Listing Corporation Information Disclosure Of Corporate Soclal Responsibility And Corporate Value Relevance Study

As an important integral part of the society, play a crucial role in the economic and social development of the country as a whole. Strengths and capabilities of the company, its decision-making and behavior should take into account the impact on the community and the responsibility to achieve the harmonious development of the society and the company. However, the public disclosure of information in the capital market of China’s listed companies, enterprises lack of a sense of social responsibility in the case is not uncommon. Labor disputes increased production safety accidents, frequent exposure repeated fake and shoddy goods, environmental pollution and food and drug safety events, such as Zijin Mining pollution incidents, Sanlu milk powder incident; poison capsules events, Shuanghui clenbuterol events in relation to the big event of the national economy and the people’s livelihood repeated. These listed companies to disclose information related to social responsibility? Information disclosure is adequate? The disclosure of information and the value of the company’s association exist? Affect the investor’s investment direction. The uncertainty of these factors, the effectiveness of the capital market information disclosure has been questioned. In this context, the Shenzhen Stock Exchange and the Shanghai Stock Exchange in2006, released in2008, the "social responsibility information disclosure of listed company’s guidelines to regulate listed companies to fulfill their social responsibility and voluntary disclosure of social responsibility information and guidance. China’s listed companies have come to realize the need for disclosure of social responsibility information; some companies began issuing continuous social responsibility report. Social responsibility information disclosure of listed companies in China is still in the stage of voluntary disclosure based, in2012a total of3,605listed companies publish social responsibility reports only898, including592A-share listed companies, and social responsibility disclosure content and format of the report. The existing empirical research on social responsibility information disclosure and corporate performance, has not been a unified conclusion, there is a positive correlation, negative correlation, and no correlation between the three conclusions. Corporate social responsibility and the value of the company is related to the presence of what relevance? The relationship between corporate social responsibilities researches what empirical data? This paper will research and answer these questions.First of all, we found in a review of the literature on corporate social responsibility and the value of the company research at home and abroad, social responsibility and economic consequences of the study of literature, mostly based on the annual report content analysis study, and study the value of information in social responsibility report, less separate study Social Responsibility Report, the majority is when the evaluation of the value of the annual social responsibility report on multi-year data, tests and analysis; financial performance measure of the economic consequences of more study corporate social responsibility relationship relatively small value of the company. Financial results and accounting indicators such as vulnerable to the impact of earnings management and accounting policy choices, is not conducive to the robustness of the conclusions, the study of the relationship between social responsibility information disclosure and corporate value, concerned about the social responsibility information disclosure on the enhancement of the value of the company’s reputation role in the overall value of the company, in line with the requirements of sustainable development. Therefore, we selected all A-share listed companies for the past three consecutive years of social responsibility report samples to study the relationship between corporate social responsibility and the value of the company is conducive to the soundness of the conclusions.Discussed several different understanding of the meaning of corporate social responsibility, economic responsibility, said the sum of the responsibility to define a range of social responsibility of the company and the non-economic responsibility; combination of organizational legitimacy theory, stakeholder theory, sustainable development The elaboration of the theoretical basis of the theory, decision usefulness theory, corporate strategy theory, etc.; goes on to present the company’s valuation theory, well below the theoretical analysis and empirical research corresponding foreshadowing.Again, combined with the theoretical basis and Social Responsibility Report disclosed the status quo comparative analysis of the domestic and international social responsibility information disclosure system background and analysis from the information disclosure of the costs and benefits of corporate social responsibility, ethical investors and rational investors point of view of corporate social responsibility disclose the value of the company elaborated theory of corporate social responsibility information disclosure and the value of the company, the value of corporate social responsibility information disclosure and corporate Finally, according to our company to fulfill its social responsibilities and revealed preference theory negative correlation assumptions, provide the basis for empirical research below.In this paper, the continuous release of A-share listed companies from2009to2011Social Responsibility Report for the carrier descriptive analysis and regression testing based on the assumptions. The study found:the quantity and quality of social responsibility report released by the China’s A-share listed companies in the last three years showed a steady growth trend. At the same time, the company social responsibility and company value was significantly negatively correlated; corporate social responsibility strategy for the formulation and implementation of the performance of the company value significantly negatively correlated; companies to fulfill social responsibility of performance and company value significantly positive correlation; corporate social responsibility information disclosure performance and company value a significant negative correlation.Finally, draw the appropriate conclusions based on the regression results and propose reasonable policy recommendations.