Research On The Market Reaction Of Corporate Social Responsibility Based On Manufacturing Industry

China is in the process of establishing a harmonious society now. With the development of this process, the voice that requires the corporations to undertake their social responsibilities is getting higher and higher. Especially in recent years, the events of lacking social responsibilities, such as powdered milk incident, jump off building events, explosion event and environment pollution and so on, often take place, making every aspect of society take more attention on the social responsibilities that the corporates should bear. Since Shenzhen Stock Exchange issued "The corporate social responsibility guidelines" in2006, the information of corporate social responsibility (CSR) becomes the one which is disclosed voluntarily. According to this "guidelines", the listed corporates should issue Social Responsibility Report, and disclose information of CSR in an independent report, and they may not. After promulgating the "Guidelines", the listed companies gradually begun to issue Social Responsibility Report. Whether the information of CSR affects the stock price in the capital market? Whether it could affects the investment decision of users? This thesis can answer the issue through the empirical research. Because of big quantity of the companies in manufacturing industry, its important role to industrialization and economic development of China, and intensive heavy pollution companies, government pay lots of attention to manufacturing industry. So, this thesis is based on listed corporates of manufacturing industry.In this thesis, I chose the listed corporates of manufacturing industry that issued Social Responsibility Report in2012as the study sample, and establish multiple regression model of average stock price and social responsibility index to study the market reaction of the information of social responsibility. In order to make comparative analysis, I randomly chose the listed corporates of manufacturing industry that didn’t issue Social Responsibility Report in2012as comparative sample. Then use regressive analysis method and comparative analysis method. First, this thesis reviews the related research that the market reaction of the information of social responsibility at home and aboard, and summary the study content and study method, so as to determine this thesis needs the main contents. Second, CSR and theoretical basis of the general theory are introduced, including the appearance, development and definition of CSR, its evaluation methodology, the stakeholder theory, effective capital market theory and the usefulness of the theory of decision. Third, according to the above literature review and theoretical analysis of this thesis puts forward basic assumptions, establish regression model, collect data and regression analysis. Then this thesis concluded that the following conclusions:(1) On the whole, the information of social responsibility that disclosed by the listed corporates of manufacturing industry that issued Social Responsibility Report can have a positive impact on the capital market. Although the impact is weak, it is true.(2)The extent of reaction of that information from different stakeholders is different. The responsibilities for staffs have obvious positive impact on stock market. The responsibilities for community have positive impact on stock market, but little obvious. The responsibilities for government and investors have positive correlation with average stock price. The responsibilities for suppliers have obvious negative correlation with average stock price.(3)Investors pay close attention to the information of the responsibilities for community that corporates have undertaken.(4)It is not good to its stock price, If a corporate is belong to heavy pollution industry. Finally, according to the results of the study, this thesis puts forward the some suggestions.