Study On Correlation Between The Quality Of Listed Corporate Social Responsibility Information Disclosure With Corporate Value

After30years of China’s reform and opening-up， under the guidance of"efficiency first" values, our country’s economy has made tremendous achievements,but at the same time, we also paid a large social costs, the conflicts between thecorporate economic interests and social interests gradually upgraded. These years, theInfringement of social interests which corporate makes have had a great impact on ourlives, especially the food and beverage industry which closely related to our lives,appeared more serious food safety issues, from “datouwawa milk” to clenbuterol ham,from Duck ’s egg tony red to melamine, and excessive plasticizer appeared in the liquorlast year, in addition to this, some food and beverage companies appear lessconsideration environmental protection, avoid national labor laws, evade taxes andsocial security contributions and other damage to the interests of society’s behavior, thisseries of problems arise, makes the food and beverage industries and enterprises tofulfill their social responsibility and disclosure of relevant information aroused publicconcern. From our current situation, food and beverage industry is relatively weak senseof social responsibility, enterprises can not consciously fulfill their socialresponsibilities and to prepare a separate CSR report, even some companies think thatfulfill their social responsibilities and disclose relevant information will increase thecost of business, thus not conducive to the realization of economic benefits to the largest,for this reason, companies choose to avoid the fulfillment of social responsibility andassociated information disclosure, or companies choose selective disclosure-“reportingonly the good news and not the bad “, the availability of information is low．In view of this reality, scholars from various countries have carried on thenormative and empirical study of social responsibility information disclosure problemsso as to promote the advancement of social responsibility theory, especially theinfluence of corporate social responsibility and information disclosure of the enterprisevalue which becomes the focus of enterprises. Currently, the information disclosure ofCSR has become an international trend, however, our country social responsibilityinformation disclosure of listed companies is still in its infancy, related research is notyet ripe, and the conclusion of the study are not consistent. Stage of China’s enterprisesin the promotion of the concept of sustainable development, not only need to focus onthe realization of economic benefits, more should be on the ecological environment and social interests of their social responsibility commitments, and disclose relevantinformation actively, so as to promote the long-term development, and to achieve theultimate goal of building a harmonious society．The reason of choosing food and beverage industries’ enterprises is that theindustry is closely related to our lives, and once issues about social responsibility arises,broader impact will be there as a result, which makes it with more research value. Basedon the research of scholars of information disclosure and social responsibilityinformation disclosure on the basis of various aspects, and research and elaboraterelevant theories, combined with China’s actual situation of the food and beverageindustry, established in line with the industry’s social responsibility informationdisclosure quality evaluation index system, firstly the system establishes on the base of“the Shenzhen Stock Exchange listed company social responsibility guidelines”,combining the characteristics of China’s food and beverage industry, the industry ofcorporate social responsibility to conduct a classified into six categories: fulfill socialresponsibilities to shareholders and creditors、fulfill social responsibilities to staffs、fulfill social responsibilities to consumers、fulfill social responsibilities to suppliers、fulfill social responsibilities to environmental protection、fulfill social responsibilities tosocial undertakings. Two level classification based on one class classification, clarifyingand refining each part of the responsibility. Then using the Delphi method survey ofrelevant personnel, using the AHP method to analyze the results, to achieve the weightsof one, two classification of social responsibility, finally using index method to achievesocial responsibility information disclosure quality evaluation scores, select Tobin’s Qvalue as corporate value metrics, in2010-2012Shenzhen and Shanghai Stock Exchangelisted companies in food and beverage industry published annual reports, CSR reportsand other related announcements disclosed as samples, On the basis of theories andhypotheses, constructing two assumptions and models, through empirical analysisobtained that corporate social responsibility information disclosure and corporate valuewas significantly correlated with, and the relationship between a classification of socialresponsibility information disclosure and corporate value, according to empirical resultsfor our country’s food and beverage industry corporate social responsibility informationdisclosure problems make relevant policy recommendations．The empirical results show：（1）The value of the company is positively related tothe quality of social responsibility information disclosure；（2）The value of the companyis positively related to the quality of shareholders and creditors’ social responsibility information disclosure、 consumers’ social responsibility information disclosure、suppliers’ social responsibility information disclosure、 social undertakings’ socialresponsibility information disclosure，while not related to staffs’ social responsibilityinformation disclosure， what’s more, negative correlation with environmentalprotection’s social responsibility information disclosure. The author put forward sixpolicy recommendations According to the research results：（1）Formulate the relevantspecification of social responsibility；（2）Establish the social responsibility informationdisclosure system according to industries；（3）Take the independent third partycertification, improving the social responsibility report credibility；（4）Improve thecorporate governance structure, the establishment of social responsibility managementdepartment；（5） Intensify propaganda and foster a sense of corporate socialresponsibility．...