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论文编号：	5323
作者编号：	2120112389
上传时间：	2013/6/6 15:03:41
中文题目：	社会责任信息披露与企业价值的相关性研究
英文题目：	Research on Correlation Between the Disclosure of CSR Information and Corporate Value
指导老师：	李姝
中文关键字：	企业社会责任，企业价值，企业公民，社会责任信息披露
英文关键字：	corporate social responsibility, corporate value, corporate citizenship, disclosure of CSR
中文摘要：	在最近十几年里，企业的社会责任活动及其信息披露在世界各地都受到了广泛的重视并取得了长足的发展，中国也不例外。尤其是最近几年，很多大型上市公司，甚至中小型上市公司都已经开始定期主动地披露社会责任报告，与投资者进行企业社会责任方面的沟通。与其他的自愿性信息披露一样，上市公司向外界披露社会责任信息的目的是希望能够借此向投资者传达正面的信息、树立良好的形象、并最终提升企业价值。然而，社会责任报告在中国毕竟还是一个新生事物，许多企业和投资者对它的了解和运用还不够深入。那么，在中国目前的市场状况下，披露企业的社会责任信息是否能够达到企业的期望，社会责任报告的发布能否增加企业价值呢？ 本文首先介绍了选题的背景和意义，阐述了与社会责任相关的几个重要概念；接下来简要叙述了与社会责任信息披露相关的理论，并在文献综述部分回顾总结了与社会责任信息披露相关的国内外文献，包括对披露动机的探讨、利益相关者与企业社会责任、企业社会责任与企业价值的关系、社会责任信息披露的市场反应等多个方面。 接下来是文章的实证部分，本文研究的对象为沪深两市的A股上市公司。基于前人的研究，本文采用多元线性回归的研究方法，共提出四个假设，首先检验披露了CSR报告的公司与未披露公司当年的企业价值是否存在显著差异；然后以2008到2010年度A股上市公司发布的社会责任报告为样本，验证了社会责任报告质量与当期企业价值的相关性；最后进一步考察了当年的社会责任信息披露及质量是否会影响下一年的企业价值。四个回归模型的结果均为显著正相关，因此四个假设都得到了验证。 文章的最后一部分中，根据前文介绍的企业社会责任实践经验和发展趋势，以及本文的实证结果，提出了改善我国社会责任信息披露现状的建议，并且根据本文的研究结果和局限提出了对未来研究的展望。
英文摘要：	In the past ten years, corporate social responsibility activities and disclosure of CSR information have gained a rapid development all around the world, so has in China. Especially in recent years, many large listed firms, even some small and medium-sized companies, have begun to release social responsibility reports in order to have a better communication with investors. As other voluntary information disclosure, the purpose of listed companies to disclose CSR information is to convey a positive message to investors, establish a nice image, and ultimately to enhance corporate value. However, CSR Reporting in China is still a new thing, many managers and investors don’t have enough knowledge to understand and use it. In the current condition, will the disclosure of CSR information be able to reach the expectations of managers, and can the reporting of CSR increase corporate value? To begin with, this thesis gives an overview about the background and the importance of this topic, explains some important concepts about CSR. The second part is about theories and literature review. The most important theory which supports the disclosure of CSR is Stakeholder Theory. The literature review section summarizes many foreign and domestic papers about CSR. The followed is the main part of this thesis, using multiple regression analysis to test four hypotheses, and they are all verified. Corporate value has significantly positive correlation with the disclosure of CSR reports and the quality of CSR reports in both this year and the following year. The last part of the thesis summarizes the conclusions and limitations of this thesis. Then some constructive suggestions from different aspects are put forward to help improve the disclosure mechanism of CSR information.
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