The Research On The Relevance Between Corporate Social Responsibility Information Disclosure Of Listed Firm Which Belong To The Iron And Steel Industry And Enterprise Value

With the lack of social responsibility events continue to occur, more and more people focus on the disclosure of the Corporate Social Responsibility (CSR) information. Until now, the main depress for company to disclose CSR information comes from external. However, the lack of the endogenous dynamics for company resulted in the overall lower level of CSR information disclosure in China. So we need to turn angle to study the relevance between the disclosure of CSR information and enterprise value, to increase the endogenous power for company to disclose social responsibility information, and transform passivity into the initiative is the final goal of this essay.This paper chooses the steel industry listed companies as samples, study the relevance between CSR information disclosure and enterprise value. How to evaluate the disclosure of the social responsibility information is a question. Rely on the research results of the Research Center for corporate Social Responsibility Chinese Academy of Social Sciences-CSR indicator system, we calculate the CSR development index by evaluating the level of CSR information disclosure of the steel industry listed companies from2007to2011. We put the TobinQ stand for the Enterprise value, and carry out regression analysis between the CSR development index in the year t and TobinQ in the year t+1, t+2, t+3, t+4. Through these analysis we find out that the correlation between CSR in year t and the enterprise value in year t+1, t+2, t+3is significantly positive. This study provides a clearer understanding for companies:the relevance between current CSR information disclosure and enterprise value which belong to the period after CSR information disclosed is positive. It’s showed that the disclosure of CSR information is beneficial to the improvement of the enterprise value. Thus this research provides a reference of the motivation factors for corporate to disclose CSR.