喻园管理论坛2021年第76期(总第733期)

演讲主题: The Information Asymmetry Effect of Mandatory and Voluntary CSR Disclosure

主 讲 人: 何重达，中央财经大学中国金融发展研究院副教授

主 持 人: 李安泰，管理学院财务金融系讲师

活动时间: 2021年10月14日（周四）9:00-10:30

活动地点: 管理大楼121室

主讲人简介：

何重达，中央财经大学中国金融发展研究院副教授，金融学博士，毕业于新加坡南洋理工大学南洋商学院。何重达博士的学术研究主要集中在实证公司金融、公司治理和银行学，研究成果已发表在Journal of Banking and Finance、European Financial Management、Pacific-Basin Finance Journal等学术期刊。

活动简介：

Using high-frequency trade and quote data fora large sample of Chinese listed firms, we examine the link betweenCSR disclosureand firms'information asymmetry.We find that CSR disclosure is only associated with reduced information asymmetry between informed and uninformed investors (Type II information asymmetry), but not betweenthefirm and the market (Type I information asymmetry).Both voluntary and mandatory disclosure result in increased attention from analysts and uninformed investors,thusreducing Type II information asymmetry.However, mandatory CSR disclosing firmsare found to increase Type I information asymmetry due to their increased opacity. Difference-in-differences analysis and a battery of robustness tests provide confirming evidence of these causal links.Overall, our findings suggest that CSR disclosure does not effectively convey information to investors. The disclosure mandate also does not turn firms less opaque. These results go against the intended outcomes of the mandatory CSR reporting regulation.