社会责任信息披露、财务信息质量与投资效率——基于“强制披露时代”中国上市公司的证据

›› 2017, Vol. 29 ›› Issue (2): 234-244.

社会责任信息披露、财务信息质量与投资效率——基于“强制披露时代”中国上市公司的证据

钟马^1,2, 徐光华³

1. 南京大学商学院, 南京 210093;
2. 南京银行股份有限公司博士后工作站, 南京 210008;
3. 南京理工大学经济管理学院, 南京 210094

收稿日期:2015-08-07 出版日期:2017-02-28 发布日期:2017-03-16
通讯作者: 徐光华(通讯作者),南京理工大学经济管理学院教授,博士生导师,博士。
作者简介:钟马,南京大学商学院、南京银行股份有限公司博士后,博士。
基金资助:
国家自然科学基金项目（71172104；71472088）；南京理工大学自主科研项目（30920140132040）；江苏省研究生创新工程项目（CXZZ13_0227）。

Corporation Social Responsibility Disclosure, Financial Reporting Quality and Investment Efficiency: Based on Chinese Listed Firms during “the Post-mandatory Period”

Zhong Ma^1,2, Xu Guanghua³

1. Nanjing University Business School, Nanjing 210093;
2. Bank of Nanjing, Nanjing 210008;
3. Nanjing University of Science & Technology, Nanjing 210094

Received:2015-08-07 Online:2017-02-28 Published:2017-03-16

摘要/Abstract

摘要： 2009年，中国资本市场开始执行强制导向的社会责任信息披露新规定。本文基于新规定执行后2010年至2013年上市公司数据，对社会责任信息披露与公司投资效率的关系进行分析，发现披露社会责任的公司投资效率更高，尤其是在过度投资情境下。进一步，本文发现在公司财务信息质量较差的公司中，社会责任信息披露对投资效率的提升效应更为显著。以上实证结果表明，中国强制导向下进行的社会责任披露信息对于缓解信息不对称，提升投资效率具有积极作用，尤其是在传统财务信息无法满足市场需求时，此类非财务信息的补充作用尤为重要。

关键词: 社会责任信息披露, 财务信息质量, 投资效率, 信息不对称

Abstract: Since 2009, China Securities Regulatory Commission has begun to require listed firms on the specified boards to disclose their corporate social responsibility (CSR), and encouraged others to report CSR voluntarily. Based on a set of unique data from Chinese listed firms during 2010 to 2013, we find that higher investment efficiency exists in the CSR reporting firms, especially in the overinvestment ones. Moreover, this association is more pronounced in the firms with lower financial reporting quality. This result indicates that the CSR disclosures can provide effective incremental information to help reducing the information asymmetry, especially when the financial reports cannot match the need from capital market.

Key words: corporation social responsibility disclosure, financial reporting quality, investment efficiency, information asymmetry

钟马, 徐光华. 社会责任信息披露、财务信息质量与投资效率——基于“强制披露时代”中国上市公司的证据[J]. , 2017, 29(2): 234-244.

Zhong Ma, Xu Guanghua. Corporation Social Responsibility Disclosure, Financial Reporting Quality and Investment Efficiency: Based on Chinese Listed Firms during “the Post-mandatory Period”[J]. , 2017, 29(2): 234-244.

