文献类型：期刊文献

中文题名：企业社会责任能降低股价同步性吗？--基于强制披露企业社会责任报告的准自然实验

英文题名：Can Corporate Social Responsibility Reduce Stock Prices Synchronicity?——A Quasi-Nature Experiment of the Mandatory

作者：李新丽[1,2];万寿义[1];张雪梅[1]

第一作者：李新丽

机构：[1]东北财经大学会计学院;[2]新乡学院商学院

第一机构：东北财经大学会计学院

年份：2018

卷号：0

期号：9

起止页码：1-27

中文期刊名：科学决策

外文期刊名：Scientific Decision Making

收录：国家哲学社会科学学术期刊数据库;CSSCI:【CSSCI2017_2018】；

基金：浙江省自然科学基金项目(项目编号：LQ17G020006).

语种：中文

中文关键词：强制披露;企业社会责任;股价同步性;信息不对称;代理成本

外文关键词：mandatory disclosure;corporate social responsibility;stock prices synchronicity;information asymmetry;agency cost

摘要：中国2008年沪深证券交易所强制披露社会责任报告政策为笔者研究其政策效应提供了准自然实验,文章以2006-2011年中国A股上市公司为样本,分别从信息不对称和代理成本两条路径研究强制披露社会责任报告对股价同步性的影响。运用PSM-DID双重差分模型研究发现:强制披露社会责任报告与股价同步性呈现显著负相关关系,说明强制披露社会责任报告有助于降低股价同步性,在通过安慰剂实验、变量替换和平行效应检验等稳健性检验后,以上结论仍成立。对影响路径的分析发现,强制披露社会责任报告通过降低信息不对称和代理成本影响未来股价同步性。
Mandatory disclosure of social responsibility reporting policy in 2008 provides a quasi-natural experiment for the authors to study its effect. Based on the sample of Chinese A-share listed companies from 2006 to 2011,this paper examines the effect of mandatory CSR disclosure on stock prices synchronicity, which is based on paths of the information asymmetry and agency costs. Using the PSM-DID model, we find that there is a significant negative correlation between mandatory disclosure of social responsibility reports and the stock price synchronization, which shows that mandatory disclosure of social responsibility reports helps to reduce the stock price synchronization. The above conclusion is still robust after passing the robustness tests such as placebo test, variable substitution and parallel effect test. The analysis of the impact path shows that the mandatory disclosure of social responsibility reports affects future stock price synchronization by reducing information asymmetry and agency costs.