Empirical Research On The Influence Factors Of Social Responsibility Information Disclosure Of Listed Company

With the reform and opening up, our economic development has maderemarkable achievement. Especially in recent years, GDP has continuedly grown inhigh speed and the level of people’s material and cultural life has been greatlyimproved. However, the high-speed development of economy has also brought aseries of social problems. For example, the drug capsule events happening in April2012caused concerns for the issue of drug safety from all sectors of the communityand push the issue of corporate social responsibility to the outlet wave.Focus our eyes on real estate industry，these years witness its rapid development,which not only makes great contributions to our economic growth, but also plays animportant role in solving problems in residents housing problem. However, withsoaring housing prices in recent years, these recognition is submerged in thecomplaint and criticized sound of the real estate and lots of questioning and criticizingfollows, such as " Wealth Giant, Tax Dwarf " and " The rich are not benevolent ". Asthe pillar of the national economy industry, the real estate industry’sundertaking of social responsibilities not only affects its healthy development, butalso have relation to the social stability and the vital interests of the people live andwork.This article selects122real estate companies listed in Shanghai and Shenzhenstock A market as the samples which issued corporate social responsibility report from2007to2010. Combining with the development and characteristics of the real estateindustry and real estate listed company, we make statistical research on the currentsituation of its social responsibility information disclosure in recent years and findthat China’s real estate listed companies’ social responsibility information disclosurepresent a steadily rising trend in recent three years, but its overall level is not high, and the disclosure degree is uneven.What’s more, we take the real estate listed companies social responsibilityinformation disclosure index as the dependent variable and the six influence factorswhich respectively reflects the characteristics of the company size, equity nature,profitability, financial leverage, the chairman and general manager whether two jobone and the proportion of tradable shares as the independent variable. With the sixproposed hypotheses, we use multi-variable regression modeland Correlation Analysis to carry on the research and explain the results. The resultsare followed:1) The factor of equity nature and company size have significantlypositive influence on the disclosure of real estate listed companies’ socialresponsibility information while the factor of chairman and general manager whethertwo job one has notably negative influence.2) The factor of profitability and financialleverage has no correlation with the real estate listed companies’ social responsibilityinformation disclosure.Based on the research results, we pertinently put forward several policysuggestions. Firstly from the intracompany aspect,1) We should perfect thegovernance structure and put the chairman and the general manager in two separateposition;2) We should set up internal management system and evaluation systemrelated to social responsibility. Secondly from the external stakeholders aspect,1) Weshould strengthen the guidelines and legal system establishment of the listed companysocial responsibility information disclosure;2) We should highlight the state-ownedand large listed companies’ demonstration effect;3) We should establish relevantrating system and rewards system;4) We should establish a audit system for socialresponsibility, supervise the corporate social responsibility information disclosure.