企业社会责任、公司价值和基金业绩

摘要

由于企业社会责任(CSR)在理论上和现实中的复杂性,关于企业社会责任对公司价值的影响效应的研究结论分歧较大.本文基于企业社会责任报告披露的市场反应与股票型基金的业绩,评估了企业披露社会责任对资本市场的经济后果.研究发现,第一,上市公司披露的社会责任报告对其未来的股票收益率产生一定的负面影响,市场未能给予企业社会责任以积极的反应;第二,对股票型基金而言,偏好于社会责任型公司的基金业绩相对较低.研究结论表明,有必要进一步完善社会责任披露制度,并对监管部门合理引导与监督企业进行社会责任投资提供了政策借鉴.%Because of the complexity of corporate social responsibility(CSR) in theory and reality,there exists disagreement in researches on the effects of CSR on firm values. Based on the stock market reaction to disclosure of CSR and the performance of stock funds,this paper assesses the relationship between disclosure of CSR and firm values. We have two main conclusions. Firstly,the disclosure of the reports of CSR of the lis-ted firms has encountered a lower future stock return,suggesting that market poses a negative evaluation on the information about CSR. Secondly,the preference of listed firms disclosing CSR has hurt the performance of re-lated funds slightly. Our conclusions highlight the importance of improvement of CSR disclosure system to pro-mote CSR,offering a policy reference to regulators on how to guide and supervise the investments on corporate social responsibility.