共有股东与企业社会责任信息披露——基于A股上市公司的经验证据  

Common Shareholder and Corporate CSR Disclosure:Evidence from A-Share Listed Companies

作　　者：王毓轩 刘思义 Wang Yuxuan;Liu Siyi

机构地区：[1]复旦大学管理学院 [2]对外经济贸易大学国际商学院

出　　处：《管理会计研究》2024年第4期28-41,共14页MANAGEMENT ACCOUNTING STUDIES

摘　　要：近年来,同行业企业拥有相同股东的现象日益普遍,现有文献证明共有股东可以缓解其持股企业之间的竞争,促使一家企业将自身行为对其他企业造成的影响纳入决策考量。本文选取2008年至2022年沪深A股上市公司作为样本,实证研究发现共有股东能显著增加同行业公司自愿性社会责任报告披露。进一步研究发现,当本公司信息专有成本较高或同行业公司股票流动性较差时,共有股东对自愿性社会责任报告披露的正向影响更加显著。本文从同行业企业共有股东的角度分析企业社会责任信息的自愿性披露行为,补充了共有股东经济后果及非财务信息披露影响因素的相关研究。Recently,it has been increasingly common that firms share the same shareholders within the same industry,which,according to extant literature,can alleviate the competition among co-owned firms and internalize the impact of one firm's behavior on other co-owned firms'.Using Chinese A-share listed companies during the period from 2008 to 2022 as the research sample,we document that the common shareholders can significantly increase the voluntary disclosure of CSR reports of firms in the same industry.Furthermore,the positive effect of common shareholders on voluntary CSR disclosure is more pronounced when focal firms have more proprietary information or peer firms exhibit lower stock liquidity.This paper contributes to the research that investigates the consequences of common ownership and determinants of non-financial information disclosure.

关 键 词：企业社会责任信息披露 共有股东 同行业企业 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F270