【作者】 袁蕴；

【导师】 王治安；

【作者基本信息】 西南财经大学 ， 会计学， 2008， 博士

【摘要】 当今世界出现了一种崭新的企业概念,即企业已不再被看作只是为拥有者创造利润和财富的工具,它还必须对整个社会的政治、经济发展负责。这种企业新概念注定会改变人们对企业的看法、企业对自己的看法以及企业在21世纪社会中的位置。①企业作为社会的一分子,就相当于细胞存在于生物体中一样,细胞离不开生物体的支持,同时也要为生物整体的生存贡献自己的力量,而企业在社会中同时要承担一部分社会责任,企业的社会属性决定了其必须承担一部分社会责任。而近年来企业的一些不负责任行为已经对社会和谐发展和可持续发展造成了一定威胁。如企业对环境污染、劳资双方的矛盾等产生的一系列社会问题,因此而受到强烈的社会抨击,严重影响到社会对企业的信任,影响到企业的可持续发展。推动企业社会责任在我国的快速发展,己经成为我国社会必须研究的新课题,披露社会责任信息将是我们解决这一课题的最佳方法。各国学者就企业社会责任信息披露进行了多维的研究,形成了丰富的研究成果。我国的研究相对较晚,至今尚未制定企业披露社会责任信息的相关法律规定。理论上的研究也不够深入系统,大多数仅限于对社会责任信息披露内容和模式的一般探讨,没有进行系统的研究。本文立足于我国上市公司,运用利益相关者理论与企业可持续发展理论,结合信息披露的相关理论,采用规范研究与实证研究结合的方法,对企业社会责任信息披露的总体特征进行了描述性统计,运用资本市场上市公司有关数据分析了我国企业社会责任信息披露的影响因素、价值体现,对社会责任信息披露的内容和模式进行了比较研究,在个案深入分析的基础上提出了适合我国企业的社会责任信息披露分析框架,也为加强社会责任信息披露规范的建设提供实证证据。论文除导论外分为六章,主要内容如下:第一章,社会责任信息披露的理论基础。本章是对企业社会责任信息披露的一个理论框架解释,分别从企业社会责任和信息披露两个角度来对企业社会责任信息披露做出经济学解释。股东至上到利益相关者治理理论的变迁为社会责任信息披露奠定了内在基础,企业可持续发展理论为社会责任信息披露指明了目的。这两方面解释为什么信息披露必须考虑企业的社会责任业绩而不仅仅是财务业绩,为企业社会责任信息披露提供了实质性的解释理论。信息不对称理论则从会计信息的内在属性出发,要求社会责任信息的披露必须有强制性义务;代理理论与信号传递理论又使得社会责任信息披露存在自愿性披露的动机。这两方面从会计信息披露理论角度综合解释社会责任信息披露规范必须是强制性披露与自愿性披露相结合的方式,是企业社会责任信息披露的约束性解释。以上四个方面理论缺一不可,共同作用构成企业社会责任信息披露的理论基础。第二章,企业社会责任信息披露的历史演进与国内外比较研究。本章对国外企业社会责任信息披露的历史演进进行了分析,重点针对社会责任信息披露的内容、披露的模式进行了比较研究,以寻求适合我国现阶段企业的社会责任信息披露内容和模式。通过分析认为社会责任信息披露的内容应充分考虑包括顾客、股东、债权人、供应商、竞争者、员工、政府和社区等在内的利益相关者的要求,披露对各个利益相关者的社会责任。在披露的模式上可以采用多种形式并用的社会责任绩效报告披露,而不拘泥于某种形式。在强制性披露和自愿性披露的选择上,现阶段应以二者相结合。一方面由于我国目前社会责任信息披露体系研究还处于起步阶段,客观上需要一定的强制性披露措施,同时企业崇尚利润的意识尚未转换,完全靠自愿性披露还不够成熟;另一方面也应看到社会责任理论的逐渐兴起促使越来越多的企业有自愿披露社会责任信息的倾向。因此在鼓励自愿性披露的同时也需要强制性披露的规范。第三章,企业社会责任信息披露指标的构建与总体特征分析。本章通过对各种社会责任信息披露指标的比较,结合我国企业实际情况,运用内容分析法构建了适合我国上市公司的社会责任信息披露指数(CSRDI)。指标体系包括公司背景信息,对投资者、债权人、管理者的责任信息,对员工的责任信息,对消费者、客户的责任信息,对环境的责任信息,对社区的责任信息,对国家利益的责任信息等。利用社会责任信息披露指数对我国企业社会责任信息披露的现状进行了分行业、分项目的总体描述性统计。总体来看,样本公司平均得分率仅53%,刚刚过半;最低得分只有32%,最高分也才82%,社会责任信息披露情况不甚乐观。根据统计数据对我国现阶段企业社会责任信息披露的总体特征做了进一步的分析,有关法律法规和学科体系的缺失使社会责任信息披露没有保障基础,企业自身与利益相关者社会责任意识的缺失使社会责任信息披露动力不足,成本与效益不均衡则造成了社会责任信息披露的实践障碍。第四章,社会责任信息披露的影响因素研究。本章运用多元回归对我国上市公司的社会责任信息披露影响因素进行了实证研究,结果显示对于我国上市公司而言,公司规模、公司绩效和公司行业是影响社会责任信息披露的重要因素。有关公司治理的变量在研究中未表现出对社会责任信息披露有显著影响,主要原因是在目前我国的实际环境下,上市公司治理结构还不够完善,对上市公司的信息披露影响力度不够。尤其是独立董事比例的增加并没有起到对执行董事行为的制约和监控管理层的机会主义行为。另外,压力集团对公司社会责任信息需求的不足也是导致上市公司缺乏披露动力的原因之一。研究结果同时也说明企业社会责任信息披露在我国尚属于尝试和摸索阶段,企业和各利益相关者均未形成提供和使用社会责任信息的习惯,提高社会责任信息披露仍然是今后进一步研究的方向。第五章,社会责任信息披露的价值评价研究。为验证上市公司增加信息披露是否会提升公司价值,本章利用托宾Q对社会责任信息披露与企业价值进行了进一步的实证分析。对研究样本实证检验的结果显示托宾Q与公司社会责任信息披露增量之间的t值虽然并不显著,但也呈现一定正相关。采取积极的社会责任信息披露策略的上市公司市场价值相应较高;而信息供给程度低的上市公司市场价值相应较低。实证结果表明,中国证券市场上“好”的公司开始注重增加社会责任信息供给量,倾向采取自愿性信息披露方式与利益相关者进行沟通,这已成为中国上市公司塑造“社会形象”和增值“信誉资本”的一种有效手段,上市公司信息供给的价值效应逐步凸显。当然,统计意义上的不显著也反映出一些问题,目前我国上市公司信息披露的主要对象还是投资者,而对债权人、职工以及其他利益相关者的需求考虑甚少;社会责任信息披露还没有被上市公司所普遍认为会有效的提升公司的形象和价值。第六章,利益相关者为导向的社会责任信息披露策略。本章以个案为研究起点,对中石化公司的社会责任报告进行深入分析。案例公司社会责任报告体现了强烈的利益相关者导向,详细地披露了公司与各利益相关者之间的关系管理,对我国企业社会责任信息的披露具有较强的借鉴作用。本文认为企业社会责任信息披露应以利益相关者为导向为框架,满足利益相关者需求才能全面披露企业社会责任信息。在前文研究基础上提出一定的政策建议:首先应建立企业社会责任信息披露的准则,以规范企业进行社会责任信息的披露;加强对社会责任会计的确认与计量研究,以突破社会责任信息披露的难点;加强与社会责任相关的立法工作,以提高全社会的社会责任意识为企业社会责任信息的披露提供法律支持。更多还原

【Abstract】 A brand new concept of enterprise has been introduced in recent years: enterprises are no longer interpreted only as the tool to produce profits and make money for their runners; they are also supposed to be responsible for the political and economic development in the society. This new interpretation of enterprises is bound to change people’s views on enterprises, enterprises’self evaluation and the position of enterprises in 21st century. Just as a single cell is definitely dependent on the whole organism and at the same time contributes to the development