Research on the Influence of Social Responsibility Information Disclosure Quality on Corporate Performance

社会责任信息披露质量对企业绩效的影响研究

Name: Mengran Li

ThaSH: Administrative responsibility -- Research

ThaSH: Social responsibility of business -- Research

ThaSH: Disclosure in accounting -- Research

Abstract: 随着中国市场经济的日趋成熟，利益相关者对企业的关注度也日益提高，加之企业规模的不断扩大，企业不仅仅是为了满足利润的获取而更多的上升到了企业社会责任的层面。近年来，社会责任信息披露质量成为了公众和舆论关注的焦点问题。但是，由于相关法律法规不够完善、监管力度不够强，目前中国上市企业社会责任信息披露质量整体不佳，如何激发公司披露社会责任信息的内在动力，加强引导公司披露行为，增加充分、准确、及时的信息供给，并解决公司面临的发展问题，已经成为资本市场稳健持续发展的必由之路。在中国推进共同富裕的战略目标下，企业作为社会组织，厘清社会责任信息披露质量与企业绩效之间的内在联系非常必要。因此，本文对社会责任信息披露质量与企业绩效的关系进行研究，并对他们之间的联系和作用机理进行探讨。 目前，学界对于社会责任信息披露质量与企业绩效的关系研究结果并不统一，大部分学者认为两者之间呈正相关关系，也有学者研究表明两者之间呈负相关或不相关关系。同时，是否存在关于社会责任信息披露质量和企业绩效关系的研究有被忽视的维度以及社会责任信息披露质量对企业绩效的影响过程中存在哪些因素会对这一过程产生影响。学者们对同一问题的分歧归根结底在于，大多数研究停留在对二者关系的直接探讨上，忽略了对社会责任信息披露质量影响企业绩效的内外部机制研究。只有打开两者关系的黑箱，明确社会责任信息披露质量究竟如何影响企业绩效，才能对目前学术界关于此问题的不一致论点给出令人信服的解释。 基于以上分析，对前人研究进行梳理，本研究基于利益相关者理论、信号传递理论、信息不对称理论以及社会资本理论，探索了社会责任信息披露质量对企业绩效影响的直接作用机理；在此基础上，研究了社会资本在其中的中介作用，同时进一步深入挖掘了市场化进程和内部控制的调节作用机理以及含有调节的中介作用机理，探索了社会责任信息披露质量对企业绩效影响边界问题。基于2011-2020年沪深两市A股上市公司的面板数据，本文采用实证研究方法，利用stata对模型进行了实证检验。结果表明企业通过披露高质量的社会责任信息能够提升企业绩效；社会资本在社会责任信息披露质量与企业绩效之间起中介作用，企业通过披露高质量的社会责任信息可以获取更多的社会资本以更好地促进企业绩效提升。市场化进程对社会责任信息披露质量与企业绩效的关系发挥正向调节作用，也正向调节中介作用前半路径以及正向调节含有调节的中介作用，市场化进程高的地区，社会资本在社会责任信息披露质量影响企业绩效的过程中发挥的中介作用更强；内部控制对社会责任信息披露质量与企业绩效的关系发挥正向调节作用。研究结论可以帮助企业进一步认识社会责任信息披露质量的重要性，有利于企业的持续发展，提升企业绩效。 在借鉴学界研究的先进经验基础上，根据本文的研究结论，研究学者应加强社会责任信息披露质量对企业绩效影响等方面的学术研究，为企业管理者提高社会责任信息披露质量，提升企业绩效做更多的理论贡献；企业应加强提升社会责任信息披露质量，优化企业管理，提升企业绩效；政府应加强宏观调控，推动促使相关法规的完善和运行。

