An Empirical Study Of Chinese Listed Companies CSR Development Index

Since the1990s, the rapid development of economic globalization on the domestic and international political and economic significant impact due to the economic integration of countries closely linked. In face of the current series of issues such as the environment, trade and energy, the concept of sustainable development has been widely recognized in the world, the issue of corporate social responsibility has emerged.Based on Chinese listed company’s annual report and corporate social responsibility report, this paper sets the evaluation index system of China’s listed companies in corporate social responsibility, and to establish company CSRCSU evaluation index. Of corporate social responsibility to fulfill the condition of Chinese listed companies on the basis of the evaluation system stability and reliability testing, descriptive statistics, the results show that:the overall sample companies CSR index level is not high, more than half of the companies still in the initiation stage awareness of corporate social responsibility is not strong. Different industry and regional levels of economic development have different effects on the performance of corporate social responsibility, the higher the level of regional economic development, higher CSR index relative; social responsibility of the government-controlled listed companies to perform better than the non-government-controlled listed companies and the higher the level of social responsibility performance of listed companies is relatively better.Empirical analysis shows that corporate social responsibility and stock market performance is related enterprises to actively fulfill CSR, help to reduce the company’s share price volatility and risk, but no significant impact of the liquidity of the company’s stock. This shows that China’s capital market is gradually play an incentive role of corporate social responsibility. In order to maintain the public image of the enterprise, companies prefer to disclosure of information related to social responsibility, reduce capital market information asymmetry, is conducive to the decision-making to provide investors with their company’s stock market performance is also more vulnerable to social responsibility to fulfill condition the impact.