企业社会责任、媒体报道与股价崩盘风险

doi:10.16381/j.cnki.issn1003-207x.2020.2183

摘要/Abstract

摘要： 理论上企业披露社会责任信息既可能抑制股价崩盘风险，亦可能加剧股价崩盘风险；新闻媒体作为社会责任披露的重要载体在其中既可能弱化也可能强化这种影响，对这些问题的探讨是近年来公司金融领域研究的热点，但学者对当前的研究结果尚存在较多争论。鉴于此，本文首先在理论上导出社会责任披露对股价崩盘风险的双向作用机制，然后引入新闻媒体研究其可能的传导途径。基于我国A股市场所有上市公司2010-2018年面板数据的研究结果显示：上市公司通过披露企业社会责任指数能够显著降低股价崩盘风险；企业履行社会责任会显著增加媒体报道的数量，而媒体报道数量增加能够显著抑制股价崩盘风险，即媒体报道在企业社会责任影响股价崩盘风险的过程中起到中介作用；进一步的拓展研究发现：企业社会责任指数中的股东责任对股价崩盘风险影响最大，而供应商、客户和消费者权益、社会责任的影响不显著；与中性媒体报道相比，正面媒体报道和负面媒体报道的中介作用效果更强。

关键词: 崩盘风险；企业社会责任；媒体报道；中介效应；股票价格

Abstract: In theory, the disclosure of corporate social responsibility may mitigate or increase the stock price crash risk. As an important carrier of social responsibility disclosure, news media may weaken or strengthen the effect. These problems above become hot issues in the field of corporate finance in recent years. The bidirectional mechanism of social responsibility disclosure on stock price crash risk is first derived in theory, and then news media is introduced to study its possible transmission path. Based on the panel data of all companies in Chinese A-share market from 2010 to 2018, the research show that companies can reduce the risk of stock price crash by disclosing corporate social responsibility index. CSR fulfillment will increase the number of media reports, and the increasing number of media reports will decrease the risk of stock price crash. In other words, media reports play an internal role in the process of CSR affecting the risk of stock price crash. Further research shows that shareholders’ responsibility in the CSR index has the greatest influence on the risk of stock price crash, while the influence of suppliers’, customers’ and consumers’ rights and interests and social responsibility is not significant. The mediating effect of positive media reports and negative media reports is stronger than neutral media reports.

Key words: crash risk; corporate social responsibility; media coverage; mediating effect; price of the stock

中图分类号:

F830.9

黄金波, 陈伶茜, 丁杰. 企业社会责任、媒体报道与股价崩盘风险[J]. 中国管理科学, 2022, 30(3): 1-12.

HUANG Jin-bo, CHEN Ling-xi, DING Jie. Corporate Social Responsibility, Mediacoverage and Stock Pricecrash Risk[J]. Chinese Journal of Management Science, 2022, 30(3): 1-12.

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