企业社会责任信息披露质量影响因素研究
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摘要
自20世纪企业社会责任理论被正式提出以后,关于社会责任的研究一直受到理论界和实务界的关注,而且随着公众责任意识的逐步提高,公司社会责任信息的供给和需求也迅速增加,并由此掀起了关于社会责任信息披露的研究热潮。在这一过程中,探究影响企业披露社会责任信息质量的主要因素始终是公司社会责任信息披露中的重要问题。随着社会责任信息披露制度的不断完善,我国企业发布社会责任信息逐步由传统财务报告中的简单叙述模式,发展为独立社会责任报告的中级叙述模式。因此,作为企业履行社会责任行为的表现窗口,社会责任报告逐步替代传统财务报告中分散的社会责任信息,集中、专门反映企业社会责任表现,并成为社会责任信息披露的主要研究对象。2008年底《关于做好上市公司2008年年度报告工作的通知》(以下简称《通知》)的出台,标志着公司披露社会责任报告行为出现强制性披露和自愿性披露的差异。本质上讲,强制性披露行为更多的体现为政府意志,而自愿性披露行为更能反映现阶段我国企业的自主社会责仟意识,而且可以克服强制性披露行为的自然垄断性特征。因此,从自愿披露社会责任报告这一角度来研究企业披露社会责任信息质量的影响因素,有助于深入了解公司披露社会责任信息的深层次动机和策略性行为,进而为政府部门制定合理的监管政策、完善公司治理结构以及投资者信息决策提供理论依据和经验证据。
本文选取2010年和2011年沪、深两市自愿披露社会责任报告的A股上市公司为研究样本,采用实证研究方法从研究对象基本概念和基本理论入手,在系统地回顾和总结国内外学者关于社会责任信息披露质量影响因素研究的基础上,重点分析了影响企业自愿披露社会责任信息质量的主要因素以及影响机理；针对2008年强制性披露政策出台后,对2008年—2011年自愿披露社会责任报告的情况进行现状分析；并以润灵环球评价机构的评分标准作为企业社会责任信息披露质量的度量标准,构建社会责任信息披露质量影响因素的研究模型,在控制制度环境的前提下,实证检验公司特征和治理结构对企业社会责任信息披露质量的影响。
研究结果表明：(1)尽管上市公司自愿披露社会责任信息呈逐年递增的趋势,但总体质量仍然不高,难以令人满意；(2)大规模公司自愿披露社会责任信息质量显著高于其他公司,财务杠杆系数越高,公司自愿披露社会责任信息质量越低；(3)公司治理结构中董事会规模、独董比例、两职合一情况、监事会规模、股权集中度均与公司自愿披露社会责任信息质量显著正相关,实际控制人性质与企业自愿披露社会责任信息质量边际负相关。
In the20th century, the theory of social responsibility was proposed by western scholars. Research on social responsibility has been the subject of attention from the theory and practice. And with the gradual improvement in public responsibility consciousness, corporate social responsibility information supply and demand also increased rapidly, and thus raised the research upsurge of social responsibility information disclosure. In this process, the main factors affecting corporate social responsibility information disclosure quality is always the important problem of corporate social responsibility information disclosure. With the development of social responsibility information disclosure system of continuous improvement, China's enterprises to publish social responsibility information gradually from the simple narrative mode of the traditional financial report, for the development of intermediate narrative mode of independent social responsibility reports. Corporate social responsibility report focuses specifically reflect the corporate social responsibility, and to become the main object of study of social responsibility information disclosure. And also mandatory policies marks the company's social responsibility report behavior differences between the mandatory disclosure and voluntary disclosure of. In essence, mandatory disclosure more reflects the will of the government, and voluntary disclosure behavior can better reflect the present stage our country enterprise awareness of independent social responsibility, the natural monopoly characteristics and can overcome the mandatory disclosure.Therefore, factors of enterprise from voluntary disclosure from the angle of social responsibility report of social responsibility information disclosure quality, help to understand the disclosure of corporate social responsibility information of deep motivation and strategy behavior, and regulatory policies and for the government to make reasonable, improve the corporate governance structure and investor information decision-making and provide a theoretical basis and empirical evidence.
This paper selects2010and2011voluntary disclosure of social responsibility report of the A shares of listing Corporation as research sample,Using empirical research method, starting from the basic concept of the object of study and the basic theory, systematically reviews and summarizes the domestic and foreign scholars on the basis of social responsibility information disclosure quality influence factors, and analyze the influence of voluntary information disclosure of social responsibility of enterprises the main factors and influence mechanism; According to the mandatory disclosure policies, to analyze the present situation of2008-2011the voluntary disclosure of Social Responsibility Report; And using RLCCW as the measure of quality of corporate social responsibility information disclosure, the construction of social responsibility information disclosure model for the study of the factors influencing quality of control system, in the premise of environment, empirical test of character and governance disclosure quality influences on corporate social responsibility information.
