张航瑜

摘  要：文章以2011～2018年沪深两市发布社会责任报告的上市物流企业为研究样本，采用事件研究法，探讨物流企业社会责任信息质量对投资者的影响效应。实证结果显示：物流企业的社会责任信息质量与投资者累计超额收益率呈显著正相关，研究还发现资本市场投资者对社会责任具体内容关注度的不同对投资者累计超额收益率存在差异性的影响，其更加注重于反应物流企业长期战略的整体性。同时发现我国现阶段物流企业社会责任报告整体质量仍较低，希望监管部门与企业规范和完善社会责任信息披露，进一步加强对投资者利益的保护。

关键词：物流企业;社会责任信息质量;累计超额收益率

中图分类号：F272    文献标识码：A

Abstract： This paper takes listed logistics companies that have disclosed social responsibility reports in Shanghai and Shenzhen stock markets from 2011 to 2018 as research samples， and adopts the event research method to discuss the impact of social responsibility information quality on investors. The empirical results show that the social responsibility of the logistics enterprise information quality and investors accumulated excess yield was significantly positively related to， the study also found that capital market investors to social responsibility specific content popularity differences between different accumulated excess returns for investors， the influence of its pay more attention to in the reaction the integrity of the logistics enterprise long-term strategy. At the same time， this paper finds that the overall quality of social responsibility reports of logistics enterprises in China is still low. Therefore， this paper hopes that the regulatory authorities and enterprises can standardize and improve the disclosure of social responsibility information to further strengthen the protection of investors' interests.

Key words： logistics enterprises; social responsibility information quality; cumulative excess return

1  研究背景

從2008年爆出轰动一时并影响深远的“三聚氰胺”事件到2018年爆出长春长生生物科技股份有限公司的“假疫苗”事件，通过媒体曝光企业不履行社会责任的问题，轻则影响到企业的正常运转，重则直接导致企业破产。因此，一些由提升经济效益所引发的负效应也逐步得到重视。为促进上市公司积极承担社会责任，如实地反应企业履行社会责任的情况，监管部门在制定一系列法律法规的同时中国社科院还编制了社会责任发展指数，其目的是为了引导投资者关注企业的社会责任信息，建立投资者以社会责任为基础的价值投资理念。

目前我国证券市场投资者账户数量共有16 055.30万，其中自然人投资者账户数量为14 771.90万，占比高达92.01%。……