公司战略定位与非财务信息披露——基于企业社会责任报告自愿披露的经验证据  

Corporate Strategic Positioning and Non-Financial Information Disclosure:Evidence from Voluntary Disclosure of CSR Reports

作　　者：崔九九 周笑朵 漫彦兵 谢海洋[4] CUI Jiu-jiu;ZHOU Xiao-duo;MAN Yan-bing;XIE Hai-yang(School of Management,Xinxiang University,Xinxiang 453000,China;S chool of Economics and Business,Goethe University Frankfurt,Frankfurt am Main 60323,Germany;School of Accounting,Henan University of Economics and Law,Zhengzhou 450000,China;School of Business,Zhengzhou University of Aeronautics,Zhengzhou 450000,China)

机构地区：[1]新乡学院管理学院,河南新乡453000 [2]德国法兰克福大学经济与管理学院,德国法兰克福60323 [3]河南财经政法大学会计学院,河南郑州450000 [4]郑州航空工业管理学院商学院,河南郑州450000

出　　处：《经济问题》2024年第5期123-128,F0003,共7页On Economic Problems

基　　金：国家社会科学基金重点项目“政府激励行为下混合所有制改革的模式选择及治理机制优化研究”(22AGL017);河南省高等教育教学改革研究与实践项目“基于行业标准的财务管理专业课程与教学内容体系研究”(2021SJGLX542)。

摘　　要：以我国沪深A股上市公司为研究对象,实证检验了公司战略定位对企业社会责任(CSR)报告自愿性披露的影响。研究发现:公司战略定位越激进,越有可能自愿披露CSR报告,并且披露的CSR报告质量也越高。机制分析表明,融资需求是公司战略定位影响CSR信息披露的内在机制;横截面分析发现,当公司的媒体关注度越高以及所在地区市场化水平越高时,公司战略定位与CSR信息披露之间的正相关关系越显著。以上研究结论对改善我国企业的CSR表现、实现“双碳”目标和经济高质量发展具有重要的现实意义。Using data from A-stock listed firms in China,we find that the more aggressive the firm’s strategic positioning,the more likely it is to voluntarily disclose CSR reports and the higher the quality of the disclosed CSR reports.Mechanism analysis shows that the financing demand mechanism is the internal mechanism for the firm’s s trategic positioning to affect the behavior of CSR information disclosure.The cross-sectional analysis find that when the firm’s media attention was higher and the marketization level of the region was higher,the positive corre⁃l ation between the firm’s strategic positioning and CSR information disclosure was more significant.We further find that firms with more aggressive strategic positioning do not have CSR“talking more and doing less”,but“con⁃s istent with words and deeds”,that is,firms with more aggressive strategic positioning perform better in CSR.

关 键 词：公司战略 社会责任报告 融资需求 开拓市场 文本分析 

分 类 号：F272.3[经济管理—企业管理]