作　者：范云朋
关键词：企业社会责任；超额商誉；股价崩盘风险
摘　要：

 在坚决打好防范化解金融风险攻坚战的大背景下，企业社会责任履行对于推动资本市场平稳运行和企业高质量发展具有重要战略意义。近年来上市公司超额商誉带来的巨大商誉泡沫已成为隐藏在资本市场中的重要金融风险因素，给我国资本市场稳定和企业健康发展带来一定的负面影响。企业履行社会责任作为一种自我规制的治理策略和长期价值追求，通过提高信息透明度和企业声誉，抑制了企业超额商誉，且股东责任履行对超额商誉的抑制作用最为显著。企业社会责任履行对于超额商誉的抑制作用主要体现在非国有控股、管理层过度自信、审计师来自非四大事务所和被并购方处于业绩承诺期的企业中。此外，企业社会责任履行可以通过抑制超额商誉来降低企业股价崩盘风险。当前应着力优化监管和治理水平，推动上市公司积极履行企业社会责任，充分释放企业提升社会责任履行水平的正向经济效应。

 

Corporate Social Responsibility Fulfillment And Excess Goodwill Restraint

Fan Yunpeng（Chinese Academy of Social Sciences）

Abstract In the current context of resolutely preventing and mitigating financial risks, the role of corporate social responsibility has emerged as critically strategic in maintaining the stable performance of the capital market and corporate high-quality development. Recent years have seen a concerning trend: a significant goodwill bubble driven by excessive goodwill accumulated by listed companies. This trend has introduced a notable financial risk in the capital market, which may negatively impact the stability of the capital market and corporate healthy development. CSR plays a crucial role in curbing this excessive corporate goodwill, by enhancing information transparency and strengthening corporate reputation. The aspect of fulfilling shareholder responsibilities stands out in its ability to significantly rein in excessive goodwill. This effect is particularly pronounced in non-state-owned enterprises, those with overly confident management, firms audited by non-Top Four accounting firms, and businesses within their performance commitment periods. Moreover, CSR's ability to restrain excessive goodwill goes a long way in reducing the risk of stock price collapses in companies. In light of this, there is a pressing need to concentrate efforts on optimizing regulatory and governance standards. This includes urging listed companies to actively engage in their CSR duties, thereby fully unleashing positive economic effects that come from businesses.

Key words corporate social responsibility; excess goodwill; stock price crash risk

 

■作者简介 范云朋，中国社会科学院金融研究所助理研究员，北京 100710。

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