Empirical Study Of CSR Information Disclosure Behavior And Market Reaction

After China joined the WTO, China’s development is gradually moving closer to internationals. With the deepening of economic relations, CSR spread to China, bringing new ideas to our corporate development. In recent years, the social influence of media becomes larger. Whether it is for their own sustainable development, or to submit to external pressures, companies should fulfill their CSR and disclose CSR information.In order to promote the development of CSR from both theoretical and practical point of view, we elaborated research status about CSR information disclosure and its influencing factors, market reaction of CSR information disclosure and its influencing factors,based on the CSR theory, stakeholder theory and market efficiency theory. Then, we empirically analyzes the relationship between CSR information disclosure and market response so that we can help companies understand investors’ attitude towards CSR, find factors that influence CSR information disclosure market reaction,use the positive market response to encourage companies to actively fulfill their CSR.First, we calculate the CSR information disclosure market reaction with event study method and the inflection point about market reaction timeliness; Secondly, we build a linear regression model of CSR information disclosure and market response, measure the CSR information disclosure from the subject, time and content; Finally, we predict the probability of market reactions; The results of empirical research shows that (1)the CSR market reactions can continue to 6.526 days; (2) The more active and complete CSR information disclosure, the greater the market reaction and the probability of positive market reaction is.Finally, according to the results of theoretical and empirical research, we made recommendations in three areas:(1) companies should pay attention to actively fulfill CSR and improve CSR information disclosure to increase enterprise value;(2) investors should invest in a rational manner;(3) supervision Department should improve laws and regulations, promote and encourage the agency to participate in the CSR rating,and maintain market stability.