CAJ | 학술논문

本文基于＂内部控制应用指引第4号——社会责任＂,根据利益相关者理论和产权理论,将社会责任成本信息评价指标分为三个层次,构建了企业社会责任成本信息评价体系。以382家沪深300指数上市公司2008-2009年的数据为样本,从样本总体和分行业两个角度,研究了企业社会责任成本与公司价值的相关关系。结果表明,当期是否发生安全生产支出、销售费用支出率、纳税贡献率与公司价值显著正相关,当期是否发生环保支出、欠款未偿付率与公司价值显著负相关,而其它评价指标代表的企业社会责任成本对公司价值的影响并不显著;各行业回归差异较大,应充分考虑不同行业社会责任履行的差异。本文的研究发现为监管机构制定相关政策、上市公司完善社会责任报告和投资者优化投资决策提供了新的经验证据。
본문기우＂내부공제응용지인제4호——사회책임＂,근거이익상관자이론화산권이론,장사회책임성본신식평개지표분위삼개층차,구건료기업사회책임성본신식평개체계。이382가호심300지수상시공사2008-2009년적수거위양본,종양본총체화분행업량개각도,연구료기업사회책임성본여공사개치적상관관계。결과표명,당기시부발생안전생산지출、소수비용지출솔、납세공헌솔여공사개치현저정상관,당기시부발생배보지출、흠관미상부솔여공사개치현저부상관,이기타평개지표대표적기업사회책임성본대공사개치적영향병불현저;각행업회귀차이교대,응충분고필불동행업사회책임리행적차이。본문적연구발현위감관궤구제정상관정책、상시공사완선사회책임보고화투자자우화투자결책제공료신적경험증거。
Based on Application Guidelines for Enterprise Internal Control No.4---Social Responsibilities, according to stakeholder theory and property right theory, this article divides the evaluation in- dex of social responsibility cost into three levels, which constructs the evaluation index system of the enterprise social responsibility cost. With the data of 382 listed companies of CSI300 index in 2008-2009 as samples, we study the relationship between the company value and the enterprise social responsibility cost from the sample overall and all walks of life respectively. The result indicates that it has a positive correlation with safety production expenses, sales expenses ratio and tax contribution which have taken place this period, while it is negatively correlated with the environmental expenditure, arrears unpaid rate. In addition, other factors have insignificant impact on the company value. As the regression differences are significant in differ- ent industries, we should give full consideration to the differences in fulfilling their social responsibility among different industries. This study provides new empirical evidence for regulators to formulate relevant policy, for listed companies to perfect social responsibility report and for investors to improve their investment decision.