摘要
文章以2008—2015年上海证券交易所上市公司为样本,采用公司的资本支出、收购支出、ROA波动率回归之后的残差绝对值作为衡量最优风险承担水平的代理变量,以润灵公司的社会责任报告评分为上市企业社会责任的代理变量,研究了企业社会责任对风险承担和价值的影响。研究发现,企业社会责任是一种减少公司偏离最优风险承担水平的有效机制;企业社会责任可以增加公司价值。企业社会责任和风险承担变量的交互项表明,企业社会责任并没有通过风险承担变量对公司价值产生进一步影响,采用多种稳健性检验之后,上述结论基本不变。文章的研究说明企业社会责任对确保公司有效投资和提升公司价值的重要性,对于证券市场监管、上市公司运作和投资者决策具有较大的参考价值。
Based on the listed companies of Shanghai Stock Exchange in 2008-2015,this paper uses the absolute value of residual value of the company's capital expenditure,acquisition expenditure and ROA volatility as the proxy variable to measure the optimal risk level,and the reports of the company's social responsibility from RunLing to measure the corporate social responsibility.This paper studies the impact of corporate social responsibility on the risk taking and the firm value.The study finds that corporate social responsibility is an effective mechanism to reduce the deviation of the company from the optimal risk level;corporate social responsibility is a way to increase the value of the company.However,the result of interaction effect of corporate social responsibility and risk taking on firm value shows that the corporate social responsibility does not affect the firm value further through the risk taking.After a variety of robustness tests,the above conclusions remain essentially unchanged.The results of this paper show that the importance of corporate social responsibility for the securities market regulation,the operation of listed companies and investors,and corporate social responsibility also has a great value for reference.
作者
陆静
徐传
LU Jing;XU Chuan(School of Economics and Business Administration,Chongqing University, Chongqing 400044,P.R.China;HSBC Business School, Peking University,Shenzhen 518055,P.R.China)
出处
《重庆大学学报（社会科学版）》
CSSCI
北大核心
2019年第1期75-95,共21页
Journal of Chongqing University(Social Science Edition)
基金
国家自然科学基金面上项目"交叉上市
投资者情绪与资产定价"(71373296)
国家自然科学基金重点项目"制度环境
公司财务政策选择和动态演化研究"(71232004)
关键词
企业社会责任
风险承担
公司价值
交互项
corporate social responsibility
risk taking
firm value
interaction effect
作者简介
陆静(通信作者)(1966-),男,四川乐山人,重庆大学经济与工商管理学院教授,博士,博士研究生导师,主要从事公司财务与行为金融研究,Email:lujing@cqu.edu.cn;徐传(1994-),男,浙江宁波人,北京大学汇丰商学院硕士研究生,主要从事公司财务研究,Email:527053340@qq.com。
