Corporate Social Responsibility Information Disclosure And The Study Of The Relationship Between The Enterprise Value

With the rapid development of economy of our country, society, about a series of social problemsof food safety, environmental pollution, energy consumption, the treatment of employees also emerge asthe times require.At present, the social public enterprise social responsibility information disclosure ofrising, corporate social responsibility has become the trend of globalization.But due to late start of China’smarket economy, the reason the public awareness of social responsibility has not yet fully awakening,resulting in China’s corporate social responsibility in both theoretical research and practice are lack ofexperience and guidance.Therefore, this article from our country’s actual situation, through empiricalresearch methods, and strive to explore influence on the effect of China’s corporate social responsibility,through the summary of this phenomenon to improve this situation suggest, the ultimate goal is to promoteChinese enterprises social responsibility system perfect further contribute to.This article first to the corporate social responsibility information disclosed the question hascarried on the literature review and theoretical research. In reviewing the domestic and foreign scholarsresearch on corporate social responsibility and enterprise value relations representative literature on thebasis of individual corporate social responsibility information disclosure in our country is put forward thecontents of the definition and measurement method, this for the following empirical test has been clearabout the scope and methods of the study. In theoretical foundation part, through in-depth analysis ofstakeholder theory, signaling theory, revealed preference theory, agency theory and the internal relationshipbetween corporate social responsibility, to explain the enterprises fulfill the social responsibility is based onits cause and purpose, and to fulfill social responsibility activities will eventually through informationreport form reflected in the effects on the enterprise value. Through the theoretical discussion, the authorput forward corporate social responsibility information disclosure is negatively related to the enterprisevalue between hypothesis. Then, in order to further study of the relationship between the author and natureof the final control people from the enterprise perspective subdividing former assumption andnon-state-owned corporate disclosure of social responsibility information’s influence on the enterprisevalue more than state-owned enterprises obvious assumption again and again and again. Followed by the empirical research part, continuous disclosure of social responsibility information in Shanghai from2009to2011of290listed companies as research samples, multiple linear regression model is established, using themain factors influencing the corporate social responsibility evaluation index of corporate socialresponsibility information estimation, then estimates of the evaluation index of corporate socialresponsibility information in correlation with enterprise value, through the second phase of the regressionmodel rules out the endogenous variables of the problem, through the test data, the final result shows thatcorporate social responsibility information disclosure is negatively related to the enterprise value,non-state-owned corporate disclosure of social responsibility information impact on enterprise value morethan state-owned enterprises, to coincide with the hypothesis. To appear this kind of conflict withtraditional ideology of study, the author thinks that is due to the enterprise, government, public and so oncaused by the common effect of objects, so if you want to completely change the status quo in China mustalso from these objects as a starting point, formulate corresponding measures. Then, in the end, the authoraccording to our country present a variety of unfavorable to the development of corporate socialresponsibility information, puts forward the corresponding improvement suggestion, that fundamentallysolve the problem from three aspects: at the enterprise level, corporate social responsibility should bebrought into the corporate governance; Science, policy of corporate social responsibility informationdisclosure; Establish a corporate social responsibility as the core of enterprise culture. At the governmentlevel, establish the social responsibility information disclosure of the articles of association; Buildcorporate social responsibility evaluation system; To strengthen the laws and regulations policy support forcorporate social responsibility. From the social level, to strengthen advocacy, create a good investmentenvironment; Give full play to intermediate organizations of supervision function. Three aspects of mutualsupport, mutual collaboration to fundamentally improve the importance of corporate social responsibility.In the end, the author aimed at, there exists some limitations of this article made a brief summary, also forfuture scholars to provide the direction of the further research.Although from the reality of the situation, the corporate social responsibility informationdisclosure is at a low level in our country at the present stage, basically all is under external pressure andpassive response, make but, because the research on the issue of corporate social responsibility in ourcountry is still in a beginning stage, although the development of faster, compared with the foreign mature theory system and practice experience can not be overlooked the gap between research and practice,systematic, strategic and self-consciousness is enough, but we have reason to believe that, with the furtherexploration and research in the theory and practice, in China the new "Twelfth Five-Year" plan, attachesgreat importance to China’s corporate social responsibility information disclosure, voluntary disclosurebackground report under the more and more enterprises, corporate social responsibility activities will havepositive effect and extensive popularization.