媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究

摘要/Abstract

摘要： 企业社会责任(CSR)及信息披露已成为当前社会各界共同关注的热点问题。本文利用独立机构发布的我国A股上市公司CSR报告的评级数据,验证了当前时代背景下我国企业社会责任信息披露与企业财务绩效的关系,以及作为信息传递媒介和"公众日程设置者"的媒体的关注对于二者关系的影响作用。研究发现,高水平披露社会责任信息的企业的绩效明显高于低水平企业,但是这种作用关系是在媒体关注度这一变量的完全中介作用之下实现的。这一新发现不仅丰富和拓展了企业社会责任及信息披露的理论研究框架,对于基于战略性CSR思维制定相关战略的企业管理者也深具启发意义。

关键词: 企业社会责任, 企业社会责任信息披露, 企业财务绩效, 媒体关注度, 公众责任意识

Abstract: Nowadays,corporate social responsibility(CSR)and relative infromation disclosure have been hot spots of the public.Using the data on the ranking of Chinese listed firm's CSR reports, which is obtained from an independent institution, the relationship between corporate social responsibility disclosure(CSRD) and corporate financial performance(CFP), and the role played by media exposure, which acts as information distribution medium and the director of "public agenda setting" in the relationship between CSRD and CFP are examined. The results show that the more CSR information is disclosed, the better the CFP will be. However, such relationship is totally mediated by media exposure. This new finding not only enriches and expands the theory framework of CSR and CSRD, but also significantly enlightens business managers who make plan based on principles of strategic CSR during the process of relative strategy development.

Key words: corporate social responsibility(CSR), corporate social responsibility disclosure(CSRD), corporate financial performance(CFP), media exposure(ME), public responsbility awareness

中图分类号:

C939
F272

陶文杰, 金占明. 媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究[J]. 中国管理科学, 2013, 21(4): 162-170.

TAO Wen-jie, JIN Zhan-ming. The Relationship Between Corporate Social Responsibility Disclosure and Corporate Financial Performance under Media Exposure and its Implications：An Empirical Study Based on the CSR Report of Chinese Listed Firms[J]. Chinese Journal of Management Science, 2013, 21(4): 162-170.

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