| As a new financing method,equity pledge does not involve the control rights of shareholders.At the same time,it has the advantages of high speed,strong liquidity and low interest rate.It is popular in the capital market.However,there are risks in equity pledge.In recent years,equity pledge position explosion events occur frequently.In many position explosion events,we have noticed that "the higher the proportion of equity pledge,the higher the score of social responsibility information disclosure".Based on this phenomenon,we can find that after the controlling shareholder’s equity pledge,the enterprise improves the quality of social responsibility information disclosure,but does the enterprise have the phenomenon of impression management of social responsibility report? Does the information disclosure of social responsibility truly reflect the performance of corporate social responsibility? At the same time,most studies show that media reports and independent directors play an important role in corporate governance.In the face of the impression-management behavior of social responsibility reports under pledge of controlling shareholders’ equity,what role will these play? In order to explore the above mechanism,this paper takes this as the theme.This paper defines the impression-management of social responsibility report from the perspective of the mismatch between the disclosure performance of CSR report and the actual social responsibility performance,and uses the difference between the standardized value of CSR report disclosure score of listed companies and the standardized value of actual CSR performance to measure the impression-management of CSR report.This paper analyzes how the increase of controlling shareholders’ equity pledge proportion affects the impression-management degree of social responsibility report.At the same time,in the context of media coverage and independent director supervision,this paper studies the moderating effect of both on the above relationship,and puts forward research hypotheses.Taking the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2019 as the research sample,this paper establishes an unbalanced panel.Considering the endogenous problem caused by the sample selectivity error in the rating score of RKS report,Heckman two-stage model is used for hypothesis test.This article uses stata15.0 conducted regression analysis on the sample data,controlled the annual and industry effects,studied the impact of controlling shareholder equity pledge on the impression management of CSR report,and studied the regulatory role of media reports and independent directors.It is found that the proportion of controlling shareholders’ equity pledge has a negative impact on the impression management of CSR report.The increase of media reports and the proportion of independent directors can strengthen negative correlation.Further research found that enterprises that voluntarily publish CSR reports and have a large proportion of controlling shareholders’ equity pledge have a lower degree of impression management of CSR reports.In the compliance group,the moderating effects of media reports and independent directors are significant.In the voluntary group,the moderating effect of media reports is significant,and the moderating effect of independent directors is not significant.Finally,it makes an analysis of empirical results,and puts forward management policy suggestions in the aspects of equity pledge,social responsibility information disclosure,media and independent director governance. |
