企业社会责任:“真心”抑或“幌子”?——基于高管内幕交易视角的研究  

Corporate Social Responsibility:“Sincerity”or“Veneer”?A Study Based on Executive Insider Trading

作　　者：曾爱民[1] 魏志华[2] 张纯[3] 左婉平 ZENG Aimin;WEI Zhihua;ZHANG Chun;ZUO Wanping(School of Accounting,Zhejiang Gongshang University;School of Economics,Xiamen University;Institute of Accounting and Finance,Shanghai University of Finance and Economics;Zhonghui Accounting Firm)

机构地区：[1]浙江工商大学会计学院,浙江杭州310018 [2]厦门大学经济学院,福建厦门361005 [3]上海财经大学会计与财务研究院,上海200433 [4]中汇会计师事务所,浙江杭州310000

出　　处：《金融研究》2020年第9期154-171,共18页Journal of Financial Research

基　　金：国家社科基金重大招标项目(16ZDA053);教育部规划基金面上项目(18YJA630004、15YJA630093);国家自然科学基金面上项目(71972163、71572165、71272011);浙江省自然科学基金面上项目(LY15G020002)的资助。

摘　　要：企业承担社会责任究竟是"真心"还是"幌子"?与现有研究聚焦于考察社会责任对企业行为的影响不同,本文基于高管个体行为视角,实证检验企业社会责任对高管个体证券交易行为的影响。基于2008~2014年中国沪深A股上市公司高管10338个内幕交易样本的实证结果显示:(1)企业承担社会责任不仅能抑制高管内幕交易的规模,更能显著降低高管内幕交易获利性,这表明作为社会责任的谋划者,企业高管并未以社会责任为"幌子"牟取个人证券交易的私利,在一定程度上提供了企业"真心"承担社会责任的证据;(2)进一步从"信息模型"和"声誉模型"双重视角探究发现,在企业信息不透明和高管个人声誉较差的情况下,企业社会责任对高管内幕交易获利性的抑制作用更为显著;并且相较于高管个人声誉较差的情况,企业社会责任在信息不透明的情况下对高管内幕交易获利性的抑制作用更强。总之,本研究从高管个体行为视角提供了企业社会责任具有积极治理作用的证据,不仅丰富了企业承担社会责任经济后果的研究,同时,对利益相关者也具有实践指导意义。Both the sustainable development goals(SDG)issued by the United Nations and China’s"13 th Five-Year Plan"highlighted the importance of corporate social responsibility.Nonetheless,doubts about corporate social responsibility and even major negative incidents involving social responsibility efforts still occur from time to time.Therefore,many enterprises’social responsibility behaviors have been criticized as ineffective,hypocritical,or purely for show,and the legitimacy and rationality of corporate social responsibility have been seriously challenged.Many studies have examined this topic from the perspective of corporate investment,financing,and earnings management.The results show that corporate social responsibility(CSR)is a positive moral behavior accepted by stakeholders(e.g.Chen et al.,2018).However,some studies also find that Chinese enterprises engage in social responsibility activities primarily to cover up or divert public attention from their misconduct,and they argue that management engages in CSR out of self-interest(e.g.Gao et al.,2012).However,these studies mainly focus on the impacts of corporate social responsibility on corporate behaviors,and few explore how corporate social responsibility affects the individual behavior of executives.Clearly,whether CSR affects the individual behaviour of planners and promoters can indicate whether it is"sincerity"or"veneer."This paper chooses A-share listed companies in China from 2008 to 2014 as a research sample to empirically examine the governance role of corporate social responsibility on the insider trading of senior executives,and it further explores the impact of corporate social responsibility on the insider trading of executives in different situations.This study finds the following:(1)Fulfilling corporate social responsibility has a significant governance effect on the scale and profitability of internal trading,and executives of CSR enterprises show stronger self-discipline in internal trading.(2)Evidence from the dual perspectives of the"informa

关 键 词：企业社会责任 高管内幕交易 企业信息透明度 高管个人声誉 

分 类 号：F270[经济管理—企业管理] F832.51[经济管理—国民经济]