Abstract:

Corporate social responsibility disclosures have an important effect on the non-efficient investment. Using the data of A-share listed companies from 2009 to 2018, this paper empirically tests the relationship between disclosing corporate social responsibility and the non-efficient investment. The research finds a negative relationship between corporate social responsibility disclosures and the non-efficient investment. Further research investigates different situations to prove the relation between corporate social responsibility disclosures and the non-efficient investment. The research conclusion of this paper has reference value for the improvement of corporate social responsibility disclosures.

Key words: Corporate Social Responsibility Disclosures, Non-efficient Investment, Firm Value

摘要：

本文以2009—2018年中国沪深A股上市公司作为研究样本,从非效率投资角度切入,考察了企业社会责任信息披露的经济后果,研究发现,企业社会责任信息披露质量与非效率投资显著负相关。本文同时考察了不同产权、披露形式以及鉴证效果下,社会责任信息披露质量影响的情景差异。进一步研究发现,企业社会责任信息披露质量对非效率投资的负向影响有助于促使企业市场价值提升。本文研究结论对于企业完善社会责任信息披露具有一定的参考价值。

关键词: 企业社会责任披露, 非效率投资, 企业价值