Research On The Relationship Between Stock Ownership Structure And Social Responsibility Disclosure Of Listed Companies In China

Social responsibility is one of the major subjects in the modern sustainable development.At the same time, In recent years, the food industry in China toxic milk powder incident, the motor car rear-end event occurred in the transportation industry, the quality of the communications industry event, the charity industry Mei-mei Guo event, further touched public awareness of corporate social responsibility, causing a large number of corporate responsibility, accountability and reflection. Meanwhile, the state have issued a series of corporate social responsibility guidelines and advocacy documents, trying to standardize and improve the awareness of corporate social responsibility. Chinese scholars began to introduce foreign research results, trying to build with Chinese characteristics on the basis of national conditions and in line with international standards of corporate social responsibility information disclosure guidelines.Based on this background, this paper attempts to study the situation of enterprises in recent years, social responsibility report released to study the current status of corporate social responsibility. The degree of corporate social responsibility mainly depends on the corporate governance structure, ownership structure as part of which in the most basic to determine the internal and external parties of stakeholders game results. On the one hand, China’s split share structure reform is nearing completion, the gradual increase of the outstanding shares; On the other hand, public ownership is dominant in China’s economic system, the role of state-owned shares can not be ignored. Therefore, this paper attempts to study the relationship between disclosure and corporate social responsibility from the point of view of the shareholding structureSmelting industry as our basic and pillar industries, is closely related to China’s sustained economic development and people’s livelihood. Has been subject to the great support of the national industrial policy.Affected by the industry’s own characteristics, corporate social responsibility assumed by the smelting industry listed company has the following characteristics:responsibility for the environment and smelting technology innovation; bear the responsibility of the national energy security; belonging to high-risk enterprises pay more attention to the responsibility of the life safety of the employees Meanwhile, with the central authorities in2008issued a "guidance" on the central enterprises to fulfill their social responsibility, a company listed on the smelting industry began to disclosure of corporate social responsibility, according to the Academy of Social Sciences published "Chinese listed companies in non-financial information disclosed in the research report2011"smelting industry as a whole disclosure at the forefront. Research smelting industry ownership structure and corporate social responsibility disclosure certain reference value for the whole industry.By the summary of stakeholder theory, sustainable development theory, social responsibility theory, the agency theory, based on our listed corporate social responsibility information disclosure status and institutional context, the paper tries to study the structure of China’s listed companies and corporate social responsibility disclosed. The paper selected representative smelting industry listed companies as the study sample. In the study of norms, the first review of the relevant research literature at home and abroad and Commentary, inductive academic research methods and conclusions; clear corporate social responsibility disclosure covered by theoretical analysis on this basis. In empirical research, first by theoretical analysis proposed underlying assumptions; Second, we select sample descriptive analysis,"Corporate Social Responsibility Report2009-2011released independently listed companies as the research object, the removal of social responsibility, corporate social responsibility disclosure index. In obtaining social responsibility disclosure index, the index score, build the smelting industry-specific social responsibility disclosure system, through the analysis of three-valued mass index of social responsibility information disclosure. Empirical analysis of the impact of corporate social responsibility disclosure of ownership structure, ownership concentration, ownership checks and balances and the stake of the state-owned shares held by executives of four variables to test the ownership structure of corporate social responsibility disclosure play a role; using correlation and regression analysis, in order to study the absolute state-owned holding have a critical impact on whether the disclosure of corporate social responsibility, the establishment of state-owned shares have absolute control dummy variable alternative discussion of dummy variables between the state-owned shares, the test the robustness of the model.The empirical results show that the better overall level of social responsibility information disclosure of listed companies in China’s smelting industry, the high quality of employees’ rights, environmental protection and other information disclosure; a perfect yearly smelting industry Business Corporate Social Responsibility Report, released enterprises increased year by year, the quality of disclosure of qualitative indicators, an increase in the number of quantitative indicators disclosed; the smelting industry started to pay attention to the disclosure of industry-specific energy consumption indicators, to facilitate intra-industry horizontal comparison; Empirical Analysis results show that the higher self-disclosure by the smelting industry, corporate social responsibility, gradually out of passive disclosure mandatory administrative requirements, ownership concentration, the state-owned shares of corporate social responsibility information disclosure have a significant positive impact on equity balance degree stake for senior officials had no significant effect.Finally, on the basis of the conclusions of the study, pointed out the limitations of this study, the improvement of social responsibility information disclosure policy recommendations.