摘要
随着市场环境的变化与企业社会责任(CSR)信息披露规则的强化,上市公司披露策略与行为方式也随之发生改变。准确描述与测度CSR披露内容的倾向性及其变动,不仅实践中有助于切实提升资本市场信息披露质量,理论上对理解企业披露动机以及揭示披露行为影响机制也具有重要意义。从全面准确测度CSR信息披露倾向性及其动态变化的目的出发提出了两个概念:“主题偏好”与“偏好漂移”,设计验证了变量测度与数据结构化的方法,并基于2008-2017年全样本进行了数据分析与讨论。研究表明:主题偏好与偏好漂移能有效显示与甄别企业在CSR信息披露内容上的倾向性及其随时间的变化特征;全样本分析显示我国证券市场CSR信息披露中“厚此薄彼”的情况客观存在,披露倾向性在总体上呈现6种不同类型,偏好漂移呈现正态分布;不同行业、年份与产权性质上市公司的主题偏好与偏好漂移存在显著性差异,行业异质性、外部政策的冲击等可能是差异形成的主要原因之一。
With the changes in the market environment and the strengthening of corporate social responsibility(CSR)information disclosure rules,listed companies’disclosure strategies and behaviors have also changed.In this context,accurately describing and measuring the inclination and changes of CSR disclosure content not only helps to effectively improve the quality of capital market information disclosure in practice,but also have important significance in understanding corporate disclosure motivation and revealing the impact mechanism of disclosure behavior in theory.This study proposes two concepts to describe the tendency and dynamic changes of CSR information disclosure:“Topic Preference”and“Topic Drift”;design and verification of variable measurement and data structuring methods;and based on the full sample from 2008 to 2017 for data analysis and discussion.Research shows that topic preference and topic drift can well show and identify the tendency of companies in the content of CSR information disclosure and their changing characteristics over time;full-sample analysis shows that the situation of“favoritism”in CSR information disclosure in my country’s securities market is objective Existence,tendencies present six different types in general,and the theme drift presents a normal distribution;the theme preference and theme drift of listed companies in different industries,years and property rights are significantly different,industry heterogeneity,external Policy shocks may be the main reason for the differences.This article provides a new way of thinking,tools and empirical evidence for the evaluation and supervision of information disclosure quality of listed companies;it also provides an important empirical basis for the development of related theoretical research.
作者
段钊
吴智敏
陆定一
Duan Zhao;Wu Zhimin;Lu Dingyi(School of Information Management,Central China Normal University;Center for Corporate Social Responsibility,Central China Normal University)
出处
《宏观质量研究》
CSSCI
2023年第3期48-63,共16页
Journal of Macro-quality Research
基金
国家社会科学基金重点项目(17ATQ006)
国家自然科学基金面上项目(71871102)
中央高校基本科研业务费专项资金重大培育项目(CCNU19Z0203)的资助。
关键词
企业社会责任
信息披露质量
倾向性
主题偏好
偏好漂移
corporate social responsibility
information disclosure quality
tendency
topic preference
topic drift
