CAJ | 학술논문

本文采用事件研究法，研究我国上市公司发布社会责任报告的市场反应。研究结果表明，社会责任报告发布的市场反应不显著。企业社会责任报告的质量影响到投资者对企业的社会责任行为是否真诚的判断，进而影响市场反应。我国企业社会责任报告的整体质量不高，投资者认为企业的行为不够真诚，导致企业没有取得显著的市场反应。回归分析结果表明，企业社会责任报告的质量显著正向影响市场反应。为了有效平衡财务目标和社会目标，企业应提高社会责任报告的质量，全面、客观披露绩效等关键信息。
본문채용사건연구법，연구아국상시공사발포사회책임보고적시장반응。연구결과표명，사회책임보고발포적시장반응불현저。기업사회책임보고적질량영향도투자자대기업적사회책임행위시부진성적판단，진이영향시장반응。아국기업사회책임보고적정체질량불고，투자자인위기업적행위불구진성，도치기업몰유취득현저적시장반응。회귀분석결과표명，기업사회책임보고적질량현저정향영향시장반응。위료유효평형재무목표화사회목표，기업응제고사회책임보고적질량，전면、객관피로적효등관건신식。
Using methods of event study, research the market reaction to the first - time issuance of social responsibility reports of Chinese listed company. The results of research show that, there are not significantly market reactions to the dis- closure of the social responsibility reports, the quality of social responsibility reports influence the investor＇s judge whether the behavior of corporate social responsibility is sincere, and influence market reaction. The quality of our country＇s corpo- rate social responsibility reports is not high, investor think that the behavior of corporate is not enough sincere, leading to the corporates don＇t get significant market reaction. Results of regression analysis show that the quality of social responsibility reports positive affect the market reaction significantly. In order to balance the targets of finance and society effectively, cor- porate should improve the quality of report, disclosure the key information such as performance fully and objectively.