Social Responsibility Information Disclosure, Corporate Governance And Stock Crash Risk

In practice, with the development of social economy, due to the impact of the political, economic and social environment to the enterprises, enterprises are seeking to beneficial maximization, also gradually realize the importance of their own sustainable development. The calling for corporate social responsibility is more and more high, makes the enterprises pay more attention to their product quality, environmental pollution, labor disputes, and occupational safety problems. In theory, what kind of impact can the social responsibility for a long time to the microscopic enterprise financial performance produce? Is a positive or negative effect? Is the long-term or the short-term effects? Academic research of these problems is lack of unified conclusions and understanding. This causes the study of corporate social responsibility in the status of the theory behind the practice for a long time. In this paper, we study the research perspective of corporate social responsibility into the stock crash risk. The research combines theoretical inference and empirical test, breaks through from corporate social responsibility and economic consequences of earnings framework research inherent limitations, puts the focus on capital market level collapse effect of corporate social responsibility, researches the endogenous relation between corporate social responsibility performance and stock crash risk, system analysis the influencing factors between the corporate social responsibility and the stock crash risk.In this paper includes six parts: The first part is the introduction to research. Introduce the research background, research significance, main content and structure arrangement and innovation. The second part is the system background and theoretical basis. Mainly introduces the related system and three theoretical basis; The third part is the literature review and research hypothesizes. Mainly introduces and summarizes the domestic and foreign research progress and the related literature, and puts forward the corresponding assumptions. The fourth part is the research design. Mainly through screening, determines the sample selection and data sources. Build the regression model as well as introduce and analyze the variable measure. The fifth part is the empirical result analysis. Mainly uses stata to carry on the empirical research, application of descriptive statistics analysis, correlation analysis, regression analysis and robustness testing methods of analysis, the empirical results are discussed and analyzed. The sixth is divided into research conclusion and revelation. According to the results, the research conclusion, the research revelation, and insufficient research and further research direction is put forward.In this paper, our study not only can enrich the study of the theory of the corporate social responsibility and stock crash risk, but also can help to improve enterprises to actively and voluntarily fulfill social responsibility consciousness, to improve from the form and the condition of the surface performance of social responsibility, so as to keep the purpose of the enterprise harmonious sustainable development, at the same time, it also has positive significances for the good operation of enterprise.