Abstract: With the maturity of China's market economy, stakeholders are paying more and more attention to enterprises. In addition, with the continuous expansion of enterprise scale, enterprises are not only to meet the profit acquisition, but also to rise to the level of corporate social responsibility. In recent years, the quality of social responsibility information disclosure has become the focus of public attention. However, due to the lack of relevant laws and regulations and strong supervision, the quality of social responsibility information disclosure of listed enterprises in China is generally poor. How to stimulate the internal motivation of companies to disclose social responsibility information, strengthen the guidance of companies to disclose behavior, increase the supply of adequate, accurate and timely information, and solve the development problems faced by companies? Has become the capital market steady and sustainable development of the only way. Under the strategic goal of promoting common prosperity in China, it is necessary for enterprises, as social organizations, to clarify the internal relationship between the quality of social responsibility information disclosure and corporate performance. Therefore, this paper studies the relationship between the quality of social responsibility information disclosure and corporate performance, and discusses the relationship and mechanism between them. At present, the academic research results on the relationship between the quality of social responsibility information disclosure and corporate performance are not uniform. Most scholars believe that there is a positive correlation between the two, while some scholars show a negative correlation or no correlation between the two. At the same time, whether there is a neglected dimension of research on the relationship between the quality of social responsibility information disclosure and corporate performance, and what factors in the process of the impact of the quality of social responsibility information disclosure on corporate performance will have an impact on this process. The difference between scholars on the same issue boils down to the fact that most researches stay on the direct discussion of the relationship between the two and ignore the internal and external mechanism of the influence of the quality of social responsibility information disclosure on corporate performance. Only by opening the black box of the relationship between the two and clarifying how the quality of social responsibility information disclosure affects enterprise performance can we give a convincing explanation to the inconsistent arguments of the current academic circle on this issue. Based on the above analysis, previous studies are sorted out. Based on stakeholder theory, signal transmission theory, information asymmetry theory and social capital theory, this study explores the direct mechanism of the impact of the quality of social responsibility information disclosure on corporate performance. On this basis, the mediating role of social capital is studied. At the same time, the mediating mechanism of marketization process and internal control and the mediating mechanism containing regulation are further explored, and the boundary issue of the influence of the quality of social responsibility information disclosure on enterprise performance is explored. Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020, this paper adopts the empirical research method and uses stata to test the model empirically. The results show that enterprises can improve their performance by disclosing high quality social responsibility information. Social capital plays an intermediary role between the quality of social responsibility information disclosure and corporate performance. By disclosing high-quality social responsibility information, enterprises can obtain more social capital to better promote the improvement of corporate performance. The marketization process has a positive moderating effect on the relationship between the quality of social responsibility information disclosure and corporate performance, as well as a positive moderating effect on the first half of the mediating effect and a positive moderating effect on the mediating effect. In regions with high marketization process, social capital plays a stronger mediating role in the process of the quality of social responsibility information disclosure affecting corporate performance. Internal control plays a positive role in regulating the relationship between the quality of social responsibility information disclosure and corporate performance. The research conclusion can help enterprises further understand the importance of the quality of social responsibility information disclosure, which is conducive to the sustainable development of enterprises and the improvement of corporate performance. Based on the advanced experience of academic research, according to the research conclusion of this paper, researchers should strengthen the academic research on the impact of the quality of social responsibility information disclosure on corporate performance, so as to make more theoretical contributions for corporate managers to improve the quality of social responsibility information disclosure and corporate performance. Enterprises should enhance the quality of social responsibility information disclosure, optimize enterprise management and improve enterprise performance; The government should strengthen macro-control and promote the improvement and operation of relevant laws and regulations.

Dhurakij Pundit University. Learning Center and Library.

Address: BANGKOK

Email: library@dpu.ac.th

Name: Mingming He

Role: Principal Supervisor

Modified: 2567-07-18

Created: 2022

Issued: 2024-07-17

วิทยานิพนธ์/Thesis

application/pdf

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DegreeName: Doctor of Business Administration (DBA)

Descipline: Business Administration

Grantor: Dhurakij Pundit University

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