Study On The Relation Between Companies’ Performance And The Disclosion Of Gem Companies’ CSR In China

Mainly composed of the fast-growing and high-technological companies whichrepresent the direction of further development of industrial upgrading in China,theGEM,a indivisible part of Chinese capital market, is important for the development ofthe diversification of capital market and further industrial transformation.And as thecomponent of the GEM,the companies’ behaviors is so important to study. As avoluntary information disclosure,CSR report is a reveal of the GEM companies’CSR.On the one hand, it is beneficial to improve companies’ reputation and promote theinvestors to know the company and make better decisions; on the other hand, it ishelpful for communication between companies and investors, and can further encouragecompanies to take charge of CSR,improving efficiency of company management,andthus the performance.So studying relationship between disclosure of the CSR reports ofGEM companies and the performance is important for the management of the GEMcompanies, the construction of regulations in GEM and the development of capitalmarket.Currently the scholars have been studying the impact of CSR report on theperformance and have already got some achievements, but study based on the GEMcompanies is less than that based on others. So the purpose of this paper is trying tostudy how the GEM company’s CSR report’s disclosure and disclosure level will affectthe performance,and then proposed suggestions on building the system of socialresponsibility disclosure, providing reference to improve the system of the GEM.This paper mainly studied the following issues:(1)Definite the GEM companies’ CSR based on the stakeholder theory andcorporate life cycle theory.(2)Depict the mechanism of the disclosure of GEM Company’s CSR report’simpact on its performance based on the theories of voluntary disclosure of informationand social responsibility.(3)Reconstruct a more targeted scoring system for the GEM company’ CSR reportcombining the results of normative research with the status quo of evaluation system ofDSR report and GEM companies’ CSR report disclosure.(4) Study the influence of GEM companies’ CSR report’s disclosure and disclosurelevel on corporate performance though empirical study, and accordingly put forwardsuggestions to perfect the social responsibility report and disclosure.