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论文编号：	2354
作者编号：	2120082081
上传时间：	2010/6/9 13:43:31
中文题目：	社会责任和投资者行为关系研究
英文题目：	The Study between Social Responsibilityand Investor Behavior
指导老师：	李姝
中文关键字：	社会责任;投资者行为;股票流动性;社会贡献值
英文关键字：	Social responsibility Investor Behavior Stock Liquidity Value of social contributions
中文摘要：	近年来社会责任是使用频率比较高的词汇之一，对于企业履行社会责任以及披露相关信息对投资者是否有意义这一问题，很多学者从不同的角度进行了研究，但是至今仍然没有形成比较一致的结论。投资者是资本市场的主体，投资者的投资行为直接影响着股价的走向和资本市场的效率。如果企业社会责任对于投资者是有影响的，那么企业社会责任的履行以及相关信息的披露就应该会改变投资者的行为，对于二者的研究无疑具有很大的理论以及现实意义。因此，本文以股票流动性为研究视角，从流动性的角度来观察投资者的行为是否受到了企业社会责任的影响，希望可以为“企业社会责任是否有用，是否会改变投资者行为”这个问题提供答案和证据，进而丰富这两个领域的研究。 本文以社会责任和投资者行为作为研究对象，采用规范研究和实证研究相结合的方法，根据样本公司公开披露的财务信息，自行计算社会贡献值作为社会责任的代表变量；根据股票市场的交易信息，采用买卖价差、交易量、交易额和换手率作为反映股票流动性、进而反映投资者行为的代表变量，对二者的关系建立回归模型，进行实证检验和分析。实证结果表明：交易量、交易额和换手率模型均通过了显著性检验，验证了本文提出的三个假设。综合来看，企业社会责任对投资者的行为是有影响的，企业社会责任履行得好、对利益相关者的需求满足较多的话，其股票会相应的得到投资者的追捧和青睐，流动性较高。 本文共有五章，第一章是绪论部分，主要介绍本文的研究背景和意义、研究目的和内容框架、创新之处，并对相关文献进行综述；第二章将对相关的理论进行回顾；第三章是研究设计部分，对研究需要采用的变量、模型进行设计并提出假设；第四章是实证分析与检验，对样本数据进行描述性统计分析，然后对各变量进行了相关性分析以及回归分析；第五章是结论和建议。通过实证分析和检验的结果，得出本文的主要结论，同时依据结论提出相应的政策建议。
英文摘要：	In resent years,social responsibility is one of the terms that are used frequently. Whether social responsibility and related disclosure of information are meaningful to investors,many scholars studied from different angles, but have not yet formed a consistent conclusion. Investors are the main part of the capital market, investor behavior directly affects the direction of stock prices and capital market efficiency. If social responsibility can effect the investors, then the implementation of social responsibility and the disclosure of related information should change the investor behavior , the studies between social responsibility and investor behavior have great theoretical and practical significance. Therefore, this study will use stock liquidity as rearch perspective to observe whether the investor behavior will be affected by social responsibility,we hope to provide answers and evidence for the question: “whether the social responsibility is useful, and it will change investor behavior”,and enrich the research of these two areas. In this paper, we use social responsibility and investor behavior as study objects and use both the norms and empirical research methods;according to the sample companies' public disclosure of financial information,we calculate the value of social contributions as a variable on behalf of social responsibility; According to the stock market transactions,we use bid-ask spread, trading volume, trading volume and turnover as variables that reflect the stock liquidity and thus reflect the variable representative of investor behavior; we will design regression models between the variables and carry out empirical testing and analysis. The empirical results show that: trading volume 、trading volume and turnover models have passed a significant test to verify the three assumptions in this paper. On the whole, social responsibility is influential to investor behavior; investors prefer stocks of the companies that perform well on social responsibility and meet the needs of stakeholders well. Their stock has higher liquidity. This paper is organized by five chapters in all. The first chapter is the introduction, introducing the research background and significance, the purpose and content of the framework, the innovations and the literature review. The second chapter will review the relevant theory. The third chapter is part of research design, designing the research variables and makeing assumptions. The forth chapter is empirical analysis and testing, including descriptive statistical analysis, the variable correlation analysis and regression analysis. The forth chapter is conclusions and recommendations. Through the empirical analysis and test results, we give the main conclusions and make appropriate recommendations based on the conclusion.
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