Social Responsibility Information Disclosure Of Listed Companies And Its Stock Price

At present, China is in a critical period of economic development, and efforts to enhance the quality of life of the people, but many of the negative issues in the continuous rapid development of the market economy, to our lives from another brought distress. The goals of sustainable development and harmonious development, and scientific development of our country, is the warning from different aspects:the economic development is certainly important, but the profit should bear the corresponding responsibility to do both and try, in order to maintain social harmony and sustainable development. In this regard, the state also raised the policy requires enterprises to have access to cost-effective at the same time, focusing on limited energy savings, protection and harmonious environment, improve the quality of products and services, thus contributing to the development of our national economy, and between man and between the harmonious development between man and society.The influence of social responsibility in the people’s vision expand gradually more and more concern to the community. The enterprise is not only an economic body, is one of the main members of the society to make a great contribution for the creation of social benefits. However, to achieve economic efficiency at the same time, whether they bear the social responsibility, corporate social responsibility disclosure and corporate disclosure of social responsibility information have a certain impact on the company’s stock price, and these we need further study. So, in order to encourage enterprises to actively fulfill their social responsibility, the importance of corporate social responsibility, it is necessary to study the correlation between social responsibility information disclosure of listed companies in China with its price.In this paper, the combination of theoretical and empirical research methods, consulted through a large number of domestic and international social responsibility information disclosure and price-related aspects of the study of literature, first expounded the theory of social responsibility, stakeholder theory and the efficient market theory, which laid the foundation the theoretical basis of this study. Statistical sample corporate social responsibility in2009-2011, the analysis of the status quo of China on the development of corporate social responsibility. According to the contribution of corporate social responsibility, shareholder responsibility contribution creditors responsibilities contribution, staff responsibilities contribution contribution as quantitative indicators, as well as government responsibility, and environmental responsibility, the the consumers responsibility of contributions and community responsibilities contribution as dummy variables can not be quantified, listed on China The contribution of corporate social responsibility index design, and establish a corresponding model the proposed underlying assumptions.By empirical research and analysis of the hypotheses proposed in this paper to make the inspection, the conclusion is:the responsibility of the shareholders of the listed company in China, the responsibility of creditors, employees responsibility, government responsibility, environmental responsibility and consumer responsibility with the price between positively related to the linear relationship, and the responsibility of the community of listed companies and stock price no significant correlation, indicating positive commitment to social responsibility will increase the company’s value. Finally, corporate social responsibility information disclosure on the impact of the company’s share price corresponding policy recommendations to promote the enterprise’s commitment to social responsibility.