企业社会责任信息披露与公司融资约束
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财经研究 2012 年 第 38 卷第 08 期, 页码：61 - 72
摘要
参考文献
摘要
2006年以来,监管部门陆续制定和出台了一系列与企业社会责任信息披露有关的政策和法规,要求上市公司披露企业社会责任报告。文章考察了企业社会责任信息披露制度的实施能否有效降低公司信息不对称,进而缓解公司融资约束。研究结果显示,相对于未披露社会责任报告的公司,披露公司的融资约束程度显著较低;同时,在披露公司样本中,信息披露质量越高,融资约束程度越低。在尽可能控制内生性问题的影响后,上述结论仍然成立。进一步的研究还发现,企业社会责任信息披露能够为上市公司带来融资便利,有助于其进行股权再融资。这些证据支持了企业社会责任信息披露在一定程度上改善了公司的信息环境,缓解了公司融资约束程度。
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[6]孟晓俊,肖作平,曲佳莉.企业社会责任信息披露与资本成本的互动关系———基于信息不对称视角的一个分析框架[J].会计研究,2010,(9):25-29.
[7]沈洪涛.公司特征与公司社会责任信息披露———来自我国上市公司的经验证据[J].会计研究,2007,(3):9-16.
[8]宋献中,龚明晓.社会责任信息的质量与决策价值评价———上市公司会计年报的内容分析[J].会计研究,2007,(2):37-43.
[9]张兆国,刘晓霞,张庆.企业社会责任与财务管理变革———基于利益相关者理论的研究[J].会计研究,2009,(3):54-59.
[10]朱松.企业社会责任、市场评价与盈余信息含量[J].会计研究,2011,(11):27-34.
[11]Abbott W,Monsen R.On the measurement of corporate social responsibility:Self-re-ported disclosures as a method of measuring corporate social involvement[J].Academyof Management Journal,1979,22(3):501-515.
[12]Almeida H,Campello M,Weisbach M.The cash flow sensitivity of cash[J].Journal ofFinance,2004,59(4):1777-1804.
[13]Dhaliwal D,Li O,Tsang A,et al.Voluntary nonfinancial disclosure and the cost of eq-uity capital:The initiation of corporate social responsibility reporting[J].The Account-ing Review,2011,86(1):59-100.
[14]Dhaliwal D,Radhakrishnan S,Tsang A,et al.Nonfinancial disclosure and analyst fore-cast accuracy:International evidence on corporate social responsibility disclosure[J].The Accounting Review,2012,87(3):723-759.
[15]Fama E,Laffer A.Information and capital markets[J].Journal of Business,1971,44(3):289-298...
[16]Fazzari S,Hubbard G,Petersen B.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1(1):141-206.
[17]Fombrun C,Shanley M.What’s in a name?Reputation building and corporate strategy[J].Academy of Management Journal,1990,33(2):233-258.
[18]Goss A,Roberts G.The impact of corporate social responsibility on the cost of bankloans[J].Journal of Banking and Finance,2011,35(7):1794-1810.
[19]Heckman J.Sample selection bias as a specification error[J].Econometrica,1979,47(1):153-161.
[20]Kaplan S,Zingales L.Do financing constraints explain why investment is correlatedwith cash flow?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[21]Leuz C,Verrecchia R.The economic consequences of increased disclosure[J].Journalof Accounting Research,2000,38(1):91-124.
[22]Modigliani F,Miller M.The cost of capital,corporation finance and the theory of in-vestment[J].American Economic Review,1958,48(3):261-297.
[23]Myers S,Majluf N.Corporate financing and investment decisions when firms have in-formation that investors do not have[J].Journal of Financial Economics,1984,13(2):187-221.
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[25]Verrecchia R.Essays on disclosure[J].Journal of Accounting and Economics,2001,32(1-3):97-180.
[26]Whited T,Wu G.Financial constraints risk[J].Review of Financial Studies,2006,19(2):531-559.
引用本文
何贤杰, 肖土盛, 陈信元. 企业社会责任信息披露与公司融资约束[J]. 财经研究, 2012, 38(8): 61–72.
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