of the organism, an enterprise can never turn down the social responsibility doomed by its social characteristic. The social characteristic of an enterprise reasonably requires the sharing of social responsibilities. However, the harmonious and sustainable development of society has been threatened by some irresponsible actions of some enterprises, such as environmental pollution and conflicts between employers and employees. All these lead to strong criticism and distrust against enterprises and damage the sustainable development of them.The popularization and publication of enterprises’social responsibilities has been a new subject of research for us in China and the best solution to this task undoubtedly goes to the information disclosure of corporate social responsibility (CSR). Much research work has been done and rich achievements have been made in this regard. Research on this subject in China started relatively late and the legislation establishment concerning the information disclosure of CSR has not been achieved yet till today. What’s more, though general investigations about the mode and content of information disclosure of CSR have been conducted, the in-depth and systematic theoretical research on it has always been in lack.The whole paper is based on the investigation of Chinese listed companies, the theory of stakeholder, enterprises’sustainable development theory and relevant theories of information disclosure of CSR. Joining with the standard and empirical research, the descriptive statistics about the general characteristic of information disclosure of CSR has been made. By analyzing the related data of listed companies, I mainly worked on the infection factors and values of the information disclosure of CSR as well as the comparison between the mode and the content of the information disclosure of CSR. An agreeable analysis framework of the information disclosure of CSR based on the careful studying of individual cases is expected to be established and to provide empirical evidence for the regularization of the information disclosure of CSR.Besides the lead-in section, six parts are included in this paper.Chapter one: Theoretical foundation of the information disclosure of CSR. The development from the Stockholder First Theory to the Stakeholder Theory lays a strong internal foundation for the information disclosure of CSR and the sustainable development theory of enterprises shows the right direction of the information disclosure of CSR. These two factors are hopefully supposed to explain why not only the financial achievements but also the goals of social responsibilities of enterprises are preferred to be put into consideration when the information disclosure of CSR is conducted and consequently, the material explanatory theory is made for the information disclosure of CSR. Information Asymmetry Theory imposes the compulsory duty on the information disclosure of CSR on the excuse of the inner requirement of the accounting information; the substitution theory and the signal transfer theory enable the information disclosure of CSR be willingly motivated. These two aspects together give the reasons for why the standard information disclosure of CSR has to be the combination of voluntary disclosure and compulsory disclosure. It is the mandatory explanation of the information disclosure of CSR. The above four theories are indispensably united to lay the theoretical foundation of the information disclosure of CSR. Chapter two: the history development of the information disclosure of CSR and the contrast between