A Study About The Relationship Between External Governance Mechanism And Quality Of Corporate Social Responsibility Information Disclosure

High quality social responsibility information can reduce informationasymmetry between the corporation and the stakeholders so that stakeholders canmake a correct decision. So forming standardized disclosure system to improve thequality of social responsibility information disclosure can optimize the marketenvironment and protect the interests of stakeholders. So, studying socialresponsibility information disclosure quality in the perspective of external governancehas important theoretical and practical significance.This paper uses theoretical and empirical research methods to analyze theimpact of external governance mechanism for social responsibility informationdisclosure quality. Firstly, this paper reviews the relevant studies. Secondly, itanalyzes the current situation of social responsibility information disclosure. Thirdly,according to the principal-agent theory, stakeholder theory and signaling theory, itanalyzes the market governance mechanisms (product market competition, controlover the market and manager market) and other governance mechanisms (agencygovernance, creditors governance), how it affects the quality of corporate socialresponsibility disclosure and clarifies the impact mechanism between them. Fourthly,based on a sample of979listed companies in Shanghai and Shenzhen SecuritiesMarket, this paper uses ORDER LOGIT regression to examine the impact of externalgovernance mechanism on corporate social responsibility information disclosurequality, and draws the following conclusions:1. the Effectiveness of the market forcorporate control can have a positive impact on information disclosure quality throughequity diffusion. The impact of the transaction activity is not significant.2. Generalmanager from outside can significantly improve the quality of social responsibilityinformation disclosure.3. Third-party audit inspection can have a significant positiveimpact on the quality of social responsibility information disclosure.4. Corporationswith a high leverage have low quality of social responsibility information disclosure.5.The more effective the control market, agency governance and manager market, themore productive government intervention (such as legal and environmental) can betowards enhancing the quality of corporate social responsibility disclosure. Finally,based on the above conclusions, suggestions regarding policy improvement arepresented.