A Study On The Relationship Between Corporate Social Responsibility Information Disclosure And Financial Performance Of China's Listed Companies

In recent years,food safety,labor conflicts,environmental pollution and other issues have entered the lives of the public and caused public attention.The lack of corporate social responsibility become the most fundamental reason.The lack of corporate social responsibility not only affects the sustainable development of the enterprise itself,but also has a negative impact on the overall development of China's economy and even the construction of a harmonious society.Therefore,the purpose of this paper is to explore the correlation between corporate social responsibility information disclosure and financial performance to find the driving force of the enterprise and supervise the enterprises to fulfill their social responsibility.This paper reviews the research,development,connotation and the theoretical divergence of corporate social responsibility,and then reviews the measurement method and the present disclosure status of corporate social responsibility information disclosure.At last,the correlation between corporate social responsibility information disclosure and financial performance.Based on the analysis of the relevant theories,we puts forward the research hypothesis,constructs the relevant model,selects the panel data of 718 listed companies from 2010 to 2015,and analyzes the correlation between CSR and FP by multi-angle and multi-faceted research.The following is the empirical study concluded:(1)the whole corporate social responsibility information disclosure has a weak correlation with financial performance;(2)the different part of corporate social responsibility information disclosure has different result.Some have a positive correlation;Some have a positive correlation and even unrelated dimension.It further explains why corporate social responsibility information disclosure and financial performance is so weak and why the current corporate did not want to fulfill social responsibility;(3)verify the scale of the enterprise,the nature of the enterprise owner and the business management of the corporate social responsibility information disclosure can influences the correlation with financial performance;(4)verify the intertemporal effects on the correlation of social responsibility information disclosure with financial performance.There are several recommendations according to the conclusions:(1)for the enterprises whose financial performance have significant positive correlation between social responsibility,it can improve the market mechanism to guide them;(2)for the enterprises whose financial performance have not related or negative correlation to corporate social responsibility,it is necessary to establishment an incentive and restraint mechanisms.But the fundamental solution is to improve the public awareness of fulfilling corporate social responsibility,so that social responsibility information disclosure and financial performance will achieve a positive correlation to improve the enthusiasm of enterprises to fulfill their social responsibility.