Research On The Economic Consequence Of Social Responsibility Information Disclosure On Pharmaceutical Industry Listed Companies

With the development of our national economy, environmental protection, energy consumption, social welfare and so on are more and more attracting attention. The enterprises put forward higher requirements. Enterprises should not only create economic benefits, but also fulfill its social responsibility. At the same time, social responsibility information users require and expect more and more information disclosure on corporate social responsibility. In recent years, the whole society concerns about the drug quality because of the drug safety incidents. Due to the particularity of pharmaceutical industry in listed companies, the product quality is directly related to the health of the public. Therefore, ensuring the quality of medicines and protecting human health is the inescapable social responsibility of pharmaceutical enterprises. In addition, according to Ministry of Environmental Protection announced the "Environmental Information Disclosure of Listed Companies Guide" in2010, the pharmaceutical industry is the one of heavily polluting industries. Chemicals used in the pharmaceutical enterprises in the production process and three wastes have caused serious pollution to the environment. Environmental protection, energy conservation and emissions reduction also reflect the pharmaceutical enterprises to fulfill their social responsibilities. The information disclosure of social responsibility from pharmaceutical industry listed companies is not only for the stakeholders to understand the corporate social responsibility, but also to understand the social responsibility input of pharmaceutical industry and provide the basis for the information disclosure attitude.This paper is divided into five parts. The first part is the introduction of this paper outlining the background of topics, research significance, and the viewpoints of scholars both domestic and foreign. The second part is the related concept and theory. This part introduces the social responsibility information disclosure and other related concepts, basic stages in the development of our social responsibility information disclosure of related theories, including stakeholder theory, sustainable development theory, the principal-agent theory, strategic management theory and the cost-benefit theory. The third part summarizes the status of social responsibility information disclosure of pharmaceutical industry listed companies, at the same time describes the information disclosure of enterprise value influence and reason analysis. The fourth part is the empirical analysis. Logistic regression models are established by selecting the sample data of index selection and variable. Select2010-2013release social responsibility report of pharmaceutical listed companies as samples, using SPSS software for regression analysis. Regression results indicate that the medical quality of social responsibility information disclosure of listed companies exist positive correlation to the enterprise value and business performance. Improving the level of social responsibility information disclosure can increase the enterprise value and improve operating performance.In part five, the author outlines research and proposes the policy suggestion. Then the orientation of future study is prospected.The innovation and characteristic of this article is not only in terms of theoretical analysis and expounds the concept of social responsibility information disclosure content analysis of social responsibility information disclosure from the point of view of enterprise strategic management of the internal and external cause.In the empirical analysis, focuses on the analysis of pharmaceutical listing Corporation information disclosure of social responsibility to enterprise value, operating performance of various economic consequences. Selection of the pharmaceutical industry as the research object, to evaluate the level of social responsibility information disclosure using index method, considering the particularity of the industry, enhance the comparability of empirical analysis.