Empirical Research On The Effect Of The Social Responsibility Information Disclosure Transfers Of Petrochemical Industry Listed Companies

As an organization in the society,an enterprise is of both economic and social nature.The economic nature of enterprise determines its corresponding economic responsibility which aims at gaining profits for the related beneficiaries.Meanwhile, the social nature of enterprise requires enterprise to develop harmoniously with nature, society and employees and etc,bearing other social responsibilities besides the economic responsibility.This paper utilized empirical methods to analyze situation of transmission effect of disclosing social responsibility information in our country's petrochemical industry listed companies,which is whether the social responsibility fulfilled by petrochemical industry listed companies,and disclosure of social responsibility information will affect the value of the company.Based on research results of predecessors,this article builds an index system of social responsibility information disclosure,then provides the research supposition between social responsibility information and the value of the company.Meanwhile this paper takes the petrochemical industry listed companies as the study sample to dig out the information of reflected social responsibility from the regular report of these listed companies public disclosure in 2006.by use of the index system of responsibilitytaken by a listed company for the stakeholders,it empirically research transmission effect the social responsibility of listed companies to disclose information has on the value of the company.The empirical research obtains the following conclusions:Firstly,the market is insensitive to corporate social responsibility information;the corporate social responsibility information can not be completely reflected through the share price of the capital markets.Secondly,social responsibility information transmission effect of our country's listed companies was not obvious,which shows users of social responsibility information is not concerned about the information,and people are lack of awareness of social responsibility,on the other hand,can also be explained by weak demand of capital market to social responsibility informationAt present,there are many reasons for unobvious transmission effect of disclosure of social responsibility information.In the face of a number of reasons,the government,companies,research institutions,all sectors of society should take action and do a good job.The government should formulate appropriate laws and regulations,to standardize enterprise behavior and strengthen supervision and management;companies should raise the awareness of social responsibility to develop social responsibility strategic in line with the actual development of the company; research institutions should speed up the study of social responsibility in order to provide theoretical support to standardize the disclosure of information;all sectors of society should play the role of public opinion to guide fulfillment of their social responsibilities.