Research On Disclosure Of Social Responsibility Information And Corporate Investment Efficiency

At the 2016 Internet Information Work Conference,Xi Jinping pointed out that only the loving wealth is the truly meaningful wealth,only the enterprises with actively assume social responsibility are the most competitive and vital companies.In a survey of 1000 CEOs,over 90 percent said that corporate social responsibility is a necessary factor in ensuring the sustainable development of corporations.Therefore,shoulder more social responsibility benefits componies' sustainable and healthy development.However,there were only 747 companies released social responsibility report in 2016.At the same time,more and more social moral problems have happened,the problem of low responsibility consciousness have emerged.In order to increase the enthusiasm of enterprises to disclose social responsibility information,it is necessary to make enterprises aware of disclosing social responsibility can increase economic benefits for enterprises.Therefore,this paper based on the stakeholders theory and Asymmetric information theory,explore the impact of social responsibility on investment efficiency.at the same time,considering the influence of the external environment on the relationship.This article takes the A-share listed companies that disclosed the social responsibility report from 2012 to 2016 as the research sample,uses the Rankings CSR Ratings measuing social responsibility information,and uses the model Richardson to measure the investment efficiency.The results indicates that the disclosure of CSR information is positively correlated with company's investment efficiency.In particular,content integrity and format rationality are also positively correlated with the investment efficiency.In addition,in regions with high levels of marketization and less government intervention,their social responsibility information with the company's efficiency is more significant.In regions with sound laws and fair enforcement by the government,the disclosure of CSR information can inhibit over-investment.In regions with poor legal environment,CSR information can effectively improve under-investment.To some extent,The study of this paper warns companies to realize the necessity of shoulder more CSR,and exchange from passive execution to active commitment.At the same time,combining CSR with it's development strategy,improving it's investment efficiency,bring more economic benefits for the company.The regulators should guide companies to shoulder more CSR,and improve the exsiting disclosure system,and devote to the market construction,create a good market environment.Stakeholders should pay attention to CSR information during making investment decisions,in this way,their investment risk will be reduced.