中国金融评论 会计学术联盟 2022-04-27 14:16
企业社会责任（Corporate social responsibility，简称CSR），是指企业在创造利润、对股东和员工承担法律责任的同时，还要承担对消费者、社区和环境的责任，企业的社会责任要求企业必须超越把利润作为唯一目标的传统理念，强调要在生产过程中对人的价值的关注，强调对环境、消费者、对社会的贡献。
通常而言，企业社会责任与其追求最大化利润相冲突，承担越多的社会责任，意味着企业的利润空间更加有限。本次推送，将要介绍的是发表在中国金融评论（CFRI）上Are corporate social responsibility reports informative? Evidence from textual analysis of banks in China一文，欢迎阅读引用下载本文！
01文章简介
本文通过对中国上市银行企业社会责任报告的文本分析，构建了商业、环境、人权、公司治理、慈善和社会资本六个领域的企业社会责任测度。然后探讨了构建的企业社会责任(CSR)指标与银行盈利能力、社会贡献和企业社会责任支出之间的关系，以及市场对企业社会责任支出的反应。
基于本文的CSR衡量包含了大量和有价值的信息，已经超出了Rankins的CSR评级所提供的。文章发现，在企业社会责任领域有更强参与和兴趣的银行有更高的盈利能力，且致力于公司治理和慈善相关领域的银行会有更大的社会贡献。银行越积极参与公司治理，其企业社会责任支出越高。虽然股票市场对企业社会责任支出的反应是积极的，但对于企业社会责任支出高于行业标准的银行，反应就不那么积极了。
本文的研究结果为中国监管机构和银行的决策者提供了见解。为加强银行体系的财务安全和稳健，监管机构应鼓励银行策略性地配置企业资源，以取得更高的企业社会责任评级，并参与更多与业务有关的企业社会责任活动。为了创造更大的社会价值，银行管理层应加大对企业社会责任慈善活动的投入，如公司治理和慈善活动。为了追求更高的企业利润，他们应该更多地参与以自我为中心的企业社会责任活动。但是，根据市场的反应，他们不应该过度投资于CSR活动。
02作者介绍
何健维（Jerry Ho）博士目前是澳大利亚昆士兰科技大学的财务讲师（助理教授）。在过去的20年里，何博士曾在不同国家的几所大学任教，包括梅西大学（新西兰）、杜伦大学（英国）和普渡大学（美国）。何博士获得杜伦大学会计和金融学博士学位，并在伊利诺伊大学厄本那香槟分校获得金融硕士学位。他还是英国高等教育学院(Higher Education Academy)的会员。
何博士的研究兴趣主要是行为金融学和资产定价。他特别热衷于探索投资者情绪和不确定性指标在金融市场异常中的作用，以及管理能力对公司绩效的影响。他的研究成果发表在各种期刊和国际会议上。何博士获得了两项最佳论文奖，包括2011年台大国际经济、金融和会计会议（IEFA）的最佳论文奖和2008年证券和金融市场年会（SFM）的研究论文奖。
03文章原文
Are corporate social responsibility reports informative?
Evidence from textual analysis of banks in China
Purpose
The authors investigate the association of the constructed corporate social responsibility (CSR) measures with the banks’ profitability, social contributions and CSR spending as well as the market reaction to CSR spending.
Design/methodology/approach
Using textual analysis of the CSR reports of banks listed on the Chinese market, the authors construct CSR measures in six domains: business, environment, human rights, corporate governance, charity and social capital. Our textual-based CSR measures contain substantial and valuable information beyond what Rankins CSR ratings offer.
Findings
The findings suggest that banks with stronger engagements and interests in the business-related CSR domain experience higher profitability, while those that are more committed to the corporate governance and charity-related domains create larger social contributions. Banks tend to incur higher CSR spending when they are more active in corporate governance. Although the stock market reacts positively to CSR expenditures, the reaction is less favorable for banks with CSR expenditures above the industry norm.
Practical implications
This study offers insights to policymakers of the regulatory bodies and the banks in China. To enhance the financial safety and soundness of the banking system, the regulatory bodies should encourage banks to strategically allocate corporate resources to achieve higher CSR ratings and engage more business-related CSR activities. To create larger social values, bank management should invest more in philanthropic CSR initiatives such as corporate governance and charity activities. To pursue higher corporate profits, they should engage more in self-centered business-related CSR activities. However, according to the reaction of the market, they should not over-invest in CSR activities.
Originality/value
While the use of textual analysis to evaluate CSR disclosure has recently emerged in the literature, few studies focus on banks in China. Using the term frequency–inverse data frequency (TF-IDF) method, the authors constructed a score for each of the six CSR domains: business (BUS), environment (ENV), human rights (HR), corporate governance (GOV), charity (CHY) and social capital (SCAP). To the best of our knowledge, no studies have adopted the textual approach to evaluate social reporting quality and CSR activities in the context of the banking industry in China.
Keywords
Corporate social responsibility；Textual analysis；Chinese bank; Corporate goverance; G21; M14
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