煤炭企业社会责任信息披露、管理层权力与投资效率分析

选取2008-2018年我国沪深A股上市煤炭企业为研究对象,在分析社会责任信息披露和管理层权力对企业投资效率有何影响的基础上,进一步重点分析了二者的交互作用给煤炭企业投资效率带来的影响。研究发现:社会责任信息披露质量与煤炭企业投资效率正相关;管理层权力与煤炭企业投资效率负相关;随着管理层权力的增大,会削弱社会责任信息披露质量对煤炭企业投资效率的促进作用。

Analysis on social responsibility information disclosure,management power and investment efficiency of coal enterprises

Taking the A-share listed coal enterprises in Shanghai and Shenzhen from 2008 to 2018 as the research objects,based on the analysis of the impact of social responsibility information disclosure and management power on the investment efficiency of enterprises,this paper further focused on the impact of their interaction on the investment efficiency of coal enterprises.It was found that the quality of social responsibility information disclosure was positively correlated with the investment efficiency of coal enterprises.Management power was negatively correlated with investment efficiency of coal enterprises.With the increase of management power,the promotion effect of social responsibility information disclosure quality on the investment efficiency of coal enterprises would be weakened.The research was helpful to promote coal enterprises to fulfill their social responsibility actively and improve the quality of social responsibility information disclosure.