摘要
非财务信息是投资者评估企业长期价值和潜在风险的重要参考,然而它们却大多以非结构化的文本形式呈现,这为管理层实施信息操纵提供了可乘之机。本文以我国A股上市公司2008—2022年间发布的社会责任报告为研究对象,运用自然语言处理技术提取文本信息特征,考察了社会责任文本信息操纵行为对企业全要素生产率的影响。实证结果表明,社会责任文本信息操纵会降低企业全要素生产率。机制检验表明,企业社会责任文本信息操纵通过削弱创新能力和降低投资效率来抑制企业全要素生产率。进一步地,当企业ESG评级较低、未接受ESG鉴证、媒体关注度不足以及属于重污染行业时,社会责任文本信息操纵行为对全要素生产率的影响更为明显。本研究从微观视角揭示了信息操纵与企业全要素生产率之间的内在联系,对监管部门完善社会责任信息披露制度具有重要启示意义。
Non-financial information is an important reference for investors to assess the long-term value and potential risks of enterprises,yet they are mostly presented in unstructured text form,which provides an opportunity for management to implement information manipulation.This paper takes the social responsibility reports issued by China's A-share listed companies during the period of 2008-2022 as the research object,and uses natural language processing technology to extract textual information features to examine the impact of social responsibility textual information manipulation on the total factor productivity of enterprises.The empirical results show that social responsibility text information manipulation reduces corporate total factor productivity.Mechanism tests show that CSR textual information manipulation inhibits corporate total factor productivity by weakening innovation capacity and reducing investment efficiency.Furthermore,when a company's ESG rating is low,it has not undergone ESG verification,there is insufficient media attention,and it belongs to a heavily polluting industry,the impact of the manipulation of social responsibility text information on total factor productivity is more signifi-cant.This study reveals the intrinsic link between information manipulation and corporate total factor productivity from a micro perspective,which is im-portant for regulators to improve the social responsibility disclosure system.
出处
《会计研究》
北大核心
2025年第7期18-31,共14页
Accounting Research
基金
湖南省社会科学成果评审委员会重大课题(XSP2023ZDA003)
国家资助博士后研究人员计划(GZC20231969)资助。
关键词
社会责任报告
信息操纵
全要素生产率
创新能力
投资效率
Social Responsibility Reporting
Information Manipulation
Total Factor Productivity
Innovative Capability
Investment Efficiency
