摘要：中国企业的跨国经营绩效与其快速的国际化进程并不匹配，其原因被认为是海外子公司在东道国面临的正当性缺失。企业社会责任（CSR）信息披露可以通过降低信息不对称使国内企业获得正当性，然而这种机制是否在母子公司之间存在跨国溢出效应是一个重要但没有被关注的问题。考虑到信息跨国传播的复杂性，本文通过信息传播视角探究该问题，并分析信息可信度和信息关注度的边界效应。基于A股2008—2019年跨国公司的面板数据，采用COX比例风险模型对该问题进行了实证检验。研究发现：中国跨国公司CSR信息披露可以缓和海外子公司面临的正当性缺失，信息可信度和信息关注度增强了这一作用。本文进一步探究了同行业中目标企业与龙头企业间的竞争效应以精炼该机制，为中国跨国公司如何通过CSR信息披露提升海外经营绩效提供了精细化的参考意见。

Abstract: The mismatch between the multinational performance of Chinese firms and their rapid internationalization has been attributed to the lack of legitimacy faced by overseas subsidiaries in host countries. Corporate social responsibility(CSR) disclosure can give domestic firms legitimacy by reducing information asymmetry,yet whether such a mechanism has cross-country spillover effects between parent and subsidiary firms is an important but unattended question. Considering the complexity of information dissemination across borders, this paper explores theissue through the lens of information dissemination and analyses the boundary effects of information credibility and information concern. Based on panel data of A-share MNCs from 2008-2019, a COX proportional risk model is used to test the issue empirically. It is found that CSR disclosure by Chinese MNCs can moderate the legitimacy deficit faced by overseas subsidiaries, and that information credibility and information concernenhance this effect. The paper further explores the competitive effect between target and leading firms inthe same industry to refine the mechanism and provides a refined reference on how Chinese MNCs can improve their overseas business performance through CSR information disclosure.