企业社会责任与股价极端波动风险——基于企业参与贫困治理视角的研究

扫码查看

原文链接

万方数据

中文摘要：上市公司积极参与贫困治理，践行企业社会责任，不仅是对国家战略性扶贫政策的积极响应，更是提升外界良好感知、市场声誉和企业长期价值的重要渠道。鉴于此，本文以企业参与贫困治理这一极具中国特色的社会责任活动为视角，兼具理论建模和实证分析探讨企业社会责任对股价极端波动系统风险的影响及机制。理论层面，构建包含两部门经济的均衡模型，刻画企业社会责任与市场风险的关系，推演得出履行社会责任企业的股价极端波动风险更低。实证层面，以2016-2019年沪深A股参与贫困治理的上市公司为样本，探究上市公司参与贫困治理对股价极端波动风险的影响及作用机制。实证研究发现，上市公司贫困治理参与度越高，未来股价极端波动风险越小。在进行一系列稳健性检验和内生性处理后，上述结论仍成立。进一步研究发现，上市公司参与贫困治理通过声誉效应和信息效应降低股价极端波动风险。本研究丰富了股价极端波动风险形成机理的理解和分析范式，为有效防范金融市场系统风险提供证据支持，对政府引导企业参与贫困治理的经济后果有重要理论和现实意义。

外文标题：Corporate Social Responsibility and Stock Price Extreme Volatility Risk:Evidence from Enterprise Participation in Poverty Governance

外文摘要：The active participation in poverty governance and the fulfillment of corporate social responsibility for listed companies are not only a positive response to the country's strategic poverty alleviation policies but also an important channel to enhance external perceptions,market reputation,and long-term corporate value.Based on corporate participation in poverty governance,a social responsibility activity with Chinese characteristics,the impact and mechanism of corporate social responsibility on the systemic risk of stock price extreme volatility are explored,both theoretically and empirically.At the theoretical level,an equilibrium model including the household sector and production sector in an economy is presented to analyze the impact of corporate social responsibility activities on stock price extreme volatility risk.The model predicts that socially responsible corporates have lower extreme volatility risk.At the empirical level,Chinese listed companies that participated in poverty alleviation from 2016 to 2019 are used to examine the effect of corporate participation in poverty governance on stock price extreme volatility risk.The empirical results show that the higher the participation of listed companies in poverty governance,the lower the risk of extreme stock price fluctuations in the future.The result holds after we account for potential endogeneity and conduct a series of robustness tests.Furthermore,it is found that the participation of listed companies in poverty governance reduces stock price extreme volatility risk through reputation effect and information effect.The findings in this study enrich the formation mechanism and analysis paradigm of stock price extreme volatility risk and provide evidence support for effectively prevent-ing systemic risk in financial markets.It also has important theoretical and practical significance for the economic consequences of corporate participation in poverty governance.

外文关键词：

corporate social responsibilitypoverty governancestock price surge and crash riskreputation effect and information effect

作者：

李建莹、刘维奇、原东良

展开 >

作者单位：

山西财经大学金融学院,山西太原 030006

山西大学管理与决策研究所,山西太原 030006

兰州大学管理学院,甘肃兰州 730000

关键词：

企业社会责任贫困治理股价暴涨暴跌风险声誉效应和信息效应

基金：

中国国家留学基金项目国家自然科学基金项目山西省科技战略研究专项重点项目山西省哲学社会科学规划课题山西省高等学校人文社会科学重点研究基地项目

项目编号：

202008140168723720932022040314010082022YY0082022J008

出版年：

2024

DOI：

10.16381/j.cnki.issn1003-207x.2021.2626

中国管理科学

中国优选法统筹法与经济数学研究会中科院科技政策与管理科学研究所

中国管理科学

CSTPCDCSSCICHSSCD北大核心

影响因子：1.938

ISSN：1003-207X

年,卷(期)：2024.32(8)