Does State Ownership Hinder the Positive Impact of Corporate Social Responsibility on Financial Performance and Stock Prices? Evidence from China

國家持股會使企業社會責任表現得不到財務及股價上的回報嗎？以中國為例

謝俊魁(Chun-Kuei Hsieh) ； 詹場(Chang Chan)

《財務金融學刊》 30卷3期 (2022/09) Pp. 71-121

https://doi.org/10.6545/JFS.202209_30(3).0003

摘要

This paper explores how state ownership and policy reform affect the internal efficiency of corporate social responsibility (CSR) in Chinese firms. Empirical results show that CSR improves financial and stock price performance for both private and state-owned firms. Before the CSR policy reform, state ownership weakens CSR's positive effect on financial performance while strengthening that on stock prices. After the government tightened the CSR requirements further in early 2013, state ownership simultaneously weakens CSR's positive impact on financial performance and stock prices, implying that state-owned firms pay excessive internal costs to follow the government's stricter CSR requirements for external benefits.

關鍵字

Corporate social responsibility ； state ownership ； policy reform ； financial performance ； excess return

並列摘要

本文探討國家持股與政策變革如何影響中國企業CSR投入之內部效率。結果顯示CSR可促進財務績效及股價表現。CSR政策變革前，國家持股弱化CSR對財務績效之正向影響，但強化CSR對股價表現之正向影響。2013年政府提高CSR要求後，國家持股弱化CSR對兩者之正向影響。意味國有公司為遵循政府更高的CSR要求、達成外部效益，付出過高的內部成本。

並列關鍵字

企業社會責任 ； 國有股 ； 政策變革 ； 財務績效 ； 超額報酬

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