社会责任、会计稳健性与企业价值关系的实证研究——基于近十年A股上市公司

An Empirical Study on the Relationship between Social Responsibility, Accounting Conservatism and Enterprise Value—Based on A-Share Listed Companies in the Past Decade

摘要: 本文以2011~2020年全部A股上市公司为样本，实证分析了2568级企业的会计稳健性与企业价值之间的关系，并分析了社会责任的调节作用，以及由于约束条件不同而导致的调节作用的不同。研究分析表明：1) 会计稳健性显著正向作用于企业价值；2) 社会责任正向调节会计稳健性与企业价值之间的关系；3) 不同股权性质的企业由于其拥有的资源差异从而导致社会责任的调节作用也有所不同，具体表现为非国有企业社会责任的调节作用比国有企业更加显著；4) 行业竞争环境的强弱也会对社会责任的调节作用有着或多或少的影响。

Abstract: Taking all a-share listed companies from 2011 to 2020 as samples, this paper empirically analyzes the relationship between accounting conservatism and corporate value of 2568 level enterprises, and analyzes the moderating effect of social responsibility, as well as the different moderating effect caused by different constraints. The results show that: 1) Accounting conservatism has a significant positive effect on enterprise value; 2) Social responsibility positively moderates the relationship between accounting conservatism and enterprise value; 3) The moderating effect of social respon-sibility of enterprises with different ownership nature is different due to the difference of resources, which is manifested in that the moderating effect of social responsibility of non-state-owned enter-prises is more significant than that of state-owned enterprises; 4) The strength of the industry competition environment will also have more or less impact on the regulation of social responsibil-ity.