主讲人：石劲教授

讲座时间：2018年11月8日（周四）14：00

讲座地点：yh86银河国际南校区院系办公楼401（yh86银河国际会议室）

题目：Mandatory CSR Disclosure and Information Asymmetry

主办单位：yh86银河国际yh86银河国际

          广州华南财富管理中心研究基地

中国家庭金融与资产管理研究中心

国家社科基金重大项目“新常态下建立多点支撑的消费增长格局研究”课题组

主讲人简介：

石劲(Jing Shi)，金融学教授，博士生导师，澳大利亚国立大学金融学博士毕业，曾先后任职于澳大利亚国立大学、皇家墨尔本理工大学，现为澳大利亚麦考瑞大学应用金融系国际事务负责人、中国研究中心主任。石劲教授研究领域主要包括中国资本市场，公司治理，公司金融，债券发行及定价，企业社会责任，企业经营策略，政治经济学等，已在Journal of Political Economy、 Strategic Management Journal、Administrative Science Quarterly、Management Science、Journal of Banking and Finance、《经济研究》等国内外权威学术期刊发表论文40余篇。

报告内容:

Using a quasi-natural experiment that mandates a subset of listed firms to issue corporate social responsibility (CSR) reports, this paper examines the effect of mandatory CSR disclosure on market information asymmetry in China, where we estimate information asymmetry using high frequency trade and quote data. We find that contrary to the criticism that mandatory CSR disclosure lacks credibility and relevance in emerging markets, mandatory CSR reporting firms experience a decrease in information asymmetry subsequent to the mandate. In addition, the decrease in information asymmetry is more pronounced among firms with greater political/social risks, poorer information environments, and better CSR reporting quality. Additional analyses suggest that relative to mandatory CSR disclosure, voluntary CSR disclosure is part of a firm’s political/social strategy and has higher CSR reporting quality. However, the effect of voluntary CSR disclosure on information asymmetry is limited unless CSR reporting is widespread.