分析师关注度视角下企业社会责任对绩效的影响机理:基于机器学习与文本分析的研究  

Impact mechanism of corporate social responsibility on performance from perspective of analyst attention:Research based on machine learning and text analysis

作　　者：刘刚[1] 唐寅 殷建瓴 LIU Gang;TANG Yin;YIN Jianling(School of Business,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《中国软科学》2024年第2期156-166,共11页China Soft Science

基　　金：国家社会科学基金重点项目(17AJY012)。

摘　　要：研究整合利益相关者理论与信号理论,以分析师关注度作为中介变量,利用机器学习与文本分析方法,通过对中国A股957家上市公司5 472条企业社会责任数据的分析,从言(披露)、行(行为)两个方面探究了企业社会责任如何影响企业绩效的内在机理。研究发现:包括社会责任报告语调、易读性、覆盖范围等在内的企业社会责任披露及包括捐赠金额、捐赠增幅、行业内捐赠占比等在内的企业社会责任行为对证券分析师关注度具有显著影响;证券分析师关注度无论对企业短期绩效还是长期绩效都产生正向影响,并作为中介变量传递企业社会责任对企业绩效的正向影响效应。研究结果优化了对企业社会责任言、行的测量方式,较大程度地避免了依赖第三方数据库可能产生的信息偏误,克服了已有文献大多将企业社会责任言、行割裂开来展开研究的不足,将证券分析师关注度这一关键中介变量纳入理论模型,打开了企业社会责任言行如何影响企业短期和长期绩效的“理论黑箱”。By integrating stakeholder theory and signaling theory, this research employs analyst attention as an intermediary variable and utilizes machine learning and text analysis techniques to investigate the mechanisms through which corporate social responsibility(CSR) affects corporate performance from the perspectives of disclosure and action.By analyzing data from 957 listed companies on the A-share market in China and comprising 5472 CSR data points, this research reveals that various aspects of CSR disclosure, such as tone, readability, and coverage, along with CSR action such as donation amounts, donation growth rates, and industry-specific donation proportions, exert a considerable influence on analyst attention. Analyst attention, in turn, exerts a positive direct impact on both short-term and longterm corporate performance and serves as a mediating variable that transmits the positive effects of CSR on corporate performance. This research optimizes the measurement of both CSR disclosure and action, minimizes potential information biases associated with reliance on third-party databases. Furthermore, it addresses the limitations in previous literature that often treated CSR disclosure and action as separate entities. By incorporating analyst attention as a key intermediary variable into the theoretical model, this research sheds light on the “black box” of how CSR disclosure and action impact short-term and long-term corporate performance.

关 键 词：企业社会责任 企业绩效 分析师关注度 信息披露 社会捐赠 

分 类 号：C936[经济管理—管理学]