Empirical Study About Motivation To Disclose The Social Responsibility Report Of The Listed Companies

Shenzhen Stock Exchange in September 2006 issued a《listed corporate social responsibility guidelines》and require the company to be required in accordance with this guideline, and actively fulfill their social responsibilities, regular assessment of the fulfillment of corporate social responsibility, voluntary disclosure of corporate social responsibility report.In 2008 China also promulgated the《Regulations on the central enterprises to fulfill their social responsibility guidance》,as the business community, and its need to fulfill social responsibility, the state regulation in this area is increasingly the legal system. Corporate Social Responsibility Report of the voluntary disclosure in China has been increasing. Intersection coincides with the transformation of the Chinese economy as a market economy, the most active of the main-Corporate, Can no longer confined to concerned about their economic goals, and must attach importance to their social responsibility. Thus, corporate social responsibility is an important practical significance of China's topic.Based on the theory of signal transmission, make a theoretical analysis and empirical testing of Shanghai and Shenzhen in 2008 (non-finance, insurance, and ST category) A-share listed companies why the voluntary disclosure of corporate. And found that in order to deliver real value to society of information, the larger, the better performance, sound corporate governance structure more(a high proportion of independent directors, the more supervisors of workers),As well as re-financing needs of the listed companies are more willing to disclose corporate social responsibility report; The equity and financial leverage a high degree of concentration of listed companies are more reluctant to disclose corporate social responsibility report.Finally, the paper puts forward the following three policy recommendations:First, wo can enhance the motivation of listed companies to disclose the social responsibility report voluntary; Second, relevant national authorities should strengthen the social responsibility of listed companies to publish the report of the monitoring; Third, countries should be to come up with uniform guidelines for the preparation of social responsibility report.