The Study On The Influence Of Corporate Social Responsibility Information Disclosure Quality To Financial Performance

With the rapid development of the economy in China, a series of social problem arises, such as:environmental pollution, food safety, energy depletion and so on.Enterprises are the core of thesocial-economic development, naturally are received more attention.These problems cause enterprisespursue economical profit,at the same time,they are requested to fulfill the responsibilities in society.The corporate society responsibility (CSR)started late in China. The development time is not solong,therefore enterprises also have some problems in the social responsibility fulfillment and thecorrelation information disclosure aspect. In order to enhance awareness of CSR, and promoteproactive disclosure of CSR information, Chinese scholars started trying to study the effect of CSRinformation disclosure, because of differences in measurement methods and sample,until now theydid not come to uniform conclusions. On the basis of previous research,the article try to study CSRinformation disclosure quality impact on financial performance through improved method and theexpansion of the sample, hoping to enhance enterprise sense of social responsibility, to improve thequality of social responsibility information disclosure.Firstly,the article reviews the course of the definition of CSR, summarizes CSR informationdisclosure’s basic theory.Then summarizes disputed conclusions of the scholars from variouscountries for CSR information disclosure contents, forms, methods of measurement and points outCSR information disclosure contents definition, measurement of social responsibility informationdisclosure.Secondly, the present situation of the social responsibility information published by2013listedcompanies in Shanghai and Shenzhen is studied in this article from three aspects of quantity, qualityand contents.We find that both the quantity and quality of the disclosed social responsibility in Chinais still in a low level.The disclosed contents is neither standard nor comprehensive.On this basis, thepaper points out the reasons of these problems and gives a series of policy suggestions.Then,the effect of information disclosure on financial performance in manufacturing industry isstudied by empirical research in this paper. The2010and2011manufacturing listed companies whichrelease the social responsibility report are selected as samples.The research object is the effect ofsocial responsibility information disclosure quality of2010on the enterprise financial performance in2011and2012.Empirical analysis shows that the social responsibility information disclosure qualityin2010has positive effect on the2011roe and Tobin’s Q value, but it has no effect on roe or Tobin’sQ value in2012.This article also verifies one assumptions:CSR information disclosure has a positive effect on financial performance, But the supposition two, namely this kind of forward influence hasthe endurance not obtain the confirmation.Finally, the article summarizes the research conclusion, the research insufficiency and the futureforecast, and according to our country CSR information discloses the existence the question has giventhe corresponding policy suggestion.