A Study On The Impact Of Corporate Social Responsibility Information Disclosure Quality On The Corporate Value

From pass to now, everyone knows a truth that a responsible individual would be highly respected by others and could finally realize his self value. Similarly, in the rapid developing modern economy society, it is crucial for a corporation to gain social recognition to realize its value domestically and globally. What drive enterprises moving towards globalization is that our government hold the development strategy of "going out" and enterprises also need to follow the trend of self-development. To realize going abroad to develop rapidly and healthily, Chinese enterprises not only need a base of chances and powerful ability, but also improving comprehensive qualities of enterprises, especially fulfilling social responsibility. When pursuing economic revenue in the wave of globalization, enterprises face the challenge of complicated rules of enterprises social responsibility. European and American developed countries have draw up standards like Social Accountability Management System8000which aimed at requiring corporations fulfilling social responsibilities. But some people deem it as a new obstacle for developing countries. Thus, corporations have to transform their point of view to increase the endogenous power by studying the impact of corporate social responsibility information disclosure quality on the value of the company, which could make contributions for Chinese enterprises to begin social responsibility rapidly and healthily and to realize globalization forwardly. It Is also the purpose of this article. In view of this, this paper firstly studied China’s corporate social responsibility information theoretically and then did the empirical research. In the part of theoretical analysis, the paper will study the methods of corporate value, the content definition of corporate social responsibility information disclosure, quality measurement and the social responsibility information disclosure quality of the csi-300index of listed companies, etc. In the empirical analysis part, we’ll mainly research the impact of Chinese corporate social responsibility information disclosure quality on the corporate value. The research found that:(1) The csi300index of listed companies in our country in the social responsibility information disclosure quality on the influence of the value of the company has significant positive correlation, and improve the quality of social responsibility information disclosure can significantly improve the value of the company.(2) State-owned listed companies social responsibility information disclosure quality on the value of the company’s impact is bigger compared with non-state-owned listed companies. In other words, the value of State-owned listed companies could be greatly enhanced by improving the quality of our social responsibility information disclosure. This provides a strong theoretical support for the state-owned assets supervision and administration commission of the state mandatory to release social responsibility report system and also push more state-owned enterprises response actively to the call of the state-owned assets supervision and administration commission by practicing social responsibility activities and fulfilling their social responsibility information disclosure obligation.(3) Compared with non polluting listed companies, the social responsibility information disclosure of heavy pollution influence the quality of the value of the company much more. That is to say, the improvement of social responsibility information disclosure of heavy pollution listed companies can enhance the value of the company to a better degree. This is mainly because heavy pollution industry is special and it have gained much more social attention than other industries. Once the polluting listed companies disclose the high quality information of social responsibility, it would gain much more recognition of public medias to set up prominent company image which would enhance the confidence of investors. As a result, consumers will be more willing to buy products of those companies which would enhance the corporate value. This also provide strong theoretical support for our country related environmental regulatory authorities and securities to encourage heavily polluting enterprises release social responsibility report and improve the quality of social responsibility information disclosure. At the same time, it provides the endogenous power to heavy polluting listed companies to disclosure social responsibility information actively. Finally, the paper will combine the research conclusion and the present situation of the social responsibility information disclosure to give suggestions and measures for listed companies, government regulators and investors respectively and point out the insufficiencies of this study, as well as research outlook.