Correlation Between Corporate Social Responsibility Information Disclosure And Corporate Financial Results

CSR (corporate social responsibility) has become an important issueof the enterprise sustainable development. Foreign scholars has profoundtheoretical basis and practical experience in this field, following the stepsof foreign scholars’ study, relative research of CSR information,researchin our country also arises. Since2006,The SZSE(Shenzhen StockExchange), SSE(Shanghai Stock Exchange) and SASAC(State-ownedAssets Supervision and Administration Commission) publishedguidelines and requirements respectively, however, some productionsafety problems and food health security problem such as often happens,raising concerns about enterprise how to fulfill the social responsibility.On conditions of voluntary disclosure, strong and blue-chip enterpriseshave the ability and motivation to disclose CSR information to show theircompetitive advantage, and attract potential investors’ attention, andconsolidate investors’ confidence of the growth of the company. So thelisted companies’ relationship between its own CSR informationdisclosure level and the financial performance immediately come into ourresearch field.Over the course of the study, we consulted a large number of relateddomestic and foreign CSR literature, based on normative analysis andempirical analysis, mainly by empirical analysis, we carry out theresearch by using theory of stakeholders. First of all, we reviewed the previous papers on the connotation of the CSR, revelation of CSRinformation, relevant factors of CSR information disclosure. Throughreading literature, we make clear the purpose of study and direction, andputs forward the main content of research; Second, this paper makesufficient analysis of applied theory in CSR information disclosure, showbetter theoretical significance of the empirical part; then this paperintroduces four different CSR information evaluation index, through thecontrast analysis of this research,we choose a suitable index system;Finally, in the core part of this paper, we pose the hypothesis, determinethe research variables, build model of multivariate linear regression, theanalysis of correlation between variables and regression analysis,confirmed the establishment of the research hypotheses.According to the theoretical analysis and empirical analysis, weultimately got three research conclusion:(1) enterprise which positivelyreport CSR information, its financial performance is better;(2) enterprisewhich has a greater amounts of CSR information revelation index, itsperformance is better;(3) social responsibility of the enterpriseinformation disclosure and different financial performance index overallpositive correlation between into, but their significant is different. In theconclusion part, we put forward some suggestions on how to promote theenterprise to fulfill social responsibility and disclose CSR information.