企业社会责任披露质量对投资者交易行为的影响研究—

摘要笔者从投资者交易行为视角，以2010年年报披露期内发布社会责任报告的384家上市公司为样本，检验了企业社会责任披露质量对买卖价差、换手率以及股票收益波动率的影响后发现：企业社会责任披露质量越高，买卖价差越低，而且投资者比较重视社会责任披露的整体性和内容性质量；企业社会责任信息披露质量、整体性质量、内容性质量以及技术性质量均与股票换手率呈显著正相关。

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	翟华云

关键词：社会责任披露质量买卖价差换手率股票收益波动率

Abstract： Using the 384 listed companies which issued social responsibility reports during the annual report disclosure period in 2010 as samples, from the view of investor trading behavior, the author tested the effects of corporate social responsibility disclosure quality on bid ask spread, turnover and volatility of stock returns and found that the higher the quality of corporate social responsibility disclosure is, the lower the bid ask spread is, and investors are more concerned with the integrity and contents of social responsibility disclosure. Corporate social responsibility disclosure quality, including integrity quality, content quality and technical quality, is positively related to the turnover rate of stocks.

Keywords： corporate social responsibility disclosure quality bid ask spread turnover rate volatility of stock returns

收稿日期 2011-08-08; 接受日期 2012-01-13;

基金资助:教育部人文社科基金项目（09YJA790208)；中南民族大学中央高校基本科研业务费专项资金项目（CSQ11002)。

作者简介: 翟华云（1972-)，女，湖北襄阳人，会计学博士，中南民族大学管理学院会计系副教授，主要从事社会责任研究。

引用本文:

翟华云.企业社会责任披露质量对投资者交易行为的影响研究——基于对我国上市公司的经验分析[J]. 经济经纬, 2012,1: 82-86

ZHAI Hua yun.A Research into the Effects of Corporate Social Responsibility Disclosure Quality on Investor Trading Behavior|*| ——An Empirical Study Based on Chinese Stock Market[J] Economic Survey, 2012,V(1): 82-86

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2012/V/I1/82