A Study On The Impact On The Deviation Of Investment Scale Of Corporate Social Responsibility Information

As an important part of non-financial information, corporate social responsibilityinformation increasingly draws more and more attention from both the investmentinstitutions and investment analysts. Regarding the information disclosing of corporatesocial responsibility as the subject and the investment efficiency as the point cut, wetried to analyze the influence of the corporate social responsibility information on thedeviation of investment scale, so as to drive enterprises to undertake socialresponsibility and disclose their social responsibility information, thus optimizing thedistribution of social resources and improving enterprises’ investment efficiency.First of all, based on the literature review of the financial consequences of corporatesocial responsibility and the deviation of investment scale, the impact of corporatesocial responsibility information on the deviation of investment scale was analyzedtheoretically. Then, we elaborated on the principle of how the bilateral random frontiermodel measures the deviation of investment scale and selected relevant indicators toconstruct an empirical model. On this basis above, taking companies that listed inShanghai stock market and Shenzhen stock market from2009to2012as well asdisclosed social responsibility reports as the research sample, we empirically studied theimpact of corporate social responsibility information on the deviation of investmentscale through the bilateral random frontier model and respectively analyzed theinfluencing difference under varying property rights and marketization process.According to the empirical results, corporate social responsibility information hassignificantly negative influence on the negative deviation of investment scale, andsignificantly positive influence on the positive deviation of investment scale.Meanwhile, compared with state-owned enterprises, the non-state-owned corporatesocial responsibility information’s influence on the negative deviation of investmentscale is more significant, but they don’t distinct much in terms of the corporate socialresponsibility information’s impact on the positive deviation of investment scale. Inaddition, the improvement of marketization will weaken the social responsibilityinformation’s influence on the deviation of investment scale.