【摘要】 通过对2014-2018年我国A股市场的数据进行分析,发现在股灾危机时期,企业社会责任报告的披露质量与股票收益率呈现正相关关系,且这种关系在社会信任水平较高的地区表现得更加显著。在危机后的较长时间里,企业履行社会责任对股票收益的影响同样显著。因此,企业若能超越短期利益最大化的行为局限,严格履行社会责任,积累声誉和社会资本,不仅能够使企业在危机中获得投资者青睐,而且在长期上也有助于公司财务绩效的提升,这对于在后危机时期稳定股市、重构社会信用体系具有重要的意义。更多还原

【Abstract】 Using the data of Chinese listed companies which have disclosed their social responsibility reports in 2014, the empirical study shows that during the 2015 stock market crisis, CSR has a significant positive impact on the stock returns and this positive impact is more significant in regions with high level of social trust. Besides, the positive impact of CSR on the returns lasts for a long period. Therefore, the information conveyed by CSR can eliminate unnecessary panic, strengthen investors’ confidence, and be conducive to improving stock returns when the overall level of trust in the markets suffers a negative shock.更多还原