Research On Market Reaction Of Social Responsibility Information Voluntary Disclosure Of Heavily Polluting Enterprises

In recent years,as the growing negative impact of companies,the community voices of corporate social responsibility are gradually upsurge.Consequently,the needs of corporate social responsibility information disclosure are also increased.The quantity and quality of corporate social responsibility information are both increased.In 2008,the Shenzhen Stock Exchange and the Shanghai Stock Exchange requirement that four sections listed companies listed into "Shenzhen 100 Index","SSE Corporate Governance",the companies issued foreign shares listed overseas and financial companies should disclose corporate social responsibility information,while other companies had no compulsory requirements.There are two situations concluding the mandatory disclosure reflecting government will and voluntary disclosure reflecting the will of taking social responsibility as its own mission,appearing the difference on the willingness to disclose social responsibility information.Based on the initiative willingness to disclose social responsibility information,the research of capital market reaction on voluntary disclosure of social responsibility information had a certain theoretical and practical significance of refining and supplementing research content of market research on related information disclosure and inspecting decision value of social responsibility information at this stage in China,as well as promoting standardization of social responsibility information voluntary disclosure.This thesis selected those voluntarily disclose social responsibility reports of listed companies in heavily polluting industries highlighted by public as samples and introduced screened corporate social responsibility information compulsory disclose of heavily polluting enterprises as matching sample.The empirical research dividing market reaction on heavily polluting enterprises corporate social responsibility information voluntary disclosure into three levels by using event study and multiple regression methods: First,will the voluntary disclosure of social responsibility information event cause positive market reactions? Second,compared with compulsory disclosure,will voluntary disclosure caused the weaker or stronger market reaction? Third,will the quality of social responsibility information voluntarily disclosure produce an effect on the performance of its stock market?According to the research: corporate social responsibility information voluntary disclosure of heavily polluting enterprises caused a certain market reaction.Market reaction on compulsory disclosure and voluntary disclosure had not significant difference.The quality of social responsibility information voluntarily disclosure produced an significantly effect on market reaction.Therefore,correspondingsuggestions were presented from the aspects of strengthening government regulation,improving the enterprise autonomy and changing investor concept to promote voluntary disclosure of corporate social responsibility information and to improve quality of information disclosure,in order to promote the standardization process of voluntary disclosure of social responsibility information.