Corporate Governance,Corporate Social Responsibility Disclosure And Corporate Value

After the rapid development of our economy in recent years,the carrying capacity of the environment has faced enormous challenges.Achieving an effective balance between rapid economic development and stricter environmental protection will be the main theme of China's economic development in the coming decade.For China's heavily polluting industries,the future development will face more serious challenges,on the one hand,the development of enterprises will face pollution of the environment and damage to the environment and other issues,which have an important impact on human health,economic activities and social behavior,on the other hand,It has also made great contributions to the economy and national development.Under the "One Belt,One Road" initiative,more and more international enterprises are entering China and more Chinese enterprises are going global.Both Chinese and foreign enterprises can not afford to leave social responsibility alone.Social responsibility information disclosure relates to the long-term development of enterprises.All social layers pay increasing attention to social responsibility of enterprises,especially those in heavy pollution industries that are listed on stock exchanges.In response to the state environmental protection policies,many provinces and municipalities in China successively rectified heavy-polluting industries and enterprises,with 2,743 polluting enterprises suspended and suspended in Jiangsu.Hebei and Shandong also stopped production of heavily polluting enterprises.General Secretary Xi Jinping also emphasized that only by actively undertaking social Responsible business is the most competitive and vitality of the enterprise.At present,our country attaches great importance to corporate social responsibility.First of all,this article analyzes the disclosure of social responsibility information of heavily polluting enterprises in China in recent years.The research shows that the disclosure level of social responsibility information of listed companies in heavily polluting industries is decreasing.However,the information disclosure of environmental protection and sustainable development is very prominent.From the perspective of stakeholders,the protection of shareholders'rights and interests,the protection of employees' rights and interests,and the disclosure of the protection of customers and consumers' rights and interests are more adequate.Secondly,through a large amount of literature analysis and theoretical research,this paper believes that the degree of corporate social responsibility information disclosure is positively correlated with the enterprise value,that is,the more corporate social responsibility information disclosure,the higher the enterprise value performance.This study takes Chinese companies in heavy pollution industries that were listed during 2012-2016 as objects of study to test the relationships among corporate governance,social responsibility information disclosure,and enterprise value.In the first case can be verified,this article adds four different corporate governance variables to study how the different corporate governance mechanisms affect the relationship between the corporate social responsibility information disclosure and corporate value.The conclusion of this paper shows that the size of the board of directors and ownership concentration will weaken the positive correlation between the corporate social responsibility information disclosure and corporate value.The proportion of independent directors and management shareholding ratio will strengthen the positive correlation between the disclosure of corporate social responsibility information and corporate value.Finally,the dissertation further divides the 16 industries in heavily polluting industries to explore the impact of different corporate governance mechanisms in different industries on the positive relationship between corporate social responsibility disclosure and corporate value,and put forward some suggestions and countermeasures.