CAJ | 학술논문

本文以2008、2009年自愿披露每股社会贡献值的上市公司为样本,实证检验了影响该指标披露的因素以及每股社会贡献值与公司价值的关系。在考察每股社会贡献值与公司价值的关系时,本文采用Ohlson（1995）股票价格模型,检验其与股票价格之间的关系。研究表明,股权集中度和净资产回报率是影响上市公司披露每股社会贡献值的主要因素;但每股社会贡献值指标不具有显著的价值相关性。本文的研究结论启示我们：每股社会贡献值的计算不能简单地重复已有的财务信息,如何真正有效地促进上市公司披露更加本质的社会责任问题,如环境污染,产品安全等信息才是今后的重点。
본문이2008、2009년자원피로매고사회공헌치적상시공사위양본,실증검험료영향해지표피로적인소이급매고사회공헌치여공사개치적관계。재고찰매고사회공헌치여공사개치적관계시,본문채용Ohlson（1995）고표개격모형,검험기여고표개격지간적관계。연구표명,고권집중도화정자산회보솔시영향상시공사피로매고사회공헌치적주요인소;단매고사회공헌치지표불구유현저적개치상관성。본문적연구결론계시아문：매고사회공헌치적계산불능간단지중복이유적재무신식,여하진정유효지촉진상시공사피로경가본질적사회책임문제,여배경오염,산품안전등신식재시금후적중점。
This paper empirically analyzes what affects the disclosure of social contribution per share and the relation between social contribution per share and corporate value based on the data from social responsibility report in 2008 and 2009.We use the Ohlson（1995） pricing model while testing the relation between CSR and corporate value.The results show that,ownership concentration and ROE are the main variables affect companies to disclose CSR,and the CSR variable can not provide useful information significantly.The results indicate the regulation department that,the current social contribution per share simply just repeat the financial information,therefore,we should consider mandatory disclose more useful social information,such as environment pollution and food safety.