The Value Relevance Research On The Accounting Information Of Corporate Social Responsibility

From a global perspective, social responsibility accounting is still in a stage of development and has not yet formed a perfect and srrict theoretical basis and practical guide. Especially ,in our country, while there is a growing trend theoretically in social responsibility accounting, few practical researches have been done yet. In recent years, increased public concern with corporate social responsibility may have implications for the need of corporate social disclosure. The usefulness of social responsibility accouting information has provided the focul point for much social responsibility accounting reseach activity. The reason why accounting information is useful lies in value relevance. The value relevance reflects the interpreting ability of accounting information on stock prices or return on equity, and reflects the extent to which accounting information is used by investors. In that case, whether the users concern about the social responsibility accounting information of corporate? In other words, whether social responsibility accounting information of corporate affects the value of the company, thus affecting the behavior of investors? This paper, based on the capital market, attempts to test whether the disclosure of social responsibility information of corporate has value relevance in empirical research method.Firstly, this paper discusses the corporate social responsibility theory, stakeholder theory, social responsibility accounting theory and the basic theory of value relevance which are adopted by empirical test. Secondly, we use 2006 year'date from A-share listed companies as research samples , through digging the information that can express the company's social responsibility to build an index system of social responsibility accounting information, and structure multiple regression model in accordance with the ideological of the Feltham-Ohlson model, inspect the value relevance of social responsibility accounting information in different sectors and the overall sample.. The major result of empirical study shows that contribution to the staff and government, generally, have a significant positive correlation to the stock price, while other social responsibility accounting information don't have value relevance; but the value relevance is obviousily different from each industry. Finally, this paper combines the conclusions, and takes some countermeasures to improve the value relevance of coporate social responsibility accounting information, including the regulatory environment of Enterprise, the users of information, the providers of information and the intermediaries of accounting market.