Inquiry supervision,CSR reputation protection,and corporate value:Evidence from China  

问询监管、CSR声誉保护作用和企业价值

作　　者：Jiuchang Wei Qin Jia Ruixue Jiang 魏玖长;贾沁;蒋瑞雪(中国科学技术大学管理学院,安徽合肥230026)

机构地区：[1]School of Management,University of Science and Technology of China,Hefei 230026,China

出　　处：《中国科学技术大学学报》2024年第10期1-13,I0006,共14页JUSTC

基　　金：supported by the National Natural Science Foundation of China(72293573);the New Era Education Quality Project of Anhui Province(2022zyxwjxalk003);the Fundamental Research Funds for the Central Universities(YD2160004004,WK2040000090).

摘　　要：This study analyses all A-share listed companies from 2015 to 2020 to empirically examine the impact of inquiry supervision on corporate value and the moderating influence of corporate social responsibility(CSR)on this relationship.Research has shown that inquiry supervision significantly reduces corporate value,and the corporate social responsibility previously performed by companies can weaken this negative impact.Furthermore,the heterogeneity test based on internal and external controls shows that the reputation protection effect of CSR is more significant for companies with a higher proportion of independent directors,companies with a higher proportion of institutional investors investing in stocks,regions with a higher degree of marketization,and regions with a higher level of rule of law.The research in this article validates the effectiveness of reputation protection and verifies that reputation protection,as an informal mechanism,is easier to fulfil a role in areas where formal mechanisms are perfect.In other words,formal and informal mechanisms appear to complement each other.These findings provide empirical insights into the governance of CSR.以2015年至2020年A股全部上市公司为研究样本,实证检验了问询监管对企业价值的影响,并探讨企业社会责任在此过程中的调节作用。研究结果表明,问询监管显著降低了企业价值,企业前期社会责任履行会削弱问询监管对企业价值的负面影响。此外,基于内部控制和外部控制的异质性检验结果显示,企业社会责任的声誉保护效应在独立董事比例较高企业、机构投资者持股比例较高企业、市场化程度较高地区以及法治水平较高地区中表现得更明显。研究验证了声誉保护的有效性,并验证了声誉保护作为非正式机制,在正式机制完善的地方更容易发挥,即正式机制和非正式机制互相补充,为企业的社会责任治理提供了经验启示。

关 键 词：inquiry supervision reputation protection corporate social responsibility corporate value 

分 类 号：F830.9[经济管理—金融学]