media information in investors＇ decisions are becoming more and more obvious. By reviewing the existing researches, we find that the number of researches on social re- sponsibility and media are large, but the research of relating them to individual investors＇ investment decisions is not common, and the used method of existing studies on them is relatively single. Based on the above analysis, this paper tries to make some improvements on these aspects.

关 键 词：社会责任信息披露 媒体报道 投资决策 

分 类 号：F230[经济管理—会计学]