Journal of Accounting and Economics ·Volume 65, Issue 1· FEB 2018

强制性企业社会责任披露对企业盈利能力和社会外部性的影响：来自中国的证据

作者：Yi-Chun Chen (The Hong Kong University of Science and Technology)

Mingyi Hung (The Hong Kong University of Science and Technology)

Yongxiang Wang (University of Southern California)

摘要：我们研究企业社会责任（CSR）的强制性披露如何影响企业绩效和社会外部性。利用中国2008年强制要求企业披露社会责任这一事件，使用双重差分模型，我们发现，虽然命令并不要求公司在企业社会责任上有所花费，但被强制要求披露企业社会责任报告的公司在命令发布后出现利润下降的现象。此外，受披露要求影响最大的城市工业废水和二氧化硫排放水平下降。这些研究结果表明，强制性企业社会责任披露会改变企业行为，并以股东收益为代价产生正外部性效应。

关键词：强制性企业社会责任披露；公司业绩；社会外部性；中国

The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China

Yi-Chun Chen (The Hong Kong University of Science and Technology) Mingyi Hung (The Hong Kong University of Science and Technology) Yongxiang Wang (University of Southern California)

ABSTRACT

We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO2 emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.

Keywords: Mandatory CSR disclosure; Firm performance; Social externalities; China

原文链接：

https://www.sciencedirect.com/science/article/pii/S0165410117300757

翻译：张展