Research On The Relationship Between Corporate Social Responsibility Information Disclosure， Noise Trading And Stock Market Effect In Coal Listing Corporation

In recent years, more and more attention has been attached to the social responsibility of enterprises in our country.The public, media and government pay an attention to the enterprise play the economic function in the market, and more attention to the enterprise should play the social function.Shenzhen Stock Exchange and make respectively in 2006 and 2008 have released corporate social responsibility information disclosure guidelines to require companies to disclose social responsibility information, which provides the data base for the study of the relationship between corporate social responsibility information disclosure, noise trading and stock market effect.Firstly, in this paper, we will use social responsibility theory, contract theory, stakeholder theory and noise trading theory analysis of corporate social responsibility information disclosure content and necessity and noise trading essence, and use of efficient capital market theory selects the total excess return rate as the stock market index, for the study of this paper laid a theoretical foundation.Secondly, this paper introduces the characteristics of the coal industry and the status quo, and on this basis, combined with theoretical analysis of the coal industry enterprises to build social responsibility information disclosure evaluation system and noise trading measures.Finally, using fixed effect model and random effect model make an empirical analysis on the social responsibility information disclosure, noise trading and stock market effect of coal listing Corporation.The results show that the coal industry in the face of re shuffling of the critical moment, the enterprise wants to survive in the survival of the fittest, in addition to actively fulfill and general liability of shareholders, the government, employees, suppliers, consumers and creditors disclosure, should also actively fulfill and disclosure of safety production and environmental governance industry special responsibility, in the range of positive performance and Disclosure Responsibilities to vulnerable social and public interest groups can also be nudged.Stock market investors should be in the objective analysis of the coal enterprises to disclose the social responsibility information, rational investment and to remove the effects of noise trading, to help the coal industry reshuffle, the survival of the fittest, achieve the optimal allocation of social resources.