企业社会责任对会计文本语调操纵的治理效应  

Governance Effect of Corporate Social Responsibility on Tone Manipulation of Accounting Texts

作　　者：师展 樊重俊[1,2] Shi Zhan;Fan Chongjun

机构地区：[1]上海理工大学管理学院,上海200093 [2]上海理工大学智慧工程研究中心

出　　处：《企业经济》2023年第12期57-67,共11页Enterprise Economy

基　　金：2020教育部哲学社会科学重大课题攻关项目“工业互联网发展中新型生产关系研究”(项目编号:20JZD010);国家自然科学基金青年项目“基于在线评论情感分析的社交媒体用户推荐”(项目编号:71601119)。

摘　　要：企业社会责任(CSR)是企业经营战略中不可或缺的一环,在企业治理中发挥着重要的作用。为检验企业社会责任表现对会计文本语调操纵是否具有治理效应,本文基于2017—2021年我国沪深A股上市公司面板数据,实证检验了企业社会责任对会计文本语调操纵的作用机理。研究发现:企业社会责任有效抑制了会计文本语调操纵。进一步研究发现,管理层股权激励在两者关系中发挥了“倒U”型的调节作用,数字信息操纵发挥了部分中介效应。异质性检验发现,当企业为非国有企业、内控质量较低时,企业社会责任对会计文本语调操纵的治理效应更明显。对此,文章提出:政府部门应不断完善关于社会责任的相关制度建设;企业应将社会责任履行纳入公司治理机制中;投资者应更多关注履行社会责任的企业。Corporate social responsibility(CSR)is an indispensable part of corporate management strategy and plays an important role in corporate governance.To test whether CSR performance has a governance effect on the tone manipulation of accounting texts,this paper empirically examines the effect mechanism of CSR on the tone manipulation of accounting texts based on the panel data of China's Shanghai and Shenzhen A-share listed companies from 2017-2021.It is found that CSR effectively inhibits the tone manipulation of accounting texts.It is further found that management equity incentives play an inverted U-shaped regulatory role in the relationship between the two,and the digital information manipulation plays a part of the intermediary effect.Heterogeneity test finds that the governance effect of CSR on the tone manipulation of accounting texts is more obvious when the enterprise is non-state owned and the internal control quality is low.In this regard,it is suggested that the government should continuously improve the relevant system construction of social responsibility;enterprises should incorporate social responsibility fulfillment into the corporate governance mechanism;and investors should pay more attention to enterprises that fulfill their social responsibilities.

关 键 词：企业社会责任 文本语调操纵 管理层股权激励 数字信息操纵 

分 类 号：F272[经济管理—企业管理] C93[经济管理—国民经济]