Research On The Market Reaction Of Corporate Social Responsibility Information Disclosure

With the development of capital market,financial information is not the 0nly criterion for investors to evaluate the capital market,the rapid development of corporate social responsibility(CSR)report makes investors realize the importance of CSR.The formulation and implementation of CSR strategy,the CSR performance and the CSR disclosure will affect market assessment,the CSR performance can bring the reputation effect,giving investors stable and optimistic future earnings expectations,its profitability in the future more to maintain,so the financial information value is higher.Therefore,it is theoretical and practical to study the market reaction of CSR information disclosure.This paper consists of five parts:The first chapter-introduction section introduces the background and significance of the study on the market reaction of CSR information disclosure and comb the whole idea;The second chapter-literature review comb the domestic and foreign research on the relationship between CSR information disclosure and market reaction,CSR information disclosure and corporate profitability,corporate profitability and market reaction to clarify the relationship between the variables;The third chapter is the origin and development of CSR and the relevant theory of logical argument;The fourth chapter-empirical analysis puts forward the research hypothesis through logical reasoning,selects the sample and the research model to carry on the descriptive statistical analysis and the multiple regression analysis;The fifth chapter-conclusion and outlook summarizes the research conclusion,points out the innovation,and provides a new way for the following research.The conclusions of this study are as follows:1,CSR report has obvious market reaction;2,The better the quality of CSR information disclosure,market evaluation is better;3,High quality CSR information disclosure can bring good social reputation,so as to promote investors' expectations of corporate profitability,the market is effective for the simultaneous disclosure of corporate annual reports and social responsibility reports.The innovation of this paper is as follows:1,all the time,most scholars at home and abroad only study the market reaction of financial information or a certain kind of CSR information(such as the information of donations,employee rights and environmental pollution),but,in this paper,we consider the impact of CSR information disclosure on the evaluation of corporate profitability,that verified the reputation effect and information efficiency of CSR information disclosure;2,Select the system of CSR RKS rating system to verify the market reaction of CSR information disclosure from the overall(the total rating score and rating assignment)to part(Macrocosm,Content,Technique and industry),and it also verifies the rationality of the third party rating system and the part that should be promoted and standardized.