Legal Scan Of Social Responsibility Of China's Listed Companies

With the development of market economy, listed companies are playing an increasingly important role in China's economic society. The ever expanding corporate power also gives rise to need for listed companies to assume corresponding responsibilities. Due to the lopsided pursuit of self-development, infringements upon concerned parties occur frequently, which further puts social responsibilities of listed companies into the center of public attention.Public, large-scale, standardized, and open, listed companies assume a responsibility that is unique in subject, content, implementation mechanism, and function. To be exact, the subject is listed companies instead of operators; the content includes information exposure, remuneration of investors, and stabilization of share prices; the implementation mechanism involves special stimulus mechanism and control mechanism; and the active performance of social responsibilities has a positive effect on itself and the society at large.Considerable progress has been achieved in terms of social responsibilities of China's listed companies, a number of problems, nonetheless, continue to exist. Infringements upon investors'interests frequently occur; there is no sufficient guarantee of employees'rights and interests; no protective measures are available for creditors'interests; the lack of enthusiasm for charity is obvious; environmental pollution occurrences are commonplace; insufficient protection is accessible for consumers'rights and interests; and reports on social responsibilities is far from active and unified. A multitude of factors contribute to these problems, some from listed companies themselves and others from their exterior systems.China is relatively backward in social responsibilities research and system institution. Therefore, it is imperative that we urgently learn from foreign countries'advanced experience to further improve China's listed companies in terms of social responsibilities implementation mechanism. The deficiency of law is the most important reason for that.In order to enhance the social responsibilities implementation mechanism of China's listed companies, importance should be attached to two aspects, namely, the companies themselves and their exterior system construction. Listed companies should strengthen social responsibilities awareness, strictly perform due social responsibilities, and meanwhile improve corporate management system, and give full expression to concerned parties'voices through appropriate channels within the company. In terms of exterior system construction, the government should play a leading role, improving social responsibilities implementation mechanism through legislation, taxation, social responsibilities, investment direction, etc. Meanwhile, full play should be given to social organizations and public opinion.