高质量社会责任报告能有效应对企业系统风险吗?  

Can High Quality Social Responsibility Report Respond Effectively to Corporate Systematic Risk?

作　　者：赵振洋[1,2] 赵丽娜 杨建平 

机构地区：[1]东北财经大学会计学院,辽宁大连116025 [2]东北财经大学中国内部控制研究中心,辽宁大连116025 [3]大连万达商业地产股份有限公司,广东广州511430

出　　处：《南京审计大学学报》2018年第1期79-86,共8页Journal of Nanjing Audit University

基　　金：辽宁省教育厅科学研究一般项目(LN2016YB008);东北财经大学2016年校级青年科研人才培育项目(DUFE2016Q08)

摘　　要：选取我国2009—2014年沪深A股上市公司作为研究对象,运用润灵环球评级得分和单因素模型分别对企业的社会责任报告质量与系统风险进行度量,实证结果表明:企业披露的高质量社会责任报告能有效应对企业系统风险的发生,而且企业披露的社会责任报告质量越高,对企业系统风险的应对作用越显著。为保证研究结果的稳健性,采用两阶段工具变量法(IV)、Heckman两阶段法进行内生性检验,采用更换变量度量、按产权性质以及社会责任报告质量分组回归的方法进行稳健性检验,结果都有效地验证了所得结论。在所得结论的基础上,从政府部门、社会责任报告专业评级机构、企业自身三个层面提出了相应的政策建议。Selecting A-share listed companies in Shanghai and Shenzhen from 2009 to 2014 as the research subjects,this paper measures the social responsibility reporting quality and system risk by Run Ling global rating scale and the single-factor model. The empirical results reveal that high quality corporate disclosure of social responsibility reports could effectively deal with the occurrence of corporate system risk. The higher the quality of the social responsibility reports disclosed by the enterprises,the more significant the response to the corporate systematic risk. In order to ensure the robustness of the research results,the two-phrase Instrument Variables( IV) and the Heckman method are used to test the endogeneity of the results.What's more,the methods of changing variable measurement,nature of property right and the grouped regression of social responsibility report quality are carried out to test the robustness. The results are validated effectively. On the basis of the conclusions,the paper puts forward a series of policy recommendations from the views of government sectors,social responsibility report rating agencies and the corporate themselves.

关 键 词：企业社会责任报告 系统风险 资本成本 利益相关者 银行信贷 内部控制 企业价值 财务绩效 

分 类 号：F272[经济管理—企业管理]