Study On The Relationship Between The Quality Of CSR Report And Market Response In Heavy Pollution Industry

In recent years,food safety,geological disasters,environmental pollution and other emergencies emerge in an endless stream,and the public are also increasingly concerned about such social issues.As one of the most important participants in society,enterprises are gradually realizing and assuming social responsibilities.At the same time,enterprises will voluntarily disclose the fulfillment of social responsibilities to the public,and the market will respond to this information,besides the market response will be different due to the quality of the report.However,most of the research only focus on the relevant information in annual report,studies which focused on the relationship between the quality of CSR report and the market reaction are less.Secondly,by the end of 2010,the CSRC demanded that listed companies listed in heavy pollution industry need to disclose environmental information,and these enterprises will be more concerned about the fulfillment of their social responsibilities due to the particularity of their industry.Therefore,this paper mainly studies the relationship between the quality of CSR report and market response,taking the mining industry in heavy pollution industry as the research object,using empirical research and case analysis,and finds that among the heavy pollution industry,the improvement of social responsibility report’s quality will make the enterprises obtain more excess returns.This paper is divided into six chapters,which are as follows:The first chapter is the introduction,which mainly expounds the research background,research significance,research ideas and research methods,as well as the contributions and deficiencies of this paper.The second chapter is literature review,which mainly reviews the development of the concept of CSR,discusses the connotation of the quality of CSR report and the advantages and dis-advantages of various evaluation methods,summarizes the existing research in two aspects of influencing factors and economic consequences,and makes comments on the literature.The third chapter is the definition of concepts and theoretical basis,which are mainly about the connotation of the concepts involved in the study and the theory related to the scope of the study.The fourth chapter is an overview of China’s mining industry,which mainly describes the development of China’s mining industry,the status of disclosure of social responsibility,and then conducts an empirical research on the relationship between the quality of CSR report and market response.The fifth chapter is a case study,which takes the Zhongjin Gold and Chihong Zn&Ge as the typical cases,and makes a comparative analysis of the CSR reports disclosed and the market responses at the disclosure to further verify the correctness of the empirical results.The sixth chapter is the conclusion and suggestion,which concludes the conclusion of the study based on the analysis of the full text,and puts forward some practical suggestions for enterprise,regulators and the public.The significance of this paper lies in the following aspects: firstly,previous studies focused on relevant information in the annual report,or whether to disclose the social responsibility report,and how to assess the quality of the report.This paper explores the economic consequences of CSR report’s quality,and opens up new directions for social responsibility research;secondly,it can make enterprises and governments attach importance to the disclosure and quality of CSR report,and provide valuable advice.The shortcomings of this paper lie in the following aspects: firstly,the sample selection is single.This paper only selects the mining industry as the research object and cannot cover all the types of enterprises which publish CSR report.So there are some limitations in spreading the research results;Secondly,the measurement of the quality of CSR report is subjective.Although there is a definite evaluation standard for the quality of CSR report,whether it mentioned and the degree of detail are judged by the author,so the final result may be biased.