Research On Corporate Social Responsibility Information Disclosure Of Public-listed Forestry Corporations In China

Taking corporate social responsibility is an important sign of continuously becoming mature and normalized during the process of enterprise development. In the context of current serious environmental situation in China, while taking generic corporate social responsibility, forestry enterprises also bear a lot of special social responsibility related to their own characters, such as afforestation, beautification of the environment, ecological protection, sustainable utilization of forest resources, etc. Besides these, they also cast negative pressure to the environmental improvement, such as environmental pollution in the production of wood products, waste water and wastes produced in the process of papermaking, etc. How to implement the social responsibility, disclose the social responsibility information in a timely and accurate manner, and accept the supervision of all relevant stakeholders, are the important tasks regulation for the Chinese forestry company in the process of getting bigger and stronger, maturer and more normalized. In view of this, this article will regard the social responsibility information disclosure of forestry enterprises as the research object, and especially study the social responsibility information disclosure of China’s listed corporations.First, this thesis reviews the basic conceptions and theories related to forestry corporation and its social responsibility disclosure. Based on the above studies, comparing the current situations of forestry corporations’social responsibility information disclosure in China and foreign countries, considering the experiences gathered by United States, Japan and some other developed countries, rethink the flaws and improvement advises of China’s related system. Second, the research constructs the forestry corporate social responsibility information disclosure rating index system and evaluation model, and then evaluates and studies the level of the disclosure of 48 domestic forestry public corporations from 2006 to 2013, whose result indicates that overall level of disclosure is not optimistic, but on the other hand, the annual average ratings are increasing steadily, predicting a good trend of the disclosure, besides, the relationship between the disclosure of social responsibility information and the corporation’s value can be analyzed by PE ratio of listed forestry corporations, the result show that there is no direct positive correlation. Third, on the basis of the above research, this thesis analyzes the eight main factors which may influence the evaluation results of forestry corporations’social responsibility information disclosure in China, and the results demonstrate that the "enterprise scale" (Size) and "whether the two duties syncretism"(CEO) can significantly affect the disclosure level. While the other potential factors, such as profitability, financial leverage, ownership concentration, corporate growth capability, the proportion of independent directors and if or not owned by the state, have no significant impact on the disclosure level. Last, based on the above research results, this paper offers suggestions on constructing disclosure system from the angle of the regulator, the market and the enterprise, the suggestions include building a system, enriching disclosure content, completing disclosure method and related aspects and several other measures.