Research On Market Reaction Of Listed Companies Social Responsibility Information Disclosure

In recent years, food safety, environmental pollution, employee rights and other issues exposure frequently so that corporate social responsibility has aroused widespread attention from the media and the public. With the gradual improvement in public responsibility consciousness, to disclosure social responsibility information is a question that companies can not be avoided. The Shenzhen Stock Exchange and the Shanghai Stock Exchange have gave guidance and supervision on the social responsibility information disclosure since2006.Then social responsibility report enters a period of rapid development and the number of disclosure presents spurt of growth.Social responsibility report as the performance window of the enterprise to fulfill social responsibility is an important channel that the stakeholders understand the fulfillment situation of corporate social responsibility. And it has become an important research object of social responsibility information disclosure. Based on the actual situation of the social responsibility report, this paper explores whether investors pay close attention to social responsibility information, whether the disclosure of social responsibility report makes an impact on the capital market and the relationship between the level of quality of social responsibility information and the market reaction. Firstly, this paper sorts out literature of domestic and foreign status quo of social responsibility disclosure and market reaction. Based on the introduction of the relevant theory, the mechanism of market reaction of social responsibility information disclosure is explained. After summarizing the present situation of our social responsibility report disclosure, this paper selects social responsibility report which RKS evaluates of A-share listed companies as the research samples. And by using event study method to research on market reaction for the social responsibility report release, further the model that market reaction is acted as explained variable is build. The empirical testing of the relationship between social responsibility information quality and the market response is done. Through theoretical analysis and empirical testing, the results show that: Firstly, the number of published social report increases year by year, but from the results score overall quality is not high. Secondly, we find the information of social responsibility report disclosure causes the attention of investors, and the investors have a weak positive reaction in the capital market. At last, there is no significant relationship between the market reaction and the quality of social responsibility information. Possible causes of this result and analysis have been given. This paper enriches the research of enterprise social-economic consequences of disclosure of information and helps promote the improvement of the disclosure of corporate social responsibility information.