Through theoretical analysis and empirical test, results show that:(1) Despite the increasing trend in the quality of social responsibility information disclosure of listing Corporation, but the overall quality is not high, it is difficult to satisfactory.(2) Quality information of social responsibility of large corporate voluntary disclosure was significantly higher than that in other companies, financial leverage coefficient is high, the quality of social responsibility information disclosure of the company lower.(3) The board size, independent director ratio, the two vocational, the size of the board of supervisors, ownership concentration and corporate voluntary disclosure of social responsibility information quality is significantly positively related to. The nature of enterprise and corporate voluntary disclosure of social responsibility information quality is significantly Marginal negative correlation.
本文选取2010年和2011年沪、深两市自愿披露社会责任报告的A股上市公司为研究样本,采用实证研究方法从研究对象基本概念和基本理论入手,在系统地回顾和总结国内外学者关于社会责任信息披露质量影响因素研究的基础上,重点分析了影响企业自愿披露社会责任信息质量的主要因素以及影响机理；针对2008年强制性披露政策出台后,对2008年—2011年自愿披露社会责任报告的情况进行现状分析；并以润灵环球评价机构的评分标准作为企业社会责任信息披露质量的度量标准,构建社会责任信息披露质量影响因素的研究模型,在控制制度环境的前提下,实证检验公司特征和治理结构对企业社会责任信息披露质量的影响。
研究结果表明：(1)尽管上市公司自愿披露社会责任信息呈逐年递增的趋势,但总体质量仍然不高,难以令人满意；(2)大规模公司自愿披露社会责任信息质量显著高于其他公司,财务杠杆系数越高,公司自愿披露社会责任信息质量越低；(3)公司治理结构中董事会规模、独董比例、两职合一情况、监事会规模、股权集中度均与公司自愿披露社会责任信息质量显著正相关,实际控制人性质与企业自愿披露社会责任信息质量边际负相关。
In the20th century, the theory of social responsibility was proposed by western scholars. Research on social responsibility has been the subject of attention from the theory and practice. And with the gradual improvement in public responsibility consciousness, corporate social responsibility information supply and demand also increased rapidly, and thus raised the research upsurge of social responsibility information disclosure. In this process, the main factors affecting corporate social responsibility information disclosure quality is always the important problem of corporate social responsibility information disclosure. With the development of social responsibility information disclosure system of continuous improvement, China's enterprises to publish social responsibility information gradually from the simple narrative mode of the traditional financial report, for the development of intermediate narrative mode of independent social responsibility reports. Corporate social responsibility report focuses specifically reflect the corporate social responsibility, and to become the main object of study of social responsibility information disclosure. And also mandatory policies marks the company's social responsibility report behavior differences between the mandatory disclosure and voluntary disclosure of. In essence, mandatory disclosure more reflects the will of the government, and voluntary disclosure behavior can better reflect the present stage our country enterprise awareness of independent social responsibility, the natural monopoly characteristics and can overcome the mandatory disclosure.Therefore, factors of enterprise from voluntary disclosure from the angle of social responsibility report of social responsibility information disclosure quality, help to understand the disclosure of corporate social responsibility information of deep motivation and strategy behavior, and regulatory policies and for the government to make reasonable, improve the corporate governance structure and investor information decision-making and provide a theoretical basis and empirical evidence.
This paper selects2010and2011voluntary disclosure of social responsibility report of the A shares of listing Corporation as research sample,Using empirical research method, starting from the basic concept of the object of study and the basic theory, systematically reviews and summarizes the domestic and foreign scholars on the basis of social responsibility information disclosure quality influence factors, and analyze the influence of voluntary information disclosure of social responsibility of enterprises the main factors and influence mechanism; According to the mandatory disclosure policies, to analyze the present situation of2008-2011the voluntary disclosure of Social Responsibility Report; And using RLCCW as the measure of quality of corporate social responsibility information disclosure, the construction of social responsibility information disclosure model for the study of the factors influencing quality of control system, in the premise of environment, empirical test of character and governance disclosure quality influences on corporate social responsibility information.
Through theoretical analysis and empirical test, results show that:(1) Despite the increasing trend in the quality of social responsibility information disclosure of listing Corporation, but the overall quality is not high, it is difficult to satisfactory.(2) Quality information of social responsibility of large corporate voluntary disclosure was significantly higher than that in other companies, financial leverage coefficient is high, the quality of social responsibility information disclosure of the company lower.(3) The board size, independent director ratio, the two vocational, the size of the board of supervisors, ownership concentration and corporate voluntary disclosure of social responsibility information quality is significantly positively related to. The nature of enterprise and corporate voluntary disclosure of social responsibility information quality is significantly Marginal negative correlation.
引文
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