發(fā)布時(shí)間：2018-01-01 19:29

  本文關(guān)鍵詞：企業(yè)社會(huì)責(zé)任與企業(yè)經(jīng)營風(fēng)險(xiǎn)、個(gè)股系統(tǒng)風(fēng)險(xiǎn)的關(guān)系研究　出處：《西南交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 企業(yè)社會(huì)責(zé)任 經(jīng)營風(fēng)險(xiǎn) 系統(tǒng)風(fēng)險(xiǎn)

【摘要】：自我國上市公司開始披露社會(huì)責(zé)任報(bào)告以來,企業(yè)社會(huì)責(zé)任即在國內(nèi)成為近年來學(xué)術(shù)研究的熱點(diǎn)話題。有關(guān)社會(huì)責(zé)任的研究主要集中在研究企業(yè)社會(huì)責(zé)任是否影響企業(yè)的財(cái)務(wù)績(jī)效、企業(yè)價(jià)值。基于利益相關(guān)者理論,企業(yè)的社會(huì)責(zé)任行為其實(shí)是兼顧了各利益相關(guān)者的利益,但是這些行為能否得到企業(yè)各利益相關(guān)方的關(guān)注和認(rèn)同,從而產(chǎn)生良好的利益循環(huán)回饋效應(yīng),降低企業(yè)面臨的各種風(fēng)險(xiǎn),這一問題還少有關(guān)注。而對(duì)上市公司而言,其面臨各種各樣的風(fēng)險(xiǎn),但這些風(fēng)險(xiǎn)所形成的綜合風(fēng)險(xiǎn)主要體現(xiàn)在財(cái)務(wù)績(jī)效的波動(dòng)上；另外,由于上市公司受資本市場(chǎng)投資者的關(guān)注,其個(gè)股系統(tǒng)風(fēng)險(xiǎn)也是公司風(fēng)險(xiǎn)的一部分,但其并不導(dǎo)致公司財(cái)務(wù)績(jī)效的波動(dòng)。 本文選取了2010-2012年我國A股上市公司樣本1230家,通過選取各責(zé)任維度指標(biāo),采用因子分析法計(jì)算出樣本公司各年的企業(yè)社會(huì)責(zé)任得分,以此衡量企業(yè)社會(huì)責(zé)任表現(xiàn),采用資產(chǎn)收益率的標(biāo)準(zhǔn)差及資產(chǎn)收益率預(yù)測(cè)模型的殘差絕對(duì)值作為經(jīng)營風(fēng)險(xiǎn)的衡量,以綜合市場(chǎng)年化貝塔值作為個(gè)股系統(tǒng)風(fēng)險(xiǎn)的衡量,基于利益相關(guān)者理論和資源基礎(chǔ)理論研究了企業(yè)社會(huì)責(zé)任對(duì)跨期經(jīng)營風(fēng)險(xiǎn)、公司-年度層面經(jīng)營風(fēng)險(xiǎn)以及個(gè)股系統(tǒng)風(fēng)險(xiǎn)的影響。研究發(fā)現(xiàn),企業(yè)社會(huì)責(zé)任對(duì)企業(yè)跨期經(jīng)營風(fēng)險(xiǎn)、公司-年度層面經(jīng)營風(fēng)險(xiǎn)都具有顯著的正向影響,這與國外已有研究結(jié)論不一致；而企業(yè)社會(huì)責(zé)任對(duì)上市公司個(gè)股面臨的系統(tǒng)風(fēng)險(xiǎn)的影響卻顯著為負(fù),這與已有研究結(jié)論一致；另外,研究結(jié)果還發(fā)現(xiàn)企業(yè)社會(huì)責(zé)任的滯后效應(yīng),即滯后一期和滯后二期的企業(yè)社會(huì)責(zé)任表現(xiàn)會(huì)對(duì)當(dāng)期經(jīng)營風(fēng)險(xiǎn)產(chǎn)生顯著的正向影響。不同企業(yè)性質(zhì),企業(yè)社會(huì)責(zé)任對(duì)風(fēng)險(xiǎn)的影響程度是不同的。在跨期經(jīng)營風(fēng)險(xiǎn)影響方面,國有性質(zhì)企業(yè)的跨期經(jīng)營風(fēng)險(xiǎn)低于非國有性質(zhì)企業(yè),但是在公司-年度層面風(fēng)險(xiǎn)影響以及個(gè)股系統(tǒng)風(fēng)險(xiǎn)影響方面,企業(yè)性質(zhì)的影響則不顯著。 本文從風(fēng)險(xiǎn)這個(gè)角度研究企業(yè)社會(huì)責(zé)任對(duì)企業(yè)績(jī)效穩(wěn)定性的影響,拓展了企業(yè)社會(huì)責(zé)任的研究?jī)?nèi)容,豐富了企業(yè)相應(yīng)風(fēng)險(xiǎn)的影響因素研究；也在研究結(jié)論的基礎(chǔ)上提出了相應(yīng)的政策建議,為促進(jìn)上市公司穩(wěn)健經(jīng)營,資本市場(chǎng)健康發(fā)展提供了一定的參考價(jià)值。
[Abstract]:China's listed companies began to disclose social responsibility report, corporate social responsibility is to become a hot topic of academic research in recent years in China. The research on social responsibility mainly focuses on whether the research on corporate social responsibility affects corporate financial performance, enterprise value. Based on the stakeholder theory, the social responsibility behavior of enterprises is both the the interests of stakeholders, but these actions can get enterprise stakeholders attention and recognition, resulting in the interests of good circulation feedback effect, reduce the various risks faced by enterprises, there is little attention. And the listed companies, which face various risks, but the risk of the formation of these comprehensive the risk is mainly reflected in the financial performance fluctuations; in addition, due to the listed company by the capital market investors, the stock system risk is A part of the company's risk, but it does not cause the volatility of the company's financial performance.
This paper selects the 2010-2012 A listed company in China by selecting 1230 samples, each dimension of the responsibility index, using the factor analysis method to calculate the Sample Firms each year corporate social responsibility score as a measure of corporate social responsibility, the standard deviation of asset returns and asset yield prediction model of residual absolute value as a measure of operating with the market risk, comprehensive annual beta value as a measure of the stock system risk, stakeholder theory and resource based theory of corporate social responsibility on intertemporal risk management based on the annual level affect the company management risk and stock system risk. The study found that corporate social responsibility of the enterprise intertemporal business risk that company has significantly positive effects of the annual level of business risk, and the existing research conclusions are not consistent; and the corporate social responsibility of the listed company a Influence of system risk shares face is significantly negative, which is consistent with existing research; in addition, the research results also show that the lag effect of corporate social responsibility, namely the lag period and the lag of corporate social responsibility performance two period will have a significant positive impact on the current operating risk. The nature of different enterprises, the influence degree of enterprises the social responsibility of the risk is different. In terms of the influence of intertemporal risk management, the nature of state-owned enterprises across the stage of business risk is lower than the nature of state-owned enterprises, but the company annual level risk influence and stock system risk, influence the nature of enterprises is not significant.
This paper from the angle of risk on the impact of CSR on corporate performance stability, the research expands the content of corporate social responsibility, to enrich the research of the influence factors of enterprise risk; also put forward the corresponding policy recommendations based on the conclusion of the study, in order to promote the sound operation of listed companies, to provide a certain reference value of healthy development the capital market.

【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F270;F272.3;F832.51

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