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題名:企業社會責任履行、媒體監督與財務績效研究--基於A股重污染行業的經驗數據
書刊名:會計研究
作者:李百興王博卿小權
出版日期:2018
卷期:2018(7)
頁次:64-71
主題關鍵詞:企業社會責任媒體監督財務績效重污染行業Corporate social responsibilityMedia supervisionFinancial performanceHeavy pollution industry
原始連結:連回原系統網址new window
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本文以2009-2016年A股重污染行業為樣本,研究了污染型企業社會責任(CSR)履行對財務績效的影響,媒體監督對污染型企業CSR履行的影響以及媒體監督的調節作用。結果顯示,污染型企業CSR履行具有時滯性,CSR對污染型企業當期和近期財務績效無顯著影響,但會顯著提高數期后的長期財務績效;而在與媒體監督相關的研究中,發現媒體監督與污染型企業CSR履行顯著正相關,媒體監督越強,污染型企業CSR履行越好。且與負面報道相比,正面報道對污染型企業CSR履行具有更顯著的促進作用。然而,媒體監督并不會通過調整CSR履行情況改善污染型企業的財務績效,反而削弱了CSR對污染型企業財務績效的促進作用。這說明,雖然純粹的CSR履行可以為污染型企業帶來未來收益,媒體監督也能夠制約了這些企業的不正當行為。但如果污染型企業CSR履行只是處于輿論壓力下的被迫行為,缺乏主動性,則企業非但不能從中受益,還要付出單方面的補償性損失,最終媒體監督只會成為企業無形的負擔,限制企業的發展。
This paper takes the A-share heavy pollution industry from 2009 to 2016 as a sample to study the impact of polluting Corporates’ Social Responsibility( CSR) on financial performance,the impact of Media Supervision on CSR and the mediating function of Media Supervision. The results show that the polluting enterprises’ CSR has a character of time lag,CSR has no significant impact on the current or recent financial performance,but it will significantly improve the long-term financial performance after several years. In the study about Media Supervision it was found that Media Supervision is significantly and positively related to the polluting enterprises’ CSR. The media pay more attention to one enterprise,the better CSR which has.And compared with negative reports,the positive reports have a more significant function in promoting CSR. However,the Media Supervision won’ t improve the financial performance of polluting enterprises by adjusting CSR directly,but weakens the function of CSR in promoting the financial performance of polluting enterprises finally. This shows that while the pure CSR can bring future benefits to polluting enterprises,and Media Supervision can restrict the improper behavior of these enterprises. But if the CSR of polluting enterprises is only forced behavior under the public pressure,which lacks initiative,the enterprise will not only benefit from it but will also have to pay unilateral compensatory loss. Eventually,Media Supervision will only become potential burdens which limit companies’ development.
 
 
 
 
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