社会责任信息披露与股价崩盘风险--基于信息效应与声誉保险效应的路径分析  

Corporate Social Responsibility Disclosure and Stock Price Crash Risk:Based on Information Effect and Reputation Insurance Effect

作　　者：宋献中[1] 胡珺[1] 李四海[2] 

机构地区：[1]暨南大学管理学院,广东广州510632 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《金融研究》2017年第4期161-175,共15页Journal of Financial Research

基　　金：国家社会科学基金项目(16ZZD049和14AZD068);国家自然科学基金项目(71372166、71672075、71602070和71502174);广州区域低碳经济研究基地的资助

摘　　要：本文从企业信息不对称和投资者情绪两个角度探讨了企业股价崩盘风险的形成机理,并以2009-2014年沪深A股上市公司为样本,分别从社会责任信息披露的信息效应和声誉保险效应两条路径考察了对股价崩盘风险的影响。研究发现,社会责任信息披露与未来股价崩盘风险显著负相关,说明企业披露社会责任信息降低了未来股价崩盘风险。对影响路径的分析发现,社会责任信息同时通过信息效应和声誉保险效应降低股价崩盘风险,但声誉保险效应占据主导地位。在通过一系列稳健性检验后,以上结论仍成立。拓展分析表明,自愿社会责任信息披露相对于应规披露,对股价崩盘风险的约束作用更强,且上述关系在企业违规这一特定情境下仍成立。本文不仅丰富了企业股价崩盘风险形成机理的理解和分析范式,为股价崩盘风险的预防提供了新的经验支持,对于深入理解社会责任信息披露的经济后果也具有重要的理论与现实意义。we employed Chinese listed companies during period of 2009 -2014 as samples, from perspective of information effect and reputation insurance effect respectively examining the relationship between corporate social responsibility disclosure and stock price crash risk. We find that with disclosing of corporate social responsibility, the stock price crash risk will obviously decrease. Analysis to effects channel suggests that corporate social responsibility disclosure through both information resources effect and reputation capital effect decrease stock price crash risk, but reputation capital effect plays a dominant role. After the problems such as the nature of being internal has been controlled, the above - mentioned conclusion is still correct. Further test show that voluntary disclosure of corporate social responsibility has a more significant restraint to the stock price crash risk when compared to mandatory disclosure, and the relationship is still exist when it turns to an illegal situation. Our findings enrich the formation mechanism and analysis paradigm of the stock price crash risk, which not only provide new evidences to prevent crash risk, it also has an important significance of understanding the economic consequences of corporate social responsibility disclosure.

关 键 词：社会责任信息披露 信息效应 声誉保险效应 股价崩盘风险 

分 类 号：F832.51[经济管理—金融学]