Agency Under The Perspective Of Social Responsibility Listed Company Information Disclosure Of Study Motive

With the development of economic globalization and the theory of sustainable development was put forward, people pay more attention to ecological environment, saving resources, rights and interests of workers and business ethics issues, more and more attention to corporate social responsibility. As a modern enterprise, the listed company social responsibility disclosure consciousness is relatively strong. But as stakeholders in one of the owners and operators of the different interests, lead to the operator in the practice of CSR information disclosure have certain selectivity. The business owners to protect their own interests, must take measures, such as on operators to implement short-and long-term incentive pay, and the incentive and restraint, such as the establishment of independent director and supervisor system, thereby increasing the owner’s incentive cost, supervision cost and residual loss. Incentive cost, supervision cost and residual loss together form the corporate agency cost, agent cost and social responsibility information disclosure level operator is related, that is to study this issue.Corporate social responsibility information disclosure of the generation and development of the fundamental driving factor is its disclosure. From the principal-agent perspective, principal and agent target benefit difference, current our country lacks mandatory requirements of the relevant laws and regulations, the voluntary disclosure of information disclosure and the imperfect system, listed companies to disclose information related to exist a lot of arbitrariness, temporary, disclosure content lack of integrity, authenticity and integrity, thereby make the enterprise loses credibility. This article is based on the principal-agent theory, combined with corporate governance research agency cost, analysis of agency cost and information disclosure level and the relationship between both sides, in order to alleviate the agency conflicts, to further explore and increase disclosure motivation. Research methods are based on in recent years in China, Shanghai is deep two city three representative listed companies published annual report and social responsibility report and related financial data and management data, using the SPSS13.0software, analysis of agency cost and information disclosure of social responsibility level relations. This paper is divided into six parts:The first chapter mainly from the purpose of this study and research significance, the domestic and international related research literature review, in-depth understanding of domestic and international issues related to research, this paper provides the basis for. And then put forward the main research methods of this paper and the frame, may the innovation and shortcomings as well as the research direction in the future.The second chapter of this study put forward the relevant concept definition and analysis of the impact of social responsibility disclosure of internal and external factors, the purpose of this study is based on the relevant theoretical foundation, foundation for the following research.The third chapter mainly analyses the motivation of social responsibility information disclosure of listed companies in theory. In the analysis of agency cost, structure and measurement of foundation, analysis from the perspective of agency costs of listed companies should bear the social responsibility, the final analysis of social responsibility information disclosure content and mode, in order to lay the theoretical foundation of empirical analysis.The fourth chapter based on the above analysis, puts forward the research hypothesis, set substitution variables, control variables,Constructing model, this paper establishes four models, respectively using the incentive cost, supervision cost, residual loss of alternative variables and control variables on the agency cost and information disclosure level relations. This paper selects the Shanghai and Shenzhen two city from2007to2010three big industry A shares of the company as a sample, related data from the giant tidal information network and CSMAR database by manual collection and.The fifth chapter of the sample data using empirical methods to verify this hypothesis, and analyzed the results of empirical analysis concludes.The sixth chapter summarizes the empirical results, put forward policy recommendations.In this paper, based on the principal-agent theory, the disclosure empirical analysis, to explore the agency cost and the social responsibility information disclosure of internal relations, to further guide and regulate the acts of corporate social responsibility information disclosure of social responsibility, improve, protect the interests of all parties, promote the healthy sustainable development of enterprises has a positive significance.