Impact Of Social Responsibility Information Disclosure Quality On Financial Performance

In recent years,with the rapid economic development,the concept of corporate social responsibility began to spread all over the field.In 2015,the guidelines for the preparation of Social responsibility reports,the guidelines for Social responsibility and the guidelines for the Classification of Social responsibility performance were issued for the compilation of corporate social responsibility reports,respectively.The performance of social responsibility and the performance evaluation of social responsibility have made clear the direction.The document on the guidance of State-owned Enterprises to better fulfill their Social responsibility in 2016 points out that the development of state-owned enterprises should focus on sustainability and integrate social responsibility into the process of operation,reform and development of enterprises.According to monitoring data from RKS,738 of the companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange in 2017 announced their independent social responsibility reports for 2016,compared with 701 in 2015.There were 37 new ones.Therefore,how and to what extent the quality of corporate social responsibility information disclosure affects financial performance has become a hot research topic.Firstly,this paper summarizes and comments on the meaning of social responsibility,financial performance,evaluation methods of social responsibility information disclosure,life cycle theory,the relationship between the quality of social responsibility information disclosure and financial performance.It also clarifies the meanings of the three concepts of social responsibility information disclosure quality,financial performance and life cycle,and introduces the relevant social responsibility theory and life cycle theory which are the theoretical basis of this study.Secondly,it summarizes the development of social responsibility information disclosure,analyzes the current situation of social responsibility information disclosure quality and financial performance according to the relevant statistical data.At the same time,it uses factor analysis to analyze the enterprise's per share index,profitability,solvency.The 23 indexes of growth ability,operation ability and cash flow ability are analyzed,and finally the comprehensive financial performance value is obtained.Secondly,based on the financial data from 2012-2016,the listed companies listed in Shanghai and Shenzhen Stock Exchange are selected as samples,and the financial indexes are analyzed by factor analysis.In this paper,based on the financial data from 2012-2016,the listed companies listed in Shanghai and Shenzhen Stock Exchange are selected as samples,and the financial indexes are analyzed by factor analysis.Finally,from the perspective of life cycle,we use panel data model to analyze the relationship between the quality of social responsibility information disclosure and financial performance.And according to the results of empirical analysis to improve the financial performance of the corresponding recommendations.The main conclusions of this paper are as follows: the quality of social responsibility information disclosure has a significant positive impact on financial performance during the growth and maturity periods,and negative correlation exists between the quality of social responsibility information disclosure and financial performance during the recession period.It is found that the relationship between the quality of social responsibility information disclosure and financial performance of state-owned enterprises accords with the above dynamic effect,but the influence of life cycle factors on the relationship between the quality of social responsibility information disclosure and financial performance is weakened in non-state-owned enterprises.Compared with heavy pollution industries,life cycle factors play a greater role in the relationship between the quality of social responsibility information disclosure and financial performance in non-heavily polluted industries.The conclusion of this paper is of great significance for enterprises to further understand and understand social responsibility,and provides reference suggestions for stakeholders to pay attention to the implementation of corporate social responsibility,in order to optimize their judgment and decision-making.