기업의 사회책임투자 성과: 중국 시장을 대상으로
Corporate Social Responsibility Investment Performance: Evidence from Chinese Market
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초록
이 연구는 2011년부터 2020년까지 중국 상하이 증권거래소와 심천 증권거래소에 상장된 비금융업종 기업을 대상으로 기업의 사회책임투자와 주식 초과수익률로 대용한 기업가치 간의 관계를 분석하였다. 분석 결과 첫째, 기업의 사회적 책임 수준이 높을수록 초과수익률도 높은 것으로 나타났다. 둘째, 사회적 책임 이행과 초과수익률 간의 양(+)의 관계는 경제 호황기에서 다른 기간에 비해 약하게 나타났다. 셋째, 국유기업에 비해 비국유기업에서 사회적 책임 이행 수준과 기업가치 간의 양(+)의 관계가 더 강하게 나타났다. 기업의 사회적 책임 이행 수준과 초과수익률 사이에 유의미한 역U자형의 비선형 관계가 있음도 발견하였다. 즉, 기업의 사회적 책임 수행이 지나치게 높을 때는 오히려 초과수익률이 낮아지는 것을 확인하였다. 이러한 비선형 관계는 경제상황과는 무관했지만 기업의 소유권 성격과는 유의미한 관계로 나타났다. 이 연구의 결과는 기업의 CSR 활동의 결과는 전반적인 경제상황, 시장에서 활동하는 투자자의 특성, 그리고 기업의 소유권 성격과 관련이 있음을 지지하고 있다.
Abstract
This study analyzes the relationship between CSR and firm value for non-financial firms listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China from 2011 to 2020. The results of the analysis are: first, the higher the level of social responsibility, the higher the excess returns. Second, the positive relationship between social responsibility and excess returns is weaker during economic boom periods. Third, the positive relationship between the level of social responsibility and excess returns is stronger in non-state enterprises compared to state-owned enterprises. In this study, a significant non-linear relationship between the level of social responsibility and excess returns was also found. In other words, when a firm's social responsibility is too high, excess returns will be lower. Moreover, this nonlinear relationship is not affected by economic cycles, but is significantly moderated by the nature of corporate ownership. The inverse U-shaped relationship between social responsibility and excess returns is stronger for non-state firms than for state firms. This implies that if firms take on excessive social responsibility, especially for non-SOEs, it can have a negative impact on the firm.
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