The Impact Of The Quality Of Social Responsibility Information Disclosure Of New Energy Enterprises On Investment Efficiency

With the continuous development of society,the living environment and the concept of life have undergone tremendous changes.From the initial survival,it has gradually evolved into a healthy,green and quality life.The change of the concept of mass life has put forward more requirements for enterprises.People have begun to pay attention to the public ethics and business ethics of the company in addition to self-profit.The social responsibility report is a new carrier for enterprises to communicate with the outside world to fulfill their social responsibilities,and is an important channel for enterprises to communicate with the outside world.China’s corporate social responsibility report started late.Although the number of social responsibility reports continues to grow,the overall number is still small,and the content of the disclosure needs to be improved.This shows that most of China’s enterprises have not taken the initiative to assume social responsibility and disclose awareness.In addition,under the huge hidden dangers of international energy security,new energy has become the main hope for the development of the current energy industry,and one of the industries that best reflects social responsibility.With the support of national policies,investment in new energy projects has been raging in recent years,but in contrast,returns and returns are not as ideal as investors think.More and more companies have incurred inefficient investments.Investment decision-making is one of the important financial decisions of an enterprise and an important determinant of the growth of a company.If the investment efficiency of a new energy enterprise is not improved,the energy industry is threatened and even affects China’s international status.This paper first introduces the research purpose and research significance of the article,and summarizes the research on social responsibility information disclosure and investment efficiency by scholars at home and abroad.The evaluation indicators and influencing factors of social responsibility disclosure and the status quo of social responsibility information disclosure of new energy enterprises are analyzed.Then it analyzes the economic consequences of social responsibility information disclosure and the influencing factors of investment efficiency.Based on these theories,the mechanism of the impact of the quality of corporate social responsibility information disclosure on investment efficiency is analyzed and the hypothesis of this paper is put forward.Finally,this paper selects the sample data of new energy companies from 2011 to 2017 to empirically analyze the quality of social responsibility information disclosure and investment efficiency of new energy companies.The results show that the disclosure of social responsibility information of new energy companies can improve the investment efficiency of enterprises.The higher the quality of corporate social responsibility information disclosure,the more it can inhibit the over-investment of enterprises to alleviate the lack of investment.The lower the financing constraint,the greater the inhibition of excessive investment.The higher the financing constraint,the better the mitigation of insufficient investment.This conclusion promotes the autonomy of China’s new energy companies to fulfill their social responsibilities and disclose them,and promotes the sustainable development of enterprises.The social responsibility report is an important document that investors refer to when making investment decisions.It is of absolute significance to study the impact of the quality of social responsibility information disclosure on investment efficiency.