Security Information Disclosure Research Of Metallurgical Industry Listed Companies And The Correlation Research Between Security Information Disclosure And Corporate Value

With the rapid development of the economy,the social responsibility information disclosure.as a window for the society to supervise the enterprise,has been paid more and more attention by experts and scholars.Security information is an important part of the social responsibility information,but now,the most social responsibility information disclosed by the company is still the disclosure of environmental information,the disclosure of security information is less.For high-risk industries,with the improving of people's safety consciousness,the public and stakeholders of the enterprise have a strong demand for security information disclosure,so safety information disclosure of high-risk industry has become an important part of social responsibility information disclosure.In the face of excess production capacity and safety of the dual pressures of metallurgical enterprises is even more so.Through the reading of the literatures about the information disclosure of CSR and security information disclosure,the author makes a comprehensive analysis and summary of the connotation,form and content,cause and effect of the information disclosure of CSR and security information.The author found,at home and abroad,the study of the motivation of corporate social responsibility information disclosure is the most,while the research on the disclosure effect is less.The research on the effect of security information disclosure is less and less.In this paper,the author choose the listed companies of metallurgical industry as the research object,which is facing with overcapacity and security crisis.This paper eliminate the unqualified enterprises,resulting in metallurgical industry panel data of 66 listed companies in 2011-2015 years to conduct a comprehensive analysis of the status quo of safety information disclosure of listed companies of China's metallurgical industry and its correlation with enterprise value.In this paper,through content analysis,security information is divided into 7 major categories of 20 kinds to score the security level of information disclosure.Through multiple linear regression analysis,the conduct showed that there is a positive correlation between the positive safety information disclosure and enterprise value,while there is a negative correlation between the negative safety information disclosure and enterprise value.In addition,the empirical study also confirmed the impact of the security information disclosure on the value of the enterprise,that is,the disclosure of security information could affect the enterprise's capital cost and the expected cash flow to affect enterprise value.Finally,the paper puts forward some countermeasures to improve the awareness of safety production and the level of information disclosure,and to improve the metallurgical industry transition.