the domestic and foreign research. This part is looking for a suitable mode and content of the information disclosure of CSR in China through the study of the history development of the information disclosure of CSR in foreign countries with the focus on the mode and content. I think the requirements of customers, shareholders, creditors, suppliers, competitors, employees, governments, communities and so forth should all be included into the contents of the information disclosure of CSR and the related social responsibilities of the stakeholders should be disclosed. With regard to the modes of the information disclosure of CSR, various kinds of reports on enterprises’social responsibility achievements instead of the certain form are greatly recommended. Concerning the choosing between the compulsory disclosure and voluntary disclosure, I prefer the combination of the two. On one hand, the systematic research on the information disclosure of CSR is just at the initial starting, which naturally calls for the work of compulsory disclosure and at the same time the profit-making objectivity is still the dominant factor in enterprises’goals, so it is not the right occasion for the voluntary disclosure. On the other hand, the steady rise of the Social Responsibility Theory contributes greatly to the inclination of enterprises’voluntary disclosure of their social responsibility information. Putting the above situations into consideration, we should encourage the voluntary disclosure and regularize it with the compulsory disclosure.Chapter three: the construction and general characteristic analysis of the CSR disclosure index (CSRDI). Through the comparison among the various CSRDI and with regard to the practical situation of Chinese enterprises, I am trying to construct a suitable CSRDI for Chinese listed companies. The whole CSRDI is consisted of the background information of enterprises, the responsibility information for investors, creditors, managers, employees, customers, clients, environment, community and country and so on. With the employment of the CSRDI, a general descriptive statistic on the current situation of the information disclosure of CSR in different industries and items has been made. Generally speaking, the average scoring of all the model companies is 53%, with the highest 82% and the lowest 32%, which is far less than satisfied. The coming analysis on general characteristics of the current situation of the information disclosure of CSR is made on the base of the statistic figures. I find out that the lack of relevant legislation and systematic research disappoints the guarantee for the information disclosure of CSR, the ignorance of social responsibility from the enterprises themselves as well as the stakeholders spoils the motivation of the information disclosure of CSR, the unbalance between cost and benefit results in the obstacle in the practice of the information disclosure of CSR.Chapter four: research on the infective factors of information disclosure of CSR. Empirical study has been done on the infective factors of information disclosure of CSR by means of multiple regressions. It turns out that the size, achievement and business are the main infective factors of information disclosure of CSR for listed companies. The variable force of Corporate Governance didn’t have remarkable effect on the information disclosure of CSR. This is mainly because that in the practical situation in china nowadays, the mechanism of the Listed Company Governance is still incomplete and doesn’t have enough influence on the