参考文献

[1] Dhaliwal D. S., Radhakrishnan S., Tsang A., et al. Nonfinancial Disclosure and Analyst Forecast Accuracy:International Evidence on Corporate Social Responsibility Disclosure[J]. The Accounting Review, 2012,87(3):723-759
[2] 沈洪涛,王立彦,万拓. 社会责任报告及鉴证能否传递有效信号?——基于企业声誉理论的分析[J]. 审计研究, 2011,(4):87-93
[3] Dhaliwal D., Li O. Z., Tsang A., et al. Corporate Social Responsibility Disclosure and the Cost of Equity Capital:The Roles of Stakeholder Orientation and Financial Transparency[J]. Journal of Accounting and Public Policy, 2014,33(4):328-355
[4] Wang Y., Wu L., Yang Y. Does the Stock Market Affect Firm Investment in China? A Price Informativeness Perspective[J]. Journal of Banking & Finance, 2009,33(1):53-62
[5] Dhaliwal D. S., Li O. Z., Tsang A., Yang., et al. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital:The Initiation of Corporate Social Responsibility Reporting[J]. The Accounting Review, 2011,86(1):59-100
[6] Jones J. J. Earnings Management During Import Relief Investigations[J]. Journal of Accounting Research, 1999,29(2):193-228
[7] 李姝,赵颖,童婧. 社会责任报告降低了企业权益资本成本吗?——来自中国资本市场的经验证据[J]. 会计研究, 2013,(9):64-70
[8] Plumlee M., Brown D., Hayes R. M., et al. Voluntary Environmental Disclosure Quality and Firm Value:Further Evidence[J]. Journal of Accounting and Public Policy, 2015,34(4):336-361
[9] Dong Y., Fu R., Gao F., et al. Determinants and Economic Consequences of Nonfinancial Disclosure Quality[J]. European Accounting Review, 2016,25(2):287-317
[10] Hung M., Shi J., Wang Y. The Effect of Mandatory CSR Disclosure On Information Asymmetry:Evidence from a Quasi-natural Experiment in China[R]. University of Southern California, 2013
[11] 何贤杰,肖土盛,陈信元. 企业社会责任信息披露与公司融资约束[J]. 财经研究, 2012,38(8):60-73
[12] Duff A. Corporate Social Responsibility Reporting in Professional Accounting Firms[J]. The British Accounting Review, 2014,48(1):74-86
[13] Grougiou V., Dedoulis E., Leventis S. Corporate Social Responsibility Reporting and Organizational Stigma:The Case of "Sin" Industries[J]. Journal of Business Research, 2016,69(2):905-914
[14] Hung M., Wang Y. Mandatory CSR Disclosure and Shareholder Value:Evidence From China[R]. University of Southern California, 2014
[15] Biddle G. C., Hilary G., Verdi R. How Does Financial Reporting Quality Relate to Investment Efficiency?[J]. Journal of Accounting and Economics, 2009,48(2-3):112-131
[16] Jensen M. C., Meckling W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976,4(3):305-360
[17] Jensen M. C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers[J]. The American Economic Review, 1986,76(2):323-329
[18] Myers S. C, Majluf N. S. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J]. Journal of Financial Economics, 1984,13(2):187-221
[19] 张会丽,陆正飞. 现金分布、公司治理与过度投资:基于我国上市公司及其子公司的现金持有状况的考察[J]. 管理世界, 2012,(3):141-151
[20] 林圣越,唐松莲,高亮亮. 机构投资者持股情景、自由现金与投资效率[J]. 管理评论, 2015,27(1):24-35
[21] 王治,张皎洁,郑琦. 内部控制质量、产权性质与企业非效率投资——基于我国上市公司面板数据的实证研究[J]. 管理评论, 2015,27(9):95-107
[22] Cheng M., Dhaliwal D., Zhang Y. Does Investment Efficiency Improve After the Disclosure of Material Weaknesses in Internal Control Over Financial Reporting?[J]. Journal of Accounting and Economics, 2013,56(1):1-18
[23] Biddle G. C., Hilary G. Accounting Quality and Firm-Level Capital Investment[J]. The Accounting Review, 2006,81(5):963-982
[24] Gomariz M. F. C., Ballesta J. P. S. Financial Reporting Quality, Debt Maturity and Investment Efficiency[J]. Journal of Banking & Finance, 2014,40(1):494-506
[25] 蔡吉甫. 会计信息质量与公司投资效率——基于2006年会计准则趋同前后深沪两市经验数据的比较[J]. 管理评论, 2013,25(4):166-177
[26] 李青原. 会计信息质量与公司资本配置效率——来自我国上市公司的经验证据[J]. 南开管理评论, 2009,12(2):115-124
[27] 程新生,谭有超,刘建梅. 非财务信息、外部融资与投资效率——基于外部制度约束的研究[J]. 管理世界, 2012,(7):137-150
[28] Coase R. H. The Nature of the Firm[J]. Economica, 1937,16(4):386-405
[29] Cheng B., Ioannou I., Serafeim G. Corporate Social Responsibility and Access to Finance[J]. Strategic Management Journal, 2014,35(1):1-23
[30] Chen F., Hope O., Li Q., Wang X. Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets[J]. The Accounting Review, 2011,86(4):1255-1288
[31] Chen S., Sun Z., Tang S., et al. Government Intervention and Investment Efficiency:Evidence From China[J]. Journal of Corporate Finance, 2011,17(2):259-271
[32] Dechow P. M., Dichev I. D. The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors[J]. The Accounting Review, 2002,77(s-1):35-59
[33] Kasznik R. On the Association Between Voluntary Disclosure and Earnings Management[J]. Journal of Accounting Research, 1999,37(1):57-81
[34] Li K., Liao Y. Directors ‘and Officers’ Liability Insurance and Investment Efficiency:Evidence From Taiwan[J]. Pacific-Basin Finance Journal, 2014,29(C):18-34
[35] 金智,阳雪. 企业资本投资效率与会计信息质量[J]. 中国会计与财务研究, 2012,(2):53-110
[36] Roberts M. R., Whited T. M. Endogeneity in Empirical Corporate Finance[J]. SSRN Electronic Journal, 2012,2:493-572
[37] Petersen M. A. Estimating Standard Errors in Finance Panel Data Sets:Comparing Approaches[J]. Review of Financial Studies, 2009,22(1):435-480
[38] 张纯,吕伟. 信息披露、信息中介与企业过度投资[J]. 会计研究, 2009,(1):60-65
[39] 何贤杰,肖土盛,朱红军. 所有权性质、治理环境与企业社会责任信息披露的经济后果:基于分析师盈利预测的研究视角[J]. 中国会计与财务研究, 2013,15(2):57-120
[40] Fang J., Haw I., Yu V., Zhang X. Positive Externality of Analyst Coverage upon Audit Services:Evidence From China[J]. Asia-Pacific Journal of Accounting & Economics, 2014,21(2):186-206
[41] McNichols M. F., Stubben S. R. Does Earnings Management Affect Firms' Investment Decisions[J]. The Accounting Review, 2008,83(6):1571-1603
[42] Maddala G. S. Limited-Dependent and Qualitative Variables in Economics[M]. New York:Cambridge University Press, 1983