The Effect Of Cotporate Social Responsibility Information Disclosure On Financial Performance

With the development of economy,all walks of life such as international scholars, government, business operators and the media are paying more and more attention to social responsibility. Nowdays the disclosure of social responsibility information is becoming a hot topic. It is a trend that enterprises assume social responsibility consciously, set up good corporate image and disclose the social responsibility information voluntarily.It is inevitable that social responsibility information disclosure is becoming a trend. But it still stays in the initial stage now. There are many problems still existing in the disclosure of corporate social responsiblity, for example, the contents of corporate social responsibility information are different from each other, we still do not have a unfied form to disclose soclai responsibility, and so on. The corporates with large scale and good financial performance are more likely to disclose social responsibility information in order to highlight the competitive advantages and enhance the confidence of stakeholders with a good social reputation. While, the other corporates with small-scale or poor financial performance are likely to disclose less inforamtion or even refuse to disclose social responsibility information. They think it can avoid the adverse impact to their developmentIn our country, as a pillar industry, the petrochemical plastic industry promote the development of manufacture and agriculture. But at the same time, it also leads to many social problems, such as security incidents, environmental pollution, etc. These problems have been paid attention by more and more people in the society, and a series of problems about fulfill social responsibility are also triggered in petrochemical plastic industry. In the study, we can find that the corporates with large scale and good financial performance, such as Petrochina and Sinopec, disclose their separate social responsibility report earlier and more comprehensive about the social responsibility information. The corporates with small-scale or declining financial performance disclose less social responsibility information. In recent years, the international economy continues to weaken, in this environment, the petrochemical plastic industry grows slowly and even appears negative growth. In this case, we will study whether the disclosure of corporate social responsibility information can actively affect the financial performance. In this article, we will use the data of public companies that were listed in Shanghai stock exchange to prove the impact of social responsibility information disclosure on financial performance. And on this basis, we will put forward the corresponding policy recommendations combining with the reality of our actual situation.In this article, we review the domestic and foreign research literature to summarize the present studying situation firstly. Then we introduce the concept of social responsibilitty and the content and pattern of the disclosure of corporate social responsibility information. On base of these information, we will summarize the content of corporate social responsibility information disclosure and the method to measure it. We select the listed companies of petrochemical plastic industry that were trading in Shanghai stock exchange during2009to2012as the research samples. Select the data from the samples to verify that the disclosure of corporate social responsibility information have an impact on financial performance. At last, through the empirical analysis we find that situaition of social responsibility information disclosure in petrochemical plastic industry is getting better and better, but the corporates who release the separate social responsibility report are still in the minority. The disclosure of Social responsibility information has a significant influence on the profit ability of corporate, and has a positive impact on financial performance. Therefore, we should strengthen the awareness of disclosing the corporate social responsibility information, and take advantage of the outside powers to supervise the social responsibility information disclosure.