Research On The Disclosure Quality And Influencing Factors Of Corporate Social Responsibility Information

In recent years, the government and institutions published policies regulations and guidance, guiding the listed companies’social responsibility practice and information disclosure. In the government guidance, social pressure and their own stringent requirements, companies have paid a certain amount of disclosure costs to disclose social responsibility information. It is necessary to research on the disclosure quality and influencing factors of corporate social responsibility (CSR) information of listed companies, so as to improve the information disclosure.Based on the stakeholder theory and the sustainable development theory, combined with "China Corporate Social Responsibility Report Writing Guidelines" and "Sustainability Reporting Guidelines"(revised edition of G3version), I build the quality evaluation system of corporate social responsibility information, analyze its disclosure level of the CSI300Index sample companies. The social responsibility reports disclose number of the sample companies increased from2010to2012.Through statistics the pages of social responsibility reports, I concluded that the mean of disclosure pages of Shanghai-listed companies is greater than that of Shenzhen-listed companies. The average disclosure index of CSR information listed in Shenzhen Stock Exchange is higher than that of companies listed in Shanghai Stock Exchange; but according to the rating scale table, the corporate social responsibility report rating of sample companies mainly falls on the lower and middle levels. I draw the conclusion that the disclosure level is not high as a whole, and the disclosure content have largely differences.Research on the influencing factors of CSR report disclosure index draws the conclusion that the disclosure level correlates negatively with the member of directors who are also the managers and size of supervisory board, while positively with the board size; And the quality correlates significantly positive with Enterprise, showing that the central enterprises tend to disclosure more high quality CSR information; The quality correlates significantly negative with debt ratio and Industry attributes-pollution at5percent level, and correlates significantly positive with the enterprise size and listing place at1percent level. These conclusions are consistent with our expectations. Through the research on the influencing factors of different modules, comparing with the whole model results, I concluded that the influencing factors of different factors on the different modules vary.The corporate governance structure certainly influence the disclosure level of CSR information, but the influence mechanism is not mature. Maybe it related with that the board of directors, board of supervisors and managers in the corporate governance are not fully playing its proper role. So, corporations should strengthen the construction of corporate governance structure, fulfill corporate social responsibility better and improve the disclosure level of CSR information.