information disclosure of CSR of listed companies. Especially the increase of the numbers of independent directors doesn’t have the power to restrict the actions of executive directors and to monitor the opportunistic behavior of the managers. Besides, the insufficient demand of the Social Responsibility Information from the pressure group also leads to the lack of desire to disclose the Social Responsibility Information for listed companies.The study also tells us that the information disclosure of CSR is still at the attempt and initiating stage, consequently the habit of providing and using the Social Responsibility Information has not been formed for enterprises and relevant stakeholders. The promotion of the information disclosure of CSR will still be the field of our further study in the future.Chapter five: the research on the evaluation of the information disclosure of CSR. The empirical study has been made on the relationship between the information disclosure of CSR and the value of the enterprise with the use of Tobin’s Q to check whether the increase of the information disclosure of CSR of listed companies will raise the value of the enterprise or not. The result shows that although the“t”value between the Tobin’s Q and the increase of the information disclosure of CSR is not obvious, it displays positive correlation to some extent—the listed companies adopting the active strategy of the information disclosure of CSR enjoy relatively high values, and vise versa. The empirical result demonstrates that the“fine”listed companies in china are paying more and more attention to the increase of the information disclosure of CSR and intend to communicate with the relevant stakeholders by means of the voluntary information disclosure of CSR, which has been an effective way to better the“social image”and improve the“credibility capital”. The effect of the information disclosure of CSR has been more and more important.However, the indistinctive elements of the statistic also bring us some problems: At present, the targeted receivers of the information disclosure of CSR are limited to the investors; the requirements of the creditors and stakeholders are seldom considered; the information disclosure of CSR has not been widely accepted by the listed companies as the effective means to improve the image and value of them.Chapter six: The stakeholder-oriented strategy of the information disclosure of CSR. In this part, based on the individual case study, the in-depth analysis on the social responsibility report of the Sino-Pec was produced. In this case, the report is strongly stakeholder-oriented and demonstrates the relationship between the company and the various relevant stakeholders in details. So it can be a helpful model of the information disclosure of CSR for Chinese enterprises. I confidently believe that the information disclosure of CSR should be stakeholder-oriented and only by fulfilling the requirements of the stakeholders can the complete information disclosure of CSR be achieved.Based on the previous discussion, some advice on the policy-making will also be made: First, principles of the information disclosure of CSR must be established to regularize the information disclosure of CSR. Second, the accounting and confirmation of the social responsibilities should be studied to overcome the difficulties in the information disclosure of CSR. Finally, the relevant legislation aimed at the improvement of the awareness of the social responsibilities should be strengthened to legally support the information disclosure of CSR.更多还原