企业社会责任信息披露对股票价格的影响—以中小板上市公司为例

The Impact of Corporate Social Responsibility Information Disclosure on Stock Price—Based on the Small and Medium Enterprise Board

摘要: 以2014年117家发布独立社会责任报告的中小板块上市公司为研究样本，探索上市公司社会责任信息披露程度与其股票价格的关系，结果表明，中小板上市公司的社会责任信息披露程度与其股票价格负相关。本文从我国中小板上市公司企业社会责任信息披露现状、证券市场主体在企业社会责任方面的投资理念以及资本市场的有效性剖析了深层原因，并进一步就改进企业社会责任信息披露实践及促进资本市场健康发展为上市公司、投资者和监管者提供建议。

Abstract: Using a sample of 117 companies listed in the Small and Medium Enterprise (SME) Board in 2014, this article investigates the relationship between corporate social responsibility disclosure and stock market price. The results indicate that there is a negative correlation between stock market price and the degree of corporate social responsibility disclosure. The underlying causes of the effect were discussed from three perspectives: the current performance of the companies’ social responsibility disclosure, the investors’ attitudes on corporate social responsibility disclosure, and the effectiveness of the Chinese capital market. Finally, some suggestions were offered to the companies listed in SME, the investors as well as the regulators of the stock market, aiming to improve companies’ practice of corporate social responsibility disclosure and the development of the Chinese capital market.