企业社会责任活动对负面事件应对策略有效性的跨情境调节效应研究  

The Effectiveness of Corporate Social Responsibility Activities in Response to Negative Incidents——Research on the Effect of Cross-Context Regulation

作　　者：朱焱[1] 杨青 Zhu Yan;Yang Qing

机构地区：[1]湖南大学工商管理学院,410082

出　　处：《会计研究》2021年第2期120-132,共13页Accounting Research

摘　　要：负面事件应对策略的有效性对涉事企业缓解或挽回企业市场价值损失至关重要。而其有效性取决于利益相关者对企业意图的解读,其中企业前期社会责任活动提供了重要依据。本文从投资者这一关键利益相关者角度出发,基于归因理论、利益相关者理论和信号传递理论,以2015-2019年沪深两市A股发生过负面事件的企业为样本,理论分析并实证检验企业的负面事件应对策略对企业市场价值的影响,以及企业前期社会责任活动对负面事件应对策略有效性的跨情境调节作用。研究表明,辩解策略会加剧企业市场价值下降,缄默策略会缓和企业市场价值损失,和解策略无影响;企业前期技术型社会责任活动会反向调节辩解及缄默策略与企业市场价值的关系,即企业前期技术型社会责任活动越高,辩解策略与企业市场价值的负向关系、缄默策略与企业市场价值的正向关系均越弱;企业前期公共型社会责任活动仅反向调节辩解策略与企业市场价值的关系,即企业前期公共型社会责任活动越高,辩解策略与企业市场价值的负向关系越弱。本文为负面事件爆发后企业应对策略有效性的研究提供了新视角,既满足了涉事企业选择有效的应对策略以缓解企业价值损失的迫切现实需求,也丰富了企业社会责任活动经济后果和负面事件应对策略有效性的相关理论研究。The effectiveness of coping strategies for negative events is very important for the enterprises involved to alleviate or restore the loss of market value of the enterprises. And it depends on the interpretation of corporate intentions by investors and other stakeholders, and corporate social responsibility activities in the early stage provide an important basis for their interpretation of corporate intentions.From the perspective of investors, the key stakeholder, and based on the attribution theory and the signal transmission theory, this paper empirically tests the impact of negative event coping strategies on the market value of enterprises by taking A-share companies in Shanghai and Shenzhen stock markets from 2015 to 2019 as samples.In addition, the signaling effect of corporate social responsibility activities before the outbreak of negative events was considered, and the cross-context moderating effect of corporate social responsibility activities on the effectiveness of negative event coping strategies was verified from the two dimensions of the type(breadth)and degree(depth)of corporate social responsibility activities in the early stage.The results show that corporate social responsibility activities before the outbreak of negative events will affect investors’ interpretation of enterprises’ coping strategies after the outbreak of negative events, thus affecting the effectiveness of their coping strategies.

关 键 词：企业社会责任活动 跨情境 应对策略 企业市场价值 

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