本研究主要探討在中國市場下,企業社會責任(Corporate Social Responsibility)對於資訊不對稱的影響,以及信用風險是否在企業社會責任與資訊不對稱之間扮演著中介的角色。以2010年至2015年潤靈環球責任評級(Rankins CSR Ratings, RKS)社會責任報告評級數據庫來衡量中國上海A股上市公司的CSR,實證結果顯示,當企業從事企業社會責任並揭露後,會降低與外部利害關係人之間的資訊不對稱,然而在控制信用風險後,企業社會責任對資訊不對稱的影響沒有顯著的降低,顯示本研究未發現信用風險在企業社會責任與資訊不對稱之間扮演著中介的角色。
This study explores the relationship between Corporate Social Responsibility (CSR) and information asymmetry in the China market, and whether credit risk as the mediator between corporate social responsibility and information asymmetry. Using Rankings CSR Ratings (RKS) Social Responsibility Report Rating Database to measure the CSR of China's Shanghai A-share listed companies from 2010 to 2015. The results show that when companies engage in CSR and disclose CSR information, it will reduce the information asymmetry with external stakeholders. However, after controlling for credit risk, there is no significant reduction in the impact of CSR on information asymmetry, thereby shows that this study did not find credit risk serve as the mediator between corporate social responsibility and information asymmetry.