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1、河南大学硕士学位论文上市公司社会责任信息披露与其股价的相关性分析姓名：靳伟云申请学位级别：硕士专业：会计学指导教师：刘新仕2011-05摘 要 科学发展观及社会和谐发展目标的提出，要求社会各阶层在实现经济效益的同时，要注重提高社会效益、 承担社会责任。 因此国家在大力提高经济发展和完善资本市场时，也要求企业加大对环境保护、能源节约、产品质量的提高、社区发展等的关注，以实现人与社会的和谐发展。2006 年 1 月 1 日，我国新颁布的公司法中首次明确提出公司要“承担社会责任” 。 企业作为社会的主要成员，在社会效益目标中起着举足轻重的作用。我国上市公司对社会责任信息的披露状况如何呢？公司披露的社
2、会责任信息会对股价产生影响吗？我国学者关于公司披露的社会责任信息与股价变动关系方面的研究较少， 因此本文将通过建立社会责任贡献指标， 对企业所承担的社会责任内容进行量化， 运用实证研究方法，验证我国上市公司投资者的决策是否会受到企业履行社会责任的影响， 以了解我国企业承担社会责任的现状，并希望对各企业的利益相关者的决策有所帮助，同时提高社会各界对企业社会责任的关注及重视。 本文主要采用了统计分析法和实证研究方法，通过对上市公司 2006 年、2007 年和2008 年连续三年的数据进行抽样分析， 以研究上市公司披露的社会责任信息与其股价之间的相关性。文章首先介绍了利益相关者理论，并以此理论为基
3、础对上市公司所承担的社会责任对象进行了划分；然后根据 2008 年 5 月 13 日上交所发布的通知中提到的“每股社会贡献值” ，设计出能体现上市公司承担相关利益者的社会责任指标，并对抽样公司披露的会计年报中的数据进行挖潜， 以量化上市公司对相关利益者的社会责任贡献信息；最后通过统计分析和回归分析方法，了解上市公司披露社会责任信息的现状，分析研究上市公司披露的社会责任信息与其股价之间的相关性。研究结果表明：上市公司的社会责任信息披露表现不好，我国投资者对企业披露的社会责任信息不关注，现阶段我国上市公司披露的社会责任信息与其股价间的相关性不显著， 社会各阶层的社会责任意识有待加强。就以上得出的结
4、论对我国上市公司社会责任信息披露提出几点建议，为公司社会责任信息披露的完善提供些许参考。 关键词：社会责任信息，股价，利益相关者，相关性 IIIAbstract With the scientific outlook on development and social harmonious development goals putting forward, social benefits must be improved and social responsibilities must be carried out, meanwhile, economic benefits must be
5、carried out by all levels of society. So countries in improving economic development and improving capital market, also require companies to increase the environmental protection, energy saving, improving product quality, community development, in order to realize the attention of the harmonious dev
6、elopment of man and society. On January 1, 2006, Chinas newly issued “company law“ in first clearly ask the company to bear “social responsibility“. As social major members, enterprises play an important role in the process of achieving the social responsibility. How does the listed companies to bea
7、r the social responsibility disclosure in China? Will does the social responsibility information influence the stock? Chinese scholars of social responsibility for companies to disclose information to share price effects, therefore this paper will be less contributions by establishing social respons
8、ibility of the enterprise undertakes index, the social responsibility of the content, using the quantified empirical research methods to verify the listed companies in China investors by the decision whether or not to corporate social responsibility, and the influence of understanding our country en
9、terprise social responsibility situation, and hope to each enterprise stakeholders decision help, and at the same time, improve the social from all walks of life to the social responsibility of the enterprises awareness and attention. Statistical analysis and regression analysis methods will be appl
10、ied in the article. By analyzing 2006, 2007 and 2008 three successive years of data sampling analysis to study the listed company disclosed its social responsibility information share of the correlation between the listed company. First to stakeholder theory as a foundation, on the listed company un
11、dertakes the social responsibility object division. Then based on May 13, 2008 Shang Jiao Suo issued “notice“ mentioned in the “social contribution value per share,“ design can reflect listed company shall bear the social responsibility of stakeholders in sampling, index, and the annals of companies
12、 to disclose data in order to reveal the listed company, tapping on the social responsibility of the stakeholders contribution. Through the statistical analysis and regression analysis, understand the listed company disclosure, the present situation of social responsibility information analysis and
13、research of the listed company with social responsibility information disclosure of the correlation between share prices. Research results show that: the listed company information disclosure of social responsibility for poor performance, Chinas investors the social responsibility of the enterprise
14、disclosure of information do not focus on the listed companies in China at present, the social responsibility information disclosure of its share price no significant correlation between, between the various social stratas social responsibility consciousness needs to be strengthened. Just above the
15、conclusion of the listed companies on Chinas social responsibility information disclosure, and put forward Suggestions for corporate social responsibility information disclosure provide some reference for the perfect. Keywords: social responsibility information, share price, stakeholders, correlatio
16、n I绪论 1第 1 章 绪 论 1.1 研究背景及意义 利益相关者理论的发展与壮大，为企业社会责任的发展提供了有效的理论基础，使得企业社会责任的发展不再是无源之水，无本之木。各种理论研究与实践不断的向传统的股东权益最大化理念提出挑战，也在不断的警醒我们：企业不是只服务于股东，股东利益也不是企业唯一的追求目标。作为社会的一员，它要考虑各利益相关者合理合法的预期，同时其发展与决策也要受到各利益相关者的影响。 近年来， 关于企业社会责任的案例层出不穷。 如 2007 年迪斯尼血汗工厂丑闻、 2008年三鹿奶粉食品安全事故、壳牌污水超标事件、2009 年供应商状告海尔欠帐不还、2010年深圳发展银行克扣员工社保费案等等。随着人们社会责任意识的不断提高，企业的社会责任行为将更多的受到人们的关注，并影响着人们对其产品的选择、投资者对其股票的投资趋向、员工的就业方向、相关部门的立法、奖惩与管制等。由此可见，企业纵使树立了品牌、有良好的经营业绩，但是建立在违反环保、食品安全、道德标准、劳工法规等基础上的盈利也将面临着各种巨大的风险，也终将成为影响其内在价值的隐患。 国外
