平台型企业发布社会责任公告的市场反应——来自中国的证据
首发时间:2020-02-04
摘要:这篇文章使用事件研究法通过实证检验了平台型企业发布的社会责任公告对公司市场价值的影响。本文选取了2018年内中国147家平台型上市公司的285则社会责任公告作为研究样本。结果显示,在公告当天市场反应显著,其均值(中位数)为0.38%(0.23%)。不同层面的公告有不同程度的市场反应,相比于经济层面的社会责任公告,市场对于社会、环境等层面的公告反应更加积极;相比于针对企业外部的公告,市场对于针对企业内部股东、投资者的公告反应更加积极;此外,相比于信息披露程度低的企业,市场对于信息披露程度高的企业发布的公告反应更为积极;相较于交易型的平台企业,信息型平台企业发布的公告会带来更为积极的反应。
关键词: 管理工程 平台型企业 社会责任 市场反应 事件研究
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Chinese Platform Enterprises Release CSR Reports and Stock Market Reaction
Abstract:This paper uses the method of event study to empirically research the the market reaction to platform\'s releasing CSR reports, and also research how different types of CSR reports or different types of platform-enterprises influence this reaction. We calculated the abnormal returns of every reports on the event day, and the results showed that the average abnormal returns (median) on the event day were 0.38% (0.23%) and the average positive rate was 56.8%, significantly higher than 50%. We draw following conclusions: the CSR reports released by platform-enterprises has a positive market reaction on listed companies; the CSR reports released by the platform-enterprises in better information environment of CSR disclosure have more positive market reaction; the CSR reports released by the information-platform-enterprises have more positive market reaction than those released by the transaction-platform-enterprises; compared with the CSR reports of economic, the non-economic CSR reports about environment, social and ethic released by the platform- enterprises have more positive market reaction; compared with the CSR reports for the external stakeholders, the CSR reports for the internal stakeholders released by the platform-enterprises have more positive market reaction.
Keywords: Management Engineering Platform-enterprise CSR Market Reaction Event Study
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平台型企业发布社会责任公告的市场反应——来自中国的证据
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