强制性社会责任报告披露政策的规制效用评估——基于同伴效应的视角  

Evaluation of the Regulatory Effectiveness of Mandatory Corporate Social Responsibility Reporting Disclosure Policy:From the Perspective of Peer Effects

作　　者：常琦 雷博 罗荣华[2] 兰伟[3] Chang Qi;Lei Bo;Luo Ronghua;Lan Wei

机构地区：[1]西南财经大学统计学院 [2]西南财经大学金融学院 [3]西南财经大学统计学院、统计研究中心

出　　处：《统计研究》2024年第10期110-121,共12页Statistical Research

基　　金：国家自然科学基金面上项目“大型协方差矩阵的结构化估计和检验”(12171395);国家自然科学基金重点项目“半参数集成回归推断”(11931014);国家自然科学基金重大项目子课题“时空数据建模与预测研究”(71991472);中央高校基本科研业务费专项资金资助“社会责任信息披露政策的规制效用评估——基于同伴效应的视角”(JBK2307108)。

摘　　要：企业社会责任信息披露有助于缓解信息不对称并约束其失范行为,提升企业合规治理质效。本文基于同伴效应视角,利用动态网络处理效应模型测度强制性社会责任报告披露政策的直接影响和同伴效应,并引入多种社交网络进行对比研究。以2003—2021年我国沪深A股上市公司为样本的实证研究表明,该政策实施的影响是其直接干预效应和社交网络下形成的同伴效应的总和。忽视同伴效应,会导致政策实施的直接干预效应被高估,总效应被低估。同时,相较于机构投资者网络和兼职独立董事网络,依据行业分类构建的同行业网络的渠道作用不稳定;政策效应评估显示,兼职独立董事网络的传导效率较高。此外,相较于经营交易违规,该政策对企业信息披露违规的治理效果更突出。本文研究表明在国家政策的制度力量之外,社交网络下的同伴学习机制有助于激励企业将社会责任的承担与履行内化为决策思维和责任基因,形成自觉防控合规风险、持续提升治理效能的内在利益动力和内生发展需求。Corporate social responsibility information disclosure can alleviate information asymmetry,restrain its anomalous behaviors,and improve the quality and efficiency of corporate compliance governance.From the perspective of peer effects,we introduce a treatment-effects model with dynamic network to simultaneously measure the direct and peer effects of mandatory corporate social responsibility reporting disclosure policy.At the same time,a variety of social networks are introduced for comparative research.Empirical results based on A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange of China from 2003 to 2021 show that the impact of policy implementation is the sum of its direct impact and peer effects formed under social networks,and ignoring the peer effect will overestimate the direct effect of the policy and underestimate the total effect.Meanwhile,compared with the network of institutional investors and the network of part-time independent directors,the channel function of the industry network constructed according to industry classification is unstable in this study,and the policy effectiveness evaluation shows that the transmission efficiency of the part-time independent director network is superior to that of the institutional investor network.In addition,compared with operating and trading violations,the policy has a more significant governance effect on corporate information disclosure violations.Finally,we discover that in addition to the institutional power of national policies,the peer learning mechanism in social networks encourages enterprises to internalize the undertaking and implementation of social responsibilities into decision-making thinking and responsibility genes,with the internal interest motivations and endogenous development demands for consciously preventing and controlling compliance risks and continuously improving governance efficiency.

关 键 词：企业社会责任 同伴效应 违规行为 动态网络处理效应模型 

分 类 号：F222.3[经济管理—国民经济]