企业社会责任披露对股价崩盘风险的影响  

Research on the Impact of Corporate Social Responsibility on Stock Price Crash Risk

作　　者：丁一涵 Ding Yihan

机构地区：[1]上海理工大学管理学院

出　　处：《工程经济》2023年第9期44-56,共13页ENGINEERING ECONOMY

摘　　要：本文以2007-2021年中国沪深A股上市公司为样本,探究企业社会责任披露对股价崩盘风险的影响,以及公司内部治理在其中的调节作用。实证结果表明,企业社会责任披露能够降低未来股价崩盘风险,而公司内部治理中股权制衡度及管理层持股比例的提升可以强化企业社会责任对股价崩盘风险的抑制作用。进一步分析发现,在自愿披露的企业、非国有企业和非重污染型企业中,企业社会责任披露更能显著降低股价崩盘风险。本研究丰富了企业社会责任披露经济后果的相关研究,并为监管部门建设信息披露制度和企业实现可持续发展提供启示。This paper explores the impact of corporate social responsibility(CSR)disclosure on stock price crash risk and the moderating role of internal corporate governance in it,using a sample of A-share listed companies in Shanghai and Shenzhen,China,from 2007 to 2021.The empirical results show that CSR disclosure can reduce the risk of future stock price collapse,while the increase of degree of shareholding balance and management shareholding ratio in internal corporate governance can strengthen the inhibitory effect of CSR on stock price collapse risk.Further analysis finds that CSR disclosure is more significant in reducing stock price crash risk among voluntarily disclosed firms,non-state owned firms and non-heavy polluting firms.This study enriches the research related to the economic consequences of CSR disclosure and provides insights for the construction of disclosure systems by regulators and sustainable corporate development.

关 键 词：企业社会责任 股价崩盘风险 公司治理 固定效应模型 

分 类 号：F832.51[经济管理—